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Broker Marketing Intelligence: 5 Ways to Track Your Competitors: 12/01/2011

Broker Marketing Intelligence: 5 Ways to Track Your Competitors

By Harper Thorpe on the Broker Buzz Blog

4 out of 5 by 4 User(s)
1 Comment

CoreLogic Go to Profile CoreLogic
Published: 12/01/2011
Posted by: RET Staff

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.

 

Comments on: Broker Marketing Intelligence: 5 Ways to Track Your Competitors
by Patrick Searcy 2011-12-05 07:33:20
Hi Harper,



As a Multifamily Research company I can attest that these methods do and can work. If you don't mind me adding an extra option, you can contact a research company and have custom reports done for you either with your list of comps or they can perform due dilligence on their own to find similar product with your specifications. While not free, such as setting up Google Alerts or searching through social media sites, the "man hours" spent doing so can add up while using a research company can usually be done within the business day.



Great article, Harper. I look forward to more!



Patrick Searcy

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