7 Ways To Profit From Your Competitors

I hear from investors a lot, and frequently the topic of competition comes up in the conversation. Investors tend to OBSESS about their competition. If you’re worried about what your competition is doing, your thinking is backwards. In this blog post, I want to reorient your thinking so you have a brand new perspective about competition.

Competition is not a bad thing at all. In fact, I would even go so far as to suggest that there’s no such thing as competition at all.

Let me explain…

Competition only occurs when you and another investor go after exactly the same target market with exactly the same solution. And for a lot of investors in a lot of markets, they face a lot of competition because everyone is going after all the sellers.

But if you follow the steps that I outlined in my blog post earlier this week about what to do to set yourself apart, you’ll be head-and-shoulders above most of the other investors in your market because they’re all scrounging for anyone they can get but you’ll have sellers and buyers seeking you out to help them.

And here’s something else you should do: Stop thinking of them as competitors. This is going to be a mind-blowing game-changer for most of you. But simply stop thinking of the other investors in your market as competitors.

1. Think of them as partners: maybe you can do a deal together, perhaps mutually benefitting by bringing something to the table.
2. Think of them as co-wholesalers: perhaps you can each work together to find a deal and wholesale that deal.
3. Think of them as bird dogs: maybe there are some investors who are struggling to do deals… rather than killing their business entirely, just offer them a bird dog fee for deals they bring to you.
4. Think of them as a referral source: build a relationship with them and figure out what they do well (and tell them what you do well). Throw business to each other when you encounter someone who would benefit more by working with the other investor.
5. Think of them as a potential syndication contributor: if you are looking to syndicate bigger deals, approach your competition as a way to put together the capital.
6. Think of them as clients: maybe you can wholesale to them to help them build cash flow.
7. Think of them as students: if you’re succeeding in your market and want to branch into training and educating other investors, the first step are those who are also doing business in your market.