Shopping Competitors - Etiquette & Best Practices

Modified on Fri, 4 Apr at 1:31 PM

Purpose (Why we do this):

Touring a competitor (AKA shopping a competitor/shop a comp) is an opportunity for us to be a Market Leader by building relationships and seeing how different communities in our market operate.

Policy (What you’re supposed to do):

Before going to shop a comp, it is important that we set a goal for the visit.

Are we looking to hire? Ask questions about how long they have worked at the community/with the company, what they enjoy about their current position, and make sure to get their business card!

Are we wanting ideas on marketing? Check out their signage/POP, resident event calendar, and property videos on their clubhouse/model TVs.

Are we wanting to know what we have that they don't? Make notes on their amenities, what is included in their rent, and ask what sets them apart in the market.

Having a goal in mind will ensure that we are asking the right questions and meeting the right people on the team. Leasing Agents may want to "secret shop", or tour a community as a prospect, in order to see how they sell their community and if they offer incentives. Managers and Maintenance teams will want to tour as themselves and introduce themselves to the comps Managers and Maintenance teams.

We are taking time out of our comps day, so it is important that we are grateful, complimentary, and conversational throughout the tour. Prior to the tour, pick your top questions off of the attached Tour Checklist that you want to ask. Thank them for taking the time to give us a tour and ask if they would like to stop by our community sometime soon.

If you are shopping a comp with teammates, it is beneficial to have a post-tour conversation on everyone's top takeaways. Make sure these conversations are occurring in the car on the way back to our community or in a meeting at the office (not whispered to each other throughout the tour).

Procedure (HRA Way!):

Utilize the attached Tour Checklist as a guide for questions to ask.

Tips before going on any tour:

Introduce yourself to the entire team! This will assist with creating relationships with comps in order to be a market leader.
Call ahead and schedule a tour with who you want to spend the most time and build a relationship with! Scheduling your tour with the PM or LM will ensure they have time dedicated to your tour.
Collect Business Cards. This will help give you contacts in order to create a "directory" in your sites SharePoint in order to track the people in your market.
Take notes on your phone of things your notice and takeaways from the tour.

Resources: