How To Grow With Your Real Estate Competition

We can all have the ambition to be the best Real Estate Investor in our state or at least to be a better one but how many of us actually do something to realize our aspirations?   

It’s a bit like making New Year’s resolutions, we start out with the very best of intentions and then laziness or apathy takes over.  The same often applies to our real estate and investing business hopes and aspirations, if we succumb to apathy.  It’s easy to think the real estate competition was well established before me and that they are now bigger, better and have sound financial backing.  It’s easy to convince yourself that there’s no point in trying to be as big, as good as or as successful as the competition.

To be more successful in real estate and investing, you must hold on to your ambition and should not allow apathy to creep into your thinking.  Also, you need to keep up with current ideas in real estate and investing.  This comes from education and collaboration with your competition.  There are plenty of conferences that you can attend to learn and network with likeminded investors and realtors.  And by building useful relationships and acquaintances you will be able to find out on how they think and operate their real estate and investing businesses.  It’s good to attend some conferences in person but there are others where you can join in or listen in using teleconferencing.

Work out the total market size within your specialty for the states and counties you do business in and calculate the real estate market share you have compared with each of your competitors.  Then, find out about your competition’s strengths and weaknesses.  And see how to avoid such weaknesses in your own real estate and investing business by doing something different or something extra.  The real estate competition may be very good at finding good leads early, buying low and selling for higher prices than you could. So, find out how to do that yourself.  It could be that they are just quicker off the mark than you or their customer services are giving more perceived customer satisfaction.

After understanding what your competition is doing right and doing it better than you have been doing, then plan changes in your business to match and exceed the competition.  This could be putting the right personnel in place to contact real estate buyers and sellers or training your admin to be more efficient.   It could be something completely different like moving away from buy to let rental properties to concentrating on selling houses, wholesale.

However you decide to change your business approach and whatever you decide to do differently, you can be better than the rest.  Also, remember not to fight with your competitors because sooner or later they can be your great allies in real estate and investing business.  Instead, work with your competitors and listen carefully to what they say.  In the end, having good and harmonious relationships in real estate and investing business is the way to do it.