Real Estate Photography Building Blocks: Market Analysis – Recap
The market analysis is for you to discover important information about your market that will help you grow your successful real estate photography and floor plan business.
We started the series by discussing opportunity. Our opportunity worksheet should have helped you understand the size and seasonality of your market to help you identify your market’s total potential and how your business for real estate photos, floor plans and 3D tours will fluctuate throughout the year.
You identified your local real estate associations and MLS providers – these are great resource teams for you and your business. Specific to iGUIDE and measurement services, you found out requirements for room measurements and square footage calculations. If you offer iGUIDE measurement services and room measurements, and square footage numbers are required, you have a tremendous advantage to win new business.
Next, we went through competition. Knowing who your competitors are, what services they offer like real estate photos, 3D Virtual tours, and floor plans, what they charge, what makes them special, will all be useful when you’re trying to win new clients because those clients were likely using one of your competitors.
After competition we went through local industry stakeholders. You’ve completed your target list of top agents and teams and you know this group represents the greatest opportunity for your real estate photography and floor plan business. You have a better chance of winning their business because you’ve researched them you know them you know what they’re doing today and how to do a better job for them tomorrow.
The last section under market analysis is the pricing and profit worksheet. For real estate photography businesses, pricing is a very important decision. Pricing is not something that should be decided on without careful consideration. A well-thought-out pricing program will help direct your go-to-market strategy and will help you with adding on staff as you grow your business.
I have no doubt all this information has made us more successful, has made our pros more successful, and can make you more successful as well. Thank you for your time and if you found this helpful, subscribe to our channel so we can let you know about our next iGUIDE Building Blocks video.