Get to Know Your Competitors: The Secret to Standing Out in the Estate Agency World

As you get ready to launch your new estate agency, one thing's for sure—you'll want to make sure your business stands out. But how can you be truly unique if you don’t even know what your competitors are doing? Is your Unique Selling Proposition (USP) still special if every other agent in town is offering the same thing?

It's time to put your detective hat on and dig into what your competitors are up to. Knowing what others are doing can help you find the gaps in the market and tailor your offering to meet local demand. So, where do you start?

Step 1: Investigate Local Agents’ Websites

Your first stop should be the websites of other estate agents in your area. Take a good look at how they present their properties and what their websites look like. Is the website user-friendly, or does it look like it was built in 2001? You’d be surprised how many websites out there haven’t evolved in years. If their websites are difficult to navigate, this could be a big opportunity for you to offer something more modern, streamlined, and easy to use.

Step 2: Dive into Their Social Media Accounts

Once you've checked out their websites, it’s time to investigate their social media presence. Take note of how often they post, what kind of content they share, and how active they are. Are they just sharing property listings, or do they create engaging content that speaks to the local community? The theme of their accounts will give you insight into their brand and tone, and whether they’re hitting the mark with their audience.

Step 3: Mystery Shopping

Now, it’s time for some undercover work—mystery shopping. But before you start, a quick disclaimer: If you've been in the local estate agency game for years, it's best to avoid visiting other agents yourself. They’ll recognize you instantly, and you’ll receive a completely different customer experience than someone new to the area. That defeats the purpose of mystery shopping.

If you’re new to the area or don’t have an established presence yet, it’s the perfect opportunity to visit other agencies, either by yourself or with a partner. Register as a potential buyer and book a market appraisal for your own property. This will give you valuable insight into how these agents pitch their services, which USPs they lean on, and what their customer journey is like. You’ll also get to see how they handle clients face-to-face and any marketing materials they provide.

If you're well-known in your town, ask a friend or family member to take on this mission for you. Have them report back with their experience—the good, the bad, and the ugly—and get a look at any brochures or materials they picked up during the appointment.

Step 4: Dig into Key Pricing Details

There are two important bits of information that go beyond the customer experience. The first is understanding how much local agents charge for selling a property. This information can help you in the future, especially when you find yourself up against those agents during valuations. The second piece of info is the “tie-in” period—the length of time a seller is locked into an agreement with the agent. This can range from a week to several months, so it’s crucial to know what the competition offers.

Step 5: Analyze What Works and What Doesn’t

Now that you’ve gathered all this intel, you’ll have a much clearer picture of what’s standard in your area. You might find certain aspects of other agents' sales processes that make you cringe, such as outdated marketing or awkward pitches. On the flip side, you might discover some clever ideas that you can incorporate into your own business.

The goal is to learn from your competition and use that knowledge to make your agency stand out. You’ll know what you can do better and where you can improve. Armed with this insight, you’ll be able to fine-tune your offering, ensuring that you provide an experience that is truly unique and compelling to your clients.

In Conclusion

Researching your competitors and understanding how they operate is an essential step in launching a successful estate agency. By gathering all the right information—from websites to social media, and even through mystery shopping—you’ll be better prepared to craft your own business strategy and avoid the pitfalls of offering the same thing as everyone else.

In the competitive world of estate agencies, knowledge is power. So get out there, do the research, and set your business up for success from the get-go.