Have you conducted a SWOT Analysis of your business? A SWOT (Strength Weaknesses Opportunities Threats) Analysis is a useful technique agents can use to help carve out a sustainable niche in their market.
Creating a SWOT Analysis for your business will help you develop your approach to your business and online marketing strategy and identify your talents, abilities, and opportunities for growth.
A SWOT Analysis (when done right) can be so powerful because it gives you a clear framework of your business. By understanding and identifying your businesses’ SWOT (Strengths, Weaknesses, Opportunities, and Threats) you can start evaluating your business from all sides.
Examining your business by all its angles will provide you with better insight into your competitors. It will help you understand what you’re doing better than them, and where there may be room for improvement.
By laying out all the elements of the SWOT, you can begin to build the framework that will distinguish you from other real estate agents in the market.
Tip: Strengths and Weakness are often identified as something that is internal to your business, while Opportunities and Threats generally relate to external factors.
WHY AM I TALKING ABOUT THIS? If Real Estate Agents do this ongoing, they will better their business and rise above the competition.
Here’s how it works:
To identify your Strengths, you should start by asking yourself some questions like:
What advantages does my business have?
What am I currently doing better than anyone else?
What unique or low-cost resources can I use that others don’t have access to?
What do others see as my strengths?
What factors have helped me “get sales”?
When putting together a list of your Strengths, also think about the characteristics that set your business apart (i.e. Great customer service/satisfaction, the personal touch you add to your business, your online branding) etc.…)
Tip: When considering your Strengths, you should also take into account what your competition is doing. For example, if all your competitors post videos of their listings on social media, this should be an industry standard for you and considered a necessity, not a strength.
Next, let’s talk about Weaknesses. When It comes to weaknesses, you need to ask yourself some hard questions, and be honest with yourself about the answers.
What are some of the areas you could improve?
What do you think your competition is doing better than you?
What are some of the reasons you have lost sales in the past?
What do you think outsiders see as your weakness?
I know facing these truths can be unpleasant, it’s always hard to admit where we are falling short. But remember, identifying and improving on your weaknesses is all part of the process. And even the best agents out there, always have room for improvement.
There are Opportunities out there, you just have to look for them.
What are some opportunities that you have yet to take advantage of?
What interesting trends have you been noticing?
Are there any changes in technology or social media that you feel you could use to improve your business?
What is the current buying pattern in your area? How is it affecting your target market?
Are there any local networking events you could participate in to get your name out there?
Can you think of any marketing opportunities you aren’t taking advantage of?
Is your market growing? If so, are you able to keep up with the growth?
What about Threats?
What are some of the obstacles that you have encountered in the past? Did you overcome them?
What is your competition doing better than you?
Have the RE quality standards changed since you got into this business? How have you kept up?
Are you present on social media?
Are there any RE market trends that could pose a threat to your business?
Once you have laid out your Strengths, Weakness, Opportunities, and Threats, you can begin to build your strategy.
First, take a look at your Strengths and figure out how you can use them to take advantage of some of the Opportunities you identified. Next, look at how your Strengths can combat some of the Threats in your market.
Comparing your Strength against the Opportunities and Threats you listed will give you a chance to begin building your action plan and overcome the competition.
Have you ever conducted a SWOT Analysis of your business? What did you learn about your business and yourself? I’d love to hear your feedback in the comments below!
If you haven’t read my last blog post about how to achieve work life balance, check it out here.