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Real Competition in Real Estate

The real estate business is amongst one of the most competitive industries out there. If you take just a moment and think about it, you may realize that the network of agents in your local market exceeds hundreds or even thousands. It really doesn’t matter if you’re selling real estate in a small town in the Midwest or in a densely populated area – such as Southern California – where there may be 10,000 competing agents within a 25-mile radius.

The idea of competition may seem a bit unnerving; however, we should embrace it. At the end of the day you have no choice but to deal with it, so you might as well find the value and benefit rather than looking at it negatively.

“And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department.”
– Andrew Carnegie

So we can all agree that competition is good… or at the very least something that we cannot get away from. So you might as well be on the offensive.

Here are some things that you can do to be on the offensive:

Customer Service
If you are assisting a client with either purchasing or selling a home, then offering great customer service is a minimum requirement. This is not something that we receive special recognition for. Unfortunately, not all real estate agents meet the minimum customer service requirements. Therefore, you should realize the importance of going above and beyond for your clients. Keeping your clients up to date on their transaction can go much further than you think.

Stay Connected
One of the greatest frustrations for home shoppers and sellers is lack of communication from their REALTOR. It is important that you stay connected. If your client calls you, do your very best to answer your phone. Here is the best part: if you can’t answer it, it is not the end of the world. Simply respond to your client by sending a text letting them know you’ll call them back shortly. Also take advantage of your various social media accounts and reach out to your clients if they use these types of applications. Facebook Messenger is a fantastic resource you can use to stay connected.

Education
Never stop learning. If you take it upon yourself to expand your knowledge in real estate then there is no way that this will not carry on over to your business. This includes not only staying up-to-date with the latest industry changes, but also evolving the way you market and promote your business. Clients appreciate agents who continuously progress, because at the end of the day being an educated and up-to-date agent usually leads to a competitive advantage – and that can be worth a lot of money.

Stay Consistent
Many times real estate agents will make moves that produce positive returns, but where they miss the mark is that they stop doing what works. Make sure that you don’t make that same mistake. Think about this for just a moment. If you were consistent with improving your customer service, communication, and expanding your knowledge, then I would bet that you’d see a significant increase in your business. Your increase in referrals would be worth the time you took to read this post.

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