Special Report Series
Focus on a Slower Market: Tips for Staying in the Game

Market downturns call for innovative strategies and fresh ideas to keep your business surviving and even thriving when the numbers of leads and closings drop. In our new, two-part series, we'll explore ways for you to stay profitable in today's slower real estate climate.

Part 1: Stand Out From the Competition

When the industry slows and the amount of new business diminishes, how can you ensure you stay ahead and keep a bigger share of the local market pie? One way is to check out the competition - and use that insight to beef up your competitive advantage. Here are a few tips to help you scrutinize who's out there and how you compare.

Identify your main competitors. When pinpointing your direct competitors, think small. Narrow down your top competitors to the ones most like you in terms of type of clients and areas served, size of office team and estimated annual sales.¹

Gather competitors' marketing materials. The most essential items to collect are copies of print ads, Web site pages, property and billboard signage, and brochures. If possible, find samples of e-mail communications, as well.

Determine competitors' market positioning. Study those marketing materials (especially branding taglines and top-of-page headlines and paragraphs) to pinpoint your competitors' positioning strategies. In other words, for each competitor, can you find a consistent theme, message or key benefit conveyed across all marketing channels? Examples of positioning include someone specializing in urban property, luxury homes or top-notch customer service. You may find that not all of your competitors are clearly positioned.

Re-evaluate your own positioning. Where does your business fall on the competitor map? Is your business clearly distinct from your competitors? Often real estate professionals fall into what marketing experts label "me-too marketing" - marketing that doesn't stake out a unique position or set their business apart from the competition. How are you different from the others? And are you communicating that differentiation?

Boost your competitive advantage with Countrywide. With all the recent news about the mortgage industry, your clients may need more reassurance than usual as they move through the home-buying process. Working with Countrywide offers you and your clients a trusted home-lending resource - one that's been helping customers for nearly 40 years and is ranked as America's #1 home loan lender.² Plus, Countrywide looks to increase operational efficiencies through the migration of its core residential lending business under the strength of Countrywide Bank. So now more than ever, putting the strength and reputation of Countrywide on your side helps you say to your customers, "I am dedicated to providing you with the best service available in the marketplace, including access to a wide range of home-financing options" - which, of course, can mean increased closings for you.

Back it all up. Of course, it's possible to choose from many different types of marketing positions that might allow you to stand out from the crowd. But remember, if you can't back up those promises with real-life action and conviction, your strategy will fall flat.