Running a successful real estate agency requires understanding your competition. However, many managers, directors, and principals don’t have the luxury of a dedicated marketing staff to handle competitor analysis. The good news? You don’t need advanced tools or a big team to gather actionable insights. Here’s a simple guide to help you conduct a basic competitor analysis, tailored specifically for real estate professionals.

Step 1: Identify Your Competitors

The first step in any competitor analysis is knowing who you’re up against. For real estate agencies, competitors fall into two categories:

• Direct Competitors: Agencies in your area offering similar services.
• Indirect Competitors: Platforms or professionals competing for your clients’ attention, like online property portals.

How to find them:

• Search online real estate portals (like Finn.no or Zillow) for agencies active in your region.
• Check who’s advertising on local platforms or sponsoring community events.

Step 2: Gather Basic Information

You don’t need fancy tools to learn about your competitors. Much of the information you need is public:

• Visit their websites and social media profiles to understand their branding and engagement.
• Look at the properties they list: What’s the price range? How quickly do they sell?
• Read customer reviews on platforms like Google or Trustpilot for insights into their strengths and weaknesses.

Pro Tip: Create a simple spreadsheet to log competitors’ information for easy comparison.

Step 3: Evaluate Their Services

What do your competitors do well? Where are they falling short? Focus on:

• Strengths: Do they excel in marketing, customer service, or selling niche properties?
• Weaknesses: Are they slow to respond to inquiries or using outdated marketing techniques?

Bonus Tip: Mystery shopping can be a great way to experience a competitor’s service. Ask a friend to pose as a potential client and report back.

Step 4: Assess Their Marketing Strategy

Understanding how your competitors market themselves can reveal valuable opportunities. Look for:

• Branding: Is their message consistent across all platforms?
• Advertising: Are they investing in online ads, social media, or community sponsorships?
• Client Engagement: Do they send newsletters, write blogs, or post on social media regularly?

How to do it:

• Follow your competitors’ social media accounts.
• Use free tools like Google Alerts to stay updated on their online activity.

Step 5: Compare Pricing Strategies

Clients often choose agencies based on pricing and value. Research:

• Commission rates and fees (if publicly available).
• Any additional services competitors offer (e.g., free professional photography or staging advice).

Pro Tip: If pricing information isn’t public, attend open houses or network with local agents to gather insights.

Step 6: Leverage Local Knowledge

Local networking is one of the most powerful (and cost-effective) ways to learn about competitors. Here’s how:

• Attend open houses to observe competitors’ processes.
• Join local real estate groups or forums to discuss market trends and competitors’ reputations.

Step 7: Organize Your Insights

Once you’ve gathered the data, create a simple comparison chart to visualize your findings. For each competitor, include:

• Service offerings.
• Marketing approach.
• Pricing.
• Customer reviews.

Highlight where your agency excels and where you can improve.

Step 8: Define Your Differentiators

Competitor analysis isn’t just about identifying others’ strengths—it’s about finding your own. After reviewing your competitors:

• Ask yourself: What makes your agency unique?
• Examples: Expertise in luxury properties, superior customer service, or innovative technology like virtual tours.

Step 9: Use Basic Tools

No need for complex software. Here are a few easy-to-use tools:

• Google Sheets or Excel: Track and compare competitor data.
• Canva: Create visual summaries of your insights for internal discussions.

Step 10: Make It a Habit

Competitor analysis isn’t a one-time task. Markets evolve, and so do your competitors. Revisit your analysis periodically to stay ahead.

Final Thoughts

Competitor analysis is an essential skill for real estate managers, even without a marketing team. By following these simple steps, you can gain valuable insights into your market and position your agency for success.

Would you like a ready-to-use template for competitor analysis? Let us know, and we’ll help you get started!