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How to outwit your estate agency competitors

RAT 144 (RawlingsA Agency Tip)

If this is anything like a typical week, I can make two predictions: 

Prediction 1… 

This week I will be contacted by at least three estate agents expressing exasperation that the successful estate agency they have been building is now being noticeably eroded by: a) cheaper competitors, b) new market entrants, c) online alternatives, d) lower sales volumes

Prediction 2… I will be contacted by a further two estate agents who are either entering the market or who are already successful and wish to take their agency to the next level and are seeking advice on how to do so – or ideally, an urgent quick fix. Can I help?

My answer to both is the same: OPEN ANOTHER AGENCY! (What? Bear with me...)

Imagine you are a new entrant to the market and planning to open up next door to your current office. Part of this process would be to identify, and take advantage of, the weaknesses of the established players in the market locally and to create a new style of agency that blows them out of the water overnight (scary if you were to be on the receiving end of this).

So, as an exercise, why not imagine that you are that competitor? If you opened up in competition with yourself what would your plans be? What are your current weaknesses? What differences would you implement? How would you staff your new business? What marketing would you undertake? How would you be remarkable? What innovations would you introduce? Why would people talk about you on social media? How big would you think? How fast would you act?

Other people ARE actually considering these things right now and that new agency could open up next door to you tomorrow. Assume this is about to happen, and take massive action before you have to. What action would you take? If you don’t anticipate and act, they will. In fact, they will anyway, so you have to do something!

The problem is, although you might genuinely want to stay ahead of the game, not only are you unaware of your competitors’ plans, but, with respect your own plans are limited by your existing experience as “you don’t know what you don’t know”.

There are two solutions: 

  1. Do the exercise of planning to open “in competition with yourself”. Why not invite some non-estate agency friends to join you for some “out of the loop” thinking?
  2. Attend my seminar “Nailing 2017 – the Essential Survival Guide for Estate Agents” and we can do a similar exercise together, complete with over 100 ideas, tips and dialogues. (Apologies if you have already booked!)  

I launched this series of 14 regional seminars just before Christmas and the uptake has been excellent, with some of the venues almost at capacity. The first one is next week. Please check your nearest venue, date and availability HERE, where you can also find a full content overview of this no-holds-barred seminar.

Please note that I won’t be doing any more open seminars this year. I strongly urge you and your team to attend - and let’s nail 2017 together! 

Have a great day,

Richard.