THE COMPETITIVE NATURE OF THE REAL ESTATE MARKET


Adeel Ajaz
Director
Bayut Properties                

 With a record number of new real estate companies opening every month, looking to take advantage of the Kingdom’s ever-growing real estate market, the sector in Bahrain is witnessing unprecedented competition, with over 200 companies registered on the popular portal Property Finder, coupled with the fact that every company wants to stand out from the rest; but in reality, there are a few factors that differentiate one company from another.

  1. Web and social media presence:

With more and more people looking for virtual tours and videos of properties, web presence hasn’t just become a necessity, but one of the most critical parts of any real estate company’s marketing tools and strategies. It is also noticeable that the quality of pictures and videos plays a part, as it helps attract leads nationally as well as attracting internationally based clients looking to relocate to the Kingdom. 

  1. Excellent service:

Word of mouth referrals are worth more than any type of advertising, as it leaves your clients satisfied with your service, recommending you to their family and friends. This creates a bigger social circle, and maintains the company’s reputation. 

  1. In-depth knowledge:

With many companies looking to remain as area specialists, the importance of a thorough understanding of a particular area can be seen, as it assists potential clients with their various housing needs.

  1. Client follow-up:

Following up on a lead has become one of the fundamentals of any real estate professional’s success, as it has been seen that a quick response gives an upper hand in closing a deal, and an edge over the competitor. 

It is worth noting that the competition in the current market is quite evident in some of the most popular areas of Bahrain such as Juffair, and Amwaj Islands, where it is noticeable that many companies are vying for a higher market share. This has led some companies to use innovative ideas to gain an edge over its competitors, using different ways of marketing such as, using billboards, unique car branding, and inviting vloggers to promote properties to attract a larger audience.

As a result, it can be observed that real estate companies have improved their standards of customer service, online marketing and transparency in their dealings and a quicker lead response, which has increased the trust and confidence of the client towards the real estate professionals and led more clients in utilising their services.

 

This article was published as part of the seventh edition of Property Finder Bahrain’s Trends Report.