As a real estate agent operating in a challenging industry, it is likely that you face significant competition. A diverse array of agents operating across many areas, all striving to achieve the common objective of selling and purchasing properties while acquiring new clientele. However, are they genuinely vying for the identical clientele on every occasion?
Real estate agents vary in their definition of competition based on their own level of competitiveness. Depending on one’s perspective, the perception of competition may vary.
- A colleague who shares the same office space as you.
- A local agent who operates in your vicinity.
- All agents who operate in your city.
When considering competition, it is logical to thoroughly and critically examine the true identity of your competitors. Merely sharing a workplace and attending similar property presentations in the vicinity does not automatically imply that someone is your direct competitor on every occasion.
If both of you attended the same listing presentation, the seller is likely to favor one of you for various reasons:
- They established a stronger connection with their personality.
- They preferred their pitch.
- They established stronger rapport or experienced a deeper affinity with them.
- They appreciated their willingness to reduce their commission.
The decision to work with one agent over another is often influenced by factors unrelated to direct competition. It is primarily based on the preferences of the person being pitched to, who may be drawn to specific characteristics or offerings that one agent possesses over the other. Frequently, these factors are beyond your control.
Suppose there were two agents vying for the same listing – one being an individual and the other being a person with a family with young children. If the individual attending the listing presentation has a family of their own, particularly with young children, they are likely to be more inclined towards the agent who also has a family, as they can establish a stronger connection based on shared experiences. Therefore, despite vying for the same listing, they did not pose any genuine competition to each other.
In order to achieve success as an agent and surpass your competitors, it is crucial to concentrate on a specific specialization. The key is to distinguish oneself from others.
Developing a specialized area of expertise enables you to establish a stronger connection with the individuals you engage with, and often leads them to select you as their preferred professional without considering other agents.
For instance, suppose you have a highly specialized expertise in handling estate sales and are widely recognized as an authority in this area. In a scenario where you and another person from your office both attend a listing presentation for an estate sale, you will consistently secure the business due to your established proficiency in this specific type of transaction.
Assessing your rivals is closely linked to comprehending your intended audience. Having a clear understanding of the individuals or organizations you want to collaborate with, as well as those you prefer not to collaborate with, enables you to develop a more targeted approach to your business. This approach will attract higher quality leads and increase your chances of success when competing for new business opportunities.
It is important to thoroughly analyze your competitors in order to effectively create and execute your marketing strategy. If you adopt a mindset of competing with everyone, your marketing plan will have to be somewhat general. However, if you invest some time in carefully identifying your true competitors, you may refine your marketing plan to achieve far more success and position yourself for favorable outcomes.
