ahead-of-the-competition

Six Top Tips To Staying Ahead Of The Competition

ahead-of-the-competitionReal estate is an incredibly competitive market, but how can you get ahead of the competition without sacrificing your commission?

Don’t worry, there are plenty of other ways to draw in new business. Take a look at these top 6 tips that’ll keep you on the top of your game, without sacrificing the bottom line.

1. Targeted advertising

Sit down and plan out the specific audience you wish to attract. Understandably, this will differ from listing to listing, unless you specialise in a niche area of the property market.

You can reach your audience directly by publishing advertisements in local magazines and newspapers, but you should also consider using social media. Platforms such as Facebook and Instagram can be excellent ways of getting your listings in front of your audience in a relaxed, social setting.

Facebook has a targeted advertising program that’ll let you adjust who you want to see your posts based on factors such as age, location and average annual income. These can be particularly handy for obvious reasons.

2. Become a thought leader

One way to drive additional business is by presenting yourself as knowledgeable in the marketplace. Before you know it, new clients will be approaching you asking for your services, as opposed to the other way around.

The concept behind this is brand authority. If you can display that your real estate agency – and you in particular – know what you’re talking about, your audience will trust you more. With this trust comes brand authority, which makes them more likely to choose you over your competition.

Ask yourself what problems your audience might typically have. Are houses in that area particularly tricky to sell? Is it hard to find suitable properties in that neighbourhood?

Take these questions and turn them into blog posts, providing useful and engaging solutions. Although not a short-term strategy, it’ll definitely pay off in the long-run.

3. Grow your network of referrals

High-quality referrals are a great tactic for expanding your business and the best thing about them? They’re usually free.

Maximising your referral network will help you to attract new leads. Consider speaking with credit providers, homeowners, property developers and existing clients on a semi-regular basis and you’ll see a noticeable increase in your business.

4. Aim for awards and certification

One other tool you can use to generate brand authority and drive new business is by attaining awards and professional certification.

Investigate the REIA National Excellence Awards and REB Awards, in addition to any local business and franchise awards that may exist in your area.

5. Investigate sponsorship options

Sponsoring the right businesses will help to get your name in front of the people that matter. For example, if you specialise in starter homes, why not sponsor a local school or leisure centre. These areas will typically be frequented by young families, who might be looking to upsize or buy their first property.

6. Invest in your existing client base

One key fact about real estate is that, once someone invests in it, their portfolio typically grows steadily. This presents the chance of repeat business to you.

For this reason, it’s worth your time to invest in them by sending quarterly emails, making occasional follow-up calls and sending Christmas cards. It’ll keep your real estate agency fresh in their mind and will leave a lasting positive impression.

If you can promote the true value of your service with the above 6 tips, clients will look beyond the price mark when they’re in the market again. You’ll generate business and protect your commission – it’s win-win.

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