Broker Marketing Intelligence: 5 Ways to Track Your Competitors

by Harper Thorpe | 0 comments | Posted Wed, 2011-11-30 09:06

Every brokerage should keep track of the competition in their marketplace, and in adjacent markets. Keeping tabs on other brokers in your local area is a no-brainer, but if you are considering expansion – or believe that you have an outside threat that may expand into your area, you need to keep your head up and your eyes open.

Keeping track of competitors does not require corporate espionage, a trench coat, or a mole. There are plenty of legal ways to stay aware of the activities of your competitors.

1. Google Alerts – Leverage existing Real Estate technology -- Google prides itself on its ability to find information by Keyword. With Google Alerts you simply type in a competitor’s name, and perhaps the names of some of their top agents. You can set your preferences for how often you are alerted. I suggest daily alerts – you will only get them if there is new information – like a press release.
2. Ask vendors – There is no better way to get information about your competitors than your local title rep or Homes and Land rep. They are in and out of offices every day, attending office meetings, etc. They are a great resource. Ask about competitor training programs; the vibe of office meetings; how key players impact a competitor’s culture. You may find that the top producer you want to recruit from across town is a negative force in the office.
3. Get involved in the Association and MLS – Many brokers stopped going to Association meetings and MLS meetings long ago. Big Mistake. Not only are these groups making decisions about local real estate rules and regulations, but these meetings are also a great chance for you to meet and learn about competitors. Just be sure to keep your own cards tight to your vest.
4. Play Secret Shopper – We have all heard the stories: “It takes days for an agent to call back a lead from the Internet.” Test shop your competition and test shop yourself. Get an alias email address from Google, and go house shopping. Register on their website, inquire about listings and open houses. Go to third party sites and see if they are enhancing their listings. Do all of the stuff you think that a consumer may do before choosing an agent and see where they do a great job, and where they fail. There is no better recruiting knowledge than knowing a competitor better than they know themselves. You can often tell how Real Estate technology is being leveraged by the competition if and when they use tools such as contact management software and CRM tools to build relationships.
5. Explore Social Media – Take a few minutes to look at Real Estate Internet marketing strategies. Check out the competitors’ profiles on social media. Look for twitter accounts, Facebook Accounts, LinkedIn accounts, etc. Determine your opinion on how they are leveraging social media in their business. Moreover, who is using social media correctly in their company?

Learn how to lower costs and boost profits