How A SWOT Analysis Can Help Your
Real Estate Business
S – Strengths
W – Weaknesses
O – Opportunities
T – Threats
How can a SWOT Analysis Help Your Real Estate Business? A SWOT Analysis is a useful technique and exercise that can help you uncover areas of weakness as well as identifying new opportunities that you may not be currently focusing on. Knowing your strengths will help you focus on your value proposition and what you bring to the table that will differentiate you from your competition.
By recognizing your strengths, weaknesses, opportunities and threats, you can restructure and develop your Business Plan to take advantage of new opportunities, identify weak areas or areas that need improvement, and finally be able to fully analyze your competition and identify threats.
A SWOT Analysis forces you to take a hard look at your business and explore new opportunities. This is much more than a Business Plan.
Face your Challenges
Identify New Opportunities
Develop Strategies to Achieve your Objectives
Assessment of Your Current Business
S - YOUR STRENGTHS (What makes you Special)
Your Positive Traits
Your Value Proposition
Your Market Share
Your Support Group - Team
Your Competitive Advantage
W - YOUR WEAKNESSES (Identify Areas That Need Improvement)
Lack of Experience
Lack of Education
Lack of Support
Your Personal Limitations
Lack of Direction - Poor Planning
O - OPPORTUNITIES (Identify New Business Opportunities)
Expand Customer Base
Recruit Team Members
New Target Markets
T - THREATS (Identify Threats to your Business)
Outside Competition from 3rd Parties
Lack of Enthusiasm or Motivation
In conclusion, as a Real Estate professional, you should periodically perform a SWOT Analysis on your business. As a result, you will recognize your strengths and core business values, be able to identify and deal with any weak areas, and prepare for any possible threats or outside influences that may affect your business, market share, and ultimately your bottom line.
New business opportunities will present themselves, and being prepared to take advantage of these as they become available will help you grow your business and brand as well as keep you ahead of your competition and maintain a steady flow of business and commission income.