Real Estate Photography Building Blocks: Market Analysis – Competition
In this video we are talking about competition. Every time we go into a new market, we start with a careful examination of existing local competitors looking at who’s there. Who’s successful and how they got to where they are?
The competition worksheet available for download is what we use when researching and documenting competitors in our markets.
Your competitors are the real estate photographers already competing in your area. When we look at the competition we focus on the four P’s: product, price, promotion, and place. Look at your competitors for the products they sell, the prices they charge, where and how they promote themselves, and where they actually sell their services.
Is my competition offering simple services like photo only, extra services like floor plans virtual tours and videos? Then you look at what the customers are buying. I’ll go to the national search sites, like Realtor and Zillow to see what agents in the market are actually buying and using.
The short answer is your local real estate Association and your local MLS service provider. Many of them have the sales information already available on their website through monthly housing releases or monthly housing stats reports. If not on their website, give them a call. You’re going to need to ask them about the listing requirements for room measurements and square footage calculations anyway, while you’re talking with them ask them if you could get access to their historic sales information for your area.
Focus on the competitions online presence. Look at how they’re talking to potential customers. Your new or potentially new client will probably go to your website or your Facebook page to find out a bit more about you. We know what they’re going to be looking at: what you offer, what you charge and the quality of your service? They’re also going to want to see who you’re already working with. Check out what they are offering, what they are charging and how does it work.
In real estate photography this means two things. Number one is: where are they servicing? Where is the course service area and do they travel? If they do travel, do they charge for it? Number two for place is ordering. Where do you go to order services? Do they have an online form? Do they have a phone number to call? How easy is the competition making it for clients to order from them?
If you go through the four P’s for a bunch of competitors you’ll get a pretty good idea for planning your own strategy.
As an iGUIDE Pro you’re creating the tools buyers are demanding and the tools agents want to be truly unique. You should be able to offer iGUIDE as a package at a fraction of the price of your competitors, because our system is so fast and efficient. Take the opportunity iGUIDE is giving you to be unique and stand out from your competition, to talk with prospective clients both online and in person.
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