SWET-ing The Competition

Posted by on Sep 4, 2012 | 10 Comments

I just finished riding the beach with my Alaskan snow bike and biking always gets me thinking.

I was thinking of the questions I get from agents in response to the 20-minute consultation I offer with my book, “Selling Luxury Homes“:

  • How do I break into the luxury market?
  • How do I break into real estate?
  • How do I break into the high end of the market that I am already in?
  • Or some combination of the three.

I decided to make a series of videos to answer these questions which usually begins with my advice to “map your market”. We’ll get back to that.

What I want to talk about today is SWET-ing the competition.

  • S stands for the strengths of your competitor.
  • W is for the weaknesses of this competitor.
  • E is for everything they do and
  • T is a surprise I am saving for the last video in this series!

Here is the deal. Send me information on the strongest competitors you face in your luxury market, outlining their strengths as you see them. Where do they excel? How are they great at it? What are they known for? What intimidates you when you think about competing with them?

Send me a list and I will send you a free Kindle download of my book “Selling Luxury Homes“. This offer expires September 10, 2012, so do it today.

  •  Watch the video.
  •  Think of your competitor.
  • Think of their strengths.
  • Send me a list.
  • Get a free Kindle download of “Selling Luxury Homes“.

What could be more simple?

In the meantime, make it a great week and we will continue our series next week with W.

*Note* – The free Kindle download of my book, “Selling Luxury Homes” giveaway has ended. Thank you for taking part!

Luxury Market Preparation Guide
Creating Benchmarks

Creating And Surpassing Your Benchmarks

August 27, 2012
SWET-ing the Competition W

SWET-ing The Competition “W”

September 11, 2012

10 Comments

  1. Sharon Greene
    09/05/2012

    I sold several of the landmark luxury properties in Ridgefield, CT. That was 8+ years ago. At that time I bought a RE/MAX franchise. I am now poorer but wiser. I’m sold on RE/MAX. That’s not the issue. It’s being out of circulation that hurt. I recently lost the opportunity to list a $2.8M house that belongs to my friends because, while they know I could do the job they felt they needed the “snob appeal” of Sotheby’s or Christies. They wouldn’t even consider RE/MAX Collections. So I’d say luxury brand name perception is their strength.

    Reply
    • Jack
      09/05/2012

      sounds like you need a plan to create some USP’s to compete with the other brands

      Reply
  2. Carol Schultz
    09/05/2012

    Strengths of competition:

    Advertises absolutely everywhere – print, web

    Strong Website

    Team

    Community Involvement

    Reply
    • Jack
      09/05/2012

      great comments, thanks Carol

      Reply
  3. Marcellus
    09/05/2012

    Strength’s – Several of my competitors have been established in this particular Market for 3 decades, and it seems as if they have a strong hold on the market. They also don’t like to pay equal fee’s to buyer agents in this market. I’m also a RE/MAX agent, but I don’t think that’s an issue in this particular area, because I see high end homes listed with Prudential, Caldwell Banker, Local Beach Brokerage Boutiques and Sotheby’s. I do however believe that a select few in this area seem to somehow have a lock on the area.

    Weaknesses – They only offer buyer agents 1.8% to 2.5% commissions on a buy.
    I’m sure they must have some sense of entitlement. This will create the lack of diligence, consistency, and the lack of creative outside of the box thinking. I believe it’s time for some new blood….

    Reply
  4. Sharon Greene
    09/09/2012

    Sorry, what is a USP?

    Reply
    • Jack
      09/09/2012

      Unique Selling Proposition– otherwise known as your Point of Difference. what makes you different and better from your competitors.
      Thanks for asking Sharon. I bet others were wondering! I usually explain for forgot this time. all best,

      Reply
  5. Ron Armstrong
    09/10/2012

    Hi Jack,
    I just sent you the email to participate in this with you. Plus I love the idea of having your book on Kindle for flights etc.

    Reply
  6. steve kuncho
    09/12/2012

    My strongest competitor is another agent in my office. Even though I have taken a small portion of the market share he still has a majority hold. His weakness is opposite of his strength, he does great with personal follow up and print advertise but is far lacking in technlogy.
    I believe he has maintained the lions share of the market due to his follow up along with his reputation and having the connections higher net worth individuals.

    Reply

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