Why Every Real Estate Agent Needs a SWOT Analysis (and How ChatGPT Can Help)

This is an update to a very early post called “Outwit, Outplay, Outlast”, which I’ve decided to retire.

Struggling to stay ahead in a shifting market? 

A SWOT analysis may be the tool to help you outmanoeuvre the competition, uncover new opportunities, and address hidden weaknesses.

For real estate agents, a well-crafted SWOT analysis is more than a strategy document—it’s a map for growth. Annnnnd… it’s that time of year when everyone starts doing their “Keep, Start, Stop” kind of exercises, so I figure I will chime in and give you a helping hand in completing yours with our friend the robot.

Now, before you dismiss this one as being a bit basic, we’ve just done this exercise in our Practical Property Prompting Challenge, and many of the participants said it uncovered some interesting things.

Especially now that we have Search capabilities within ChatGPT with CGS.

What is a SWOT anyway?

SWOT analysis—Strengths, Weaknesses, Opportunities, and Threats—is a foundational tool in business when it comes to strategy.

It’s particularly useful for identifying untapped market segments, ways to build on your strengths, and strategies to navigate a competitive landscape.

It’s also super useful for doing research on your suppliers, your competitors and other companies you find interesting… (and the prompts I am going to give you today work for any, and all of the above!).

Let’s break SWOT down.

Identifying Unique Strengths

Are you particularly skilled in negotiations? Do you have a deep network in a specific neighbourhood?

Maybe you’ve mastered digital marketing while others are still catching up.

By identifying and leveraging your strengths, you can shape your services to appeal to your ideal client base.

Knowing where you shine also builds confidence, which is a plus when faced with the question, “why you?”.

Spotting Opportunities to Grow

Opportunities in real estate are often time-sensitive. Could you reach an underserved market, like first-time homebuyers or retirees looking to downsize?

Or perhaps there’s a hot new neighbourhood developing nearby. A SWOT analysis helps you stay attuned to these changes so you can strike when it’s most effective.

Preparing for Threats

Threats are a reality, whether a new competitor moves in, regulations change or there is a change in the environment. Anticipating these threats early on helps you put proactive strategies in place to minimise their impact.

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