You maybe aware there are competitors out there in the real estate marketplace, but competing isn’t the only option.
Whatever industry you go into, there will always be “competitors” — but that doesn’t mean you have to compete with them.
Look at the massive success stories of Virgin, Uber, Airbnb, and Tesla. They faced an insane amount of competition by most people’s standards. We’re talking far bigger, more entrenched companies, with far bigger financial power and brand recognition, more money to hire and vast teams.
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Stop Fearing Your Competition
If you go into anything, especially real estate, fearing competition or trying to take on the wrong competitors in the wrong way, there is a very good chance you are going to get dominated and ran out of business fast. So, then, how is it that new agents and investors can come in and literally make millions in real estate, while they are surrounded by thousands of individual real estate agents and investors in their local markets who are only just making enough to get by?
There are a number of different approaches and strategies to hack your way right to the top (ethically, of course).
My philosophy has always been to go in only wanting to dominate the marketplace.
You have to be bold and take big action to achieve this. Think of what companies like Facebook or Amazon do. If they see you as a competitor, they might buy you out, market you out of business, or go to the courts and tie you up until you can’t afford to compete anymore.
Out-Hustle Your Competitor
My personal approach to this is if someone has more resources than me — such as funding, more employees, or more connections — then I’d better outwork that person or business!
If you are not working to try and put yourself out of business every day, then you are losing. HP used to battle to constantly innovate to replace their own products with something better. Some may believe Apple attempts the same thing. Some love and embrace “competition” for this reason — because it makes them better and drives them to create far more, improved products and services than they would as a monopoly. Think of ways to further innovate in your sector and not remain stagnate. We are in a fast moving time in history when it comes to innovation and disruption. Just think of what crowdfunding is doing to the real estate space.
Related: How to Create a Standout Business in a Sea of Real Estate Competitors
For me, this is also about doing what your competitors aren’t willing to do. For example, is your competition not door knocking to find deals? If not, that is your opportunity. Are they taking calls 24 hours a day? Maybe your competitors are contracting during the holidays. That is your cue to go all in with action-taking.
How can you out-work your competition? What are you willing to do to serve clients that no one else is doing well?
Let’s talk in the comments section!