5-STEP Strategy for Competitor Analysis

1. Identify Competitors:

Compile a list of direct and indirect competitors within your target market area. Direct competitors are those offering similar amenities, price ranges, and target the same demographic. Indirect competitors might target a slightly different demographic or offer different levels of amenities but still compete for the same pool of residents.

Websites and Social Media: Review their online presence, including websites, social media profiles, and online reviews. Note their marketing messages, visual branding, engagement strategies, and resident feedback.
Listing Services: Check platforms like Apartments.com, Zillow, or Rent.com for pricing, availability, floor plans, and promotional offers.
Google Alerts: Set up Google Alerts for your competitors to keep track of any news, events, or announcements.

Mystery Shopping: Conduct or hire a service for mystery shopping visits to experience their customer service, leasing process, and the overall vibe of the community.
Amenities and Unit Showings: Schedule a tour to view their amenities, model units, and ask detailed questions about resident services, community events, and policies.
Printed Materials: Collect any brochures, flyers, or community newsletters they offer to prospective or current residents.

Services and Amenities: Compare the quality and variety of amenities, resident services, and community engagement efforts.
Pricing and Promotions: Evaluate their pricing structure, lease terms, and any promotional offers or incentives.
Strengths and Weaknesses: Identify their key strengths and any gaps or weaknesses in their offerings.

Keep abreast of any changes or updates with your competitors. Regularly update your research to adjust your strategies accordingly.