Market research is one of the most valuable tools available to estate agents. From brand research to consumer insights, good market research helps you understand your customers and your competitors. It provides valuable insights into who your customers and potential customers are, how they spend their time (and money) and why they behave in a certain way. And it builds a picture of where you sit in the marketplace, helping you to identify opportunities and grow your business.
So, when is the best time to do market research? We’ve identified three major business decisions you might face and explained why market research is beneficial in each of them.
Research If you’re rebranding
If you’re considering a rebrand, make sure you know what your customers think of your current brand identity. Does it convey the right messages? Are you seen as approachable local experts or more high-end specialists? And does this match up with how you want to be perceived?
Market research can also help you to understand the level of brand awareness, penetration and loyalty that exists within your target market. Do they know who you are? And perhaps most importantly, would they use you again or recommend you to others?
If you want to open a new office
Before deciding on a location for a new office, you need to understand more about the people and properties in that area. Market research allows you to identify competitors and get an insight into your potential customers, and what they’re looking for in an estate agency.
That way you can see how your offer might fit into the marketplace. It allows you to identify gaps you could fill and work out how you can adjust and modify your services to differentiate your brand from your competitors.
If you want to launch a new service
Launching a new lettings or more specialist service might seem like a no-brainer but before you take the leap, invest in market research to make sure the demand is really there. Not only will you be able to see exactly what people want, but you’ll also get information on how much they’re willing to pay, and what your competitors charge. This means you can position yourself in the right way from the start.
To better understand how your existing customers see you
Word of mouth is one of the best ways for an estate agency to grow their business. But if your customers are quietly unhappy then you won’t get those precious referrals.
Undertaking customer research to know how you are viewed by your vendors, landlords, tenants and buyers helps to you to know where improvement could be made.
We can help you to understand net promoter score (NPS) or undertake a full-on customer research project.
The potential gains from doing market research properly are huge. Finding out about the market you operate in and what people think of you can help you solve problems, make informed decisions and shape the direction of your whole business.
