Ok, here are a few more thoughts on the subject: If you market to niches that you really understand and even sub-niches within the larger categories, you can become the dominant player, irrespectively of your size and relative access to capital.If you have expertise in solving specific kinds of problems, as a hard money originating lender, you can close faster.If you actually have you own money (or at least a credit or warehouse line) you can close still faster if you so choose, and outperform other wouldbe competitors.

Is there some kind of specific software or sources that they use to figure out things like cost per square foot, usable square foot/person, assessing the current state of the market or assessing their competitors??

I assume you are in favor of the government using its power to ensure that large companies don't achieve monopolies and then use their status to gouge consumers and keep competitors out of the marketplace...that's straight out of Keynesian economics.

For example, while the HVAC system may have a couple more years left on it, if a buyer is trying to decide between your house and a competitor, and the major difference is that the competitor's house has no deferred maintenance and yours does, he'll likely go with your competitor's house.On the other hand, if your hand is much nicer than any competing house in the neighborhood at the same price (and is also priced well), you may not have to fixed stuff like the HVAC system to get a sale.In other words, without having big picture about what you're trying to do with the house and what the competition looks like, it's impossible to recommend whether you should replace old (but working) components of the property.

Make sure that your product has some nice touches that your competitors don't.

@Chris DeSisto I want to expand on this a little because the interpretation of mortgage banker here doesn't seem to fit my company or some of my largest competitors either.The difference between the basic terms broker and bankers seems to stem from one major deviation and that is whether or not you fund the loan yourself as a company.

From that track, which can be as deep and wide as you care to make it, I'd start to look at the competitors of each of these players.

In the Wagon Wheel approach, we are using the large city competitors as a backstop. 

Lastly.. do you know HOW MANY calls I get from highly motivated sellers BECAUSE my competitors put up bandit signs?

Conversely, as a seller, you want to maximize price, regardless of your valuation.TakeawayThe best investors know that valuations should not be driven by emotions or by their perception of a competitor’s or seller’s value.