4 Rules For Competing In Real Estate Today!

February 22, 2017

Business Building

Here are 4 rules that, if followed, can help you through our current market:

  1. Expect Volatility – We’re in a period of time, where we’re seeing unpredictability of the market and new complexities in the real estate and mortgage industries. There are changes occurring in the marketplace monthly, and sometimes, weekly. You can be in the middle of a transaction and, all of a sudden, some mortgage guidelines change that cause your transaction to be in jeopardy. You need to inform your clients upfront, that changes are happening and that there will be bumps in the road, but that you’ll be there to help them as best as possible.

  2. Innovate or Get Passed Up – What competitive advantage do you have other other Realtors? What service guarantees are you offering to potential clients? In the sea of real estate agents, it’s easy for the consumer to consider you as a commodity, just like everyone else. If you have a system that’s working for you, but your competition is starting to use it, then it’s time to improve upon it and take it to the next level. You must identify what’s effective and what’s not effective in your marketing and advertising. Implementation is important and the quicker you do it, the better. It’s better to be at 80% effectiveness now than 100% right 3-6 months from now. Just get it going!

  3. Measure Systems Performance – You need to constantly be aware of how well your business systems are working. Do parts of them need to be tweaked, because they’re not doing as well as in the past? Are you still doing everything the same as you used to or have you slacked off and tried to do shortcuts? If, for example, you have a For Sale By Owner prospecting system that is not resulting in getting as many listings as in the past, you need to analyze why that’s happening. Review your steps and see which step has broken down or maybe you changed it. It’s a good idea every 3 months to “PLAN – DO – REVIEW”. Set up the system, do it and then review the results. Depending on how intensive the system is, you may be able to REVIEW it more frequently, but you need to give the system time to work.

  4. Constant Learning – Never think you know it all. Even after 30+ years in real estate, I know there’s more to learn about or ways to fine tune my skills in certain areas. Don’t be a ‘jack-of-all-trades’ and master of none. Master the skills you do have and take it to the next level. It can be more profitable to be a big fish in the small pond than a small fish in an ocean. In professional sports, all of the players are skilled, but a few of the players are at a much higher level of proficiency than the rest. Why is that? Because they want to be better.

Don’t ever rest on your laurels. It’s important to have a business plan, follow it and update it as often as possible.

Follow the four steps above and you’ll be a step ahead of your competition.

Share this post with other agents: