How To Have A Competitive Edge In Today’s Real Estate Market

The real estate market is rapidly becoming a densely populated field and a fiercely competitive one for that matter.

There will be plenty of competing pressures across your property market and within your territory – other agents chasing your business and your clients; your clients will likely be influenced by the confusing pressures of the market and the economy. 

Facing this growing competition and reduced customer demand, brokers and agents need a huge investment in technology and selling strategies that do two main things for prospects – improve speed and convenience.

There are plenty of ways to get ahead of the game – you just have to be creative and forward-thinking.

Here are a few useful hints to help give your real estate business a competitive advantage and come out on top.

1. Set up a dynamic website for your real estate agency

In this day and age, you are almost certainly losing business if you do not have a company website.

However, simply having a website is not necessarily enough to win your new prospects. To be truly effective, ensure you have a dynamic website that captivates the attention of web visitors within the first few minutes of landing on your page.

Additionally, it must be easy to comprehend and navigate – you want it to easily convey your message and effectively answer any questions or concerns your prospective clients may have.

2. Accelerate research and visits

With more and more properties in today’s market, many potential buyers lack the time to tour buildings in person. A property visit can take a long time to schedule, and more often than not, does not provide enough information for the buyer to make a confident same-day decision.

You can easily solve these time-consuming hurdles in the buyer journey with a few user-friendly, readily available technology tools designed to inform and engage prospects over convenient digital channels.

3D photos and virtual tours, for instance, offer a real-time view of the property before the buyer schedules a visit thus saving you time and doing the job of multiple gents at once.

Eventually, when they do come for a visit, they have more knowledge of the property and better prepared to make a confident decision.

3. Your marketing should never stop

Generally, each organization has at least that one thing that makes them stand out amongst the competition. Do not expect your prospects to automatically know what that is – show them and tell them!

Point out the unique, value-added services you provide and highlight what it is that makes your organization different from all the others. Perhaps it is a more comprehensive start-to-finish service, or that you employ cutting edge software that allows you to provide highly detailed reports on demand.

While factors like reputation and location translate into advantages, so does technology. Agents who employ modern technologies that can save time for prospects, create conveniences in the buying process, and offer a greater level of information about a property will stand out and win more listings.

4. Leverage your property’s visual media

Chances are that you work with a lot of incredibly beautiful properties. Why not showcase some of your best features by sharing them through rich visual media?

Post lots of high-resolution photos and videos on your website, blog, and across all your active social media channels. Go a step ahead and make customized videos in which you discuss some of your services to draw prospects in and show them why you are the property management company they should choose to work with.

5. Provide value

One of the best ways to win new clients and retain existing ones is by continually learning what their needs and wants are and then addressing them.

Understand their questions or concerns and provide them with ample resources to meet those needs. This can be done through a comprehensive FAQ on your website, helpful articles on your company blog, engagement through social media channels like Facebook and Twitter and video tutorials.

The more value and benefit you provide to your clients and prospects, the more loyal they will be to your business.

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6. Offer superior service

Gain that competitive edge by employing tools within your organization that will help keep you and your team organized and on top of things – which is critical in the fast-paced real estate industry.

Tools like property management software will help you streamline business processes, improve internal and external communication and ultimately increase your clients’ satisfaction levels.

Your clients will see that you can meet all of their needs in a timely, professional and organized manner, thus setting you apart from others in the market.

To be clear, winning in this market involves attention to detail, proper guidance and quick action. That does not mean your prices. Your company needs to have some special angle – some compelling value proposition – to stand out and prove to prospective investors that your solution is the right one. That is where your competitive edge comes in.

The 6 Best Practices of Property Management in Kenya Today

If you have been in the property management industry, you know that it is more than just collecting rent, dealing with evictions or preparing lease agreements.

Over the years, property management in Kenya has significantly embraced people and asset management as part of its mandate.

This is why it is prudent for you as a property manager to start using these 6 best practices. These will ensure you effectively manage property whether commercial or rental.

1. Advanced ICT systems

The world is rapidly moving from a traditional to a digital era. Systems that ease workload and simplify complex tasks are being adopted.

More companies and individuals are now investing in understanding the ever-changing ICT systems as a way of marketing and bringing in business.

These systems simplify asset valuation tasks, leads management, acquisitions among others.

By investing in computer-based property management systems, you will have a much easier time managing tasks like collection and record of payments as well as targeted online advertising.

2. Invest In a Powerful Social Media Strategy

How well is your social media helping you acquire new tenants? Do you feel your social media strategy is effective enough as it is?

If the answer is no, then you could be losing out on great leads. Setting up a powerful social media strategy campaign on Facebook, Twitter, Linked In, Pinterest and Instagram will expose your property to thousands if not millions of potential clients.

Investing in targeted advertising by promoting new and existing properties, creating a fan page of property listings and customer testimonials will result in a growing online clientele.

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It is also recommended to invest in social media scheduling and analytics tools. This will help you determine where your audiences are coming from, their age, demographics, best times to post and what time most users are active.  

A good social media marketing strategy should be part of your marketing plan in order to not only attract but keep high quality tenants.

3. Recruit Knowledgeable and Qualified Staff

Having a staff that is competent in property management should be top of your agenda.

A staff skilled in asset management issues such leases, property management laws, overseeing property resources is a valuable addition to any team.

Invest in adequately training your staff on property management but also on customer service skills like communication and problem-solving skills.

4. Conduct Quality Tri-annual Property Inspection

As a property manager, carrying out a routine inspection of property is parallel to increased business and high property rating.

An inspection of property at least three times a year will take care of any repairs and upgrades needed.

Well maintained properties are appealing for potential clients who come for viewing.

Always have an inspection and maintenance schedule that will help you keep a record of renovations made as well as act as a point of future reference.  

5. Attract and Retain The Best Tenants

Arguably, the most important part of property management is ensuring you attract and retain the best tenants.

This practice will help you get tenants who pay their rent on time, abide by the rules of the property and communicate any issues in a timely manner.

So how do you attract these law-abiding tenants?

Whereas there are tens of ways to attract high quality tenants, one of the most successful ways is by putting out an appealing property listing.

Make sure the listing answers questions in the mind of the buyer like the price, location, features, contact etc.

The information should be personalized to appeal to the needs of quality tenants with a very clear call to action such as “only two units remaining, call us now on …”.

6. How Frequently Do You Communicate With Tenants?

You must always establish constant and frequent communication with your tenants.

Tenants are always keen on reaching out to property managers who keep their lines of communication open.

Communication skills are vital for your success as a property manager because you will be able to listen, understand and meet the needs of the tenant.

And even after the potential client has been sold in, maintaining regular communication, payment details, services and so on will ensure the tenants lengthened stay.

That said…

If you can master these 6 profit-oriented property management practices, there’s no reason you should not start making significant milestones.

In this digital era, focus on creating a strong property management brand online. This strategy will not only ease your workload but also edify all your other campaigns.

And if you are looking for top notch customer centric property managers who will help you secure the best properties, please get unlimited information here.