Experience
As the saying goes time teaches everything, a well experienced competitor is a good book to be read before diving into the depths of a market. Learning from other’s mistakes is a way of mitigating similar mistakes. Learning about a competitor past mistakes and smart moves can add bonus feathers in a new company’s hat.
Price fixation
In a typical buyers’ market, where the supply of real estate is more than the demand, price fixation is the most important element through which a customer can be attained. Understanding the product offered by the competitor, one can make a difference in the range of product in the real estate by addition of amenities or any other type of attraction or a “X” factor to one’s business.
Marketing strategies
In the new age where everything is going digital, so is the focus of real estate marketing. A well updated competitor can be observed through his marketing strategies. A vivid online presence adds a brand value of its own to the company. Traditional marketing techniques can also be retained depending on the target audience. In a market like real estate, the target of a business should be of selling a lifestyle not a product or a service.
Decoding demand
Understanding the demand trends of a market typically a real estate market is essentially an important tool to a successful project. These elements include location, class of people , surroundings , nature of buyers , existing competitors in the locality, demographics of potential buyers. After decoding the demand , coding a business model according to the demand is more integral and intensive part of the planning process of developing a residential , commercial or an institutional structure.
Risk analysis
Risk analysis is a technique used to identify and assess factors that may jeopardize the success of a project or achieving a goal. In a healthy competitive market, competitive risk drives improvements such as cost reductions and quality improvements. Risk analysis includes elements like pricing, competitive innovations, promotion and key intellect property.
Quality standards
With new age, the real estate buyer not only controls the market but also is educated with the standards and fundamentals of the product. hence, if the buyer is now a smart buyer, the seller has to be smarter to sell. In the new real estate market, the quality of product and delivery is so essential one must understand the current industry player, their methods, quality and delivery of a project and try to top it with even better-quality standards to make a difference in the existing market.
Creativity
Real estate is, was and will always be an art. To sell Art and keep up with enthusiasts one must be creative in terms of relations, products, service, marketing all in all, creating a brand. Creative ways to sell, open doors to different type of creative buyers in the industry. Selecting a creative approach to business over a standard competitor might pave a quicker route to success opening to a larger subset of client base.
Commitment
With a larger number of real estate players failing to survive in the industry, with further insight, the root of problem remains the same “failure to commitment”. With the real estate industry consisting of an emotional touch to the business, when a seller fails to meet the expectation, the whole industry takes a hit. Now with increase in number of such case people are losing trust in the real estate industry, which can be only be revived with commitment being fulfilled.
Management
A good management is nothing but a well-functioning heart of a business body. New business or an existing business must look at the management techniques of an existing competitor and try to overrule it by understanding the flaws, retaining the good and addition of one’s own techniques. A well-managed real estate business makes positive impact on the lives of all the concerned stake holders of it.
Customer acquisition
Customer acquisition is not difficult but surely challenging, selling a property is not enough, a lifestyle is traded. In such a socially associated business customer acquisition comes with further challenges of customer maintenance and post sales services. A powerful competitor only comes as an important lesson when it comes to customer acquisition.
