- We get to gain experience
The real estate market can be fiercely competitive, and when you are new to the industry it can be easy to make mistakes. We can learn from our competitors past mistakes to ensure that we don’t make the same or similar mistakes.
- We can learn pricing strategies
Sometimes acquiring buyers can be difficult since the supply of real estate and properties is more than their demand. A company can make the difference by looking at their competitors and offering a different range of products and services in order to stand out in the industry.
- We get to learn about the demographic
Statistics related to demographics such as age, gender, race, income, migration patterns and population growth are important factors related to demand in the real estate market, especially in cities with such a rich diversity like Dubai. By looking at competitors in an existing locality, we can understand the demographic of that particular area and create a suitable business model and infrastructure according to the demand.
- We get to improve our quality standards
The real estate industry has now moved to a smart buyer’s market, which means that buyers are now well informed about the standards, fundamentals and features of the products/ properties available in the market. In order to stand out in the existing market, we must look at the quality and delivery of our competitors projects in order to offer even better quality standards.
- Marketing strategies
Along with traditional marketing techniques, a vivid online presence is also required in order to capture a larger audience and add more value to our brand. We can observe our competitors marketing strategies and look to apply similar methods or we can try to create new methods.
- We can learn about existing laws/policies
There are a lot of government laws and policies which can have an impact on real estate prices and demand. We can learn about the different types of legislations and rules that apply to properties by looking at the competitors in particular regions.
Buying and selling properties can be considered as art form. We must be creative in terms of the products and services we offer and how we market ourselves in order to create a large brand. Observing our competitors can allow us to come up with new and creative approaches that may accelerate our success and give us access to a new buyer demographic or client base.
- Build a network
Building a network of landlords can give us the opportunity to learn more about our competition and other landlords in a particular area. These networks can also help us increase our properties and investment portfolios as they may include lawyers, tax professionals and bankers.