Throughout your real estate investment journey, you undoubtedly will come across another person or company vying for the same property you are. When your portfolio is small, it might be daunting to have to go up against big companies with lots of resources. I can tell you the size portfolio doesn’t matter. Whether it’s you first property or twentieth, here are some useful tips for beating out your competition to get the property you are after.
Stop Fearing Your Competition
If you go into anything, especially real estate, fearing competition or trying to take on the wrong competitors in the wrong way, there is a very good chance you are going to get dominated and ran out of business fast. So how is it that new agents and investors can come in and literally make millions in real estate, while they are surrounded by thousands of individual real estate agents and investors in their local markets who are only just making enough to get by?
The best advice I can give would be to go in like you are the running the show. You must be bold and take big steps to make this happen. Think of all the corporate giants of today, do you think they got where they are by being nice. No, they go to where they are by beating out their competition. In the same vein, you must be willing to do whatever necessary to ensure your businesses survival.
Outwork Your Competition
If someone has more resources than me — such as funding, more employees, or more connections — then I’d better outwork that person or business! Day and night you have to be on your grind in order to make a name for yourself. Whether is going through newly listed properties or researching new markets to branch out into. Having the drive to outwork you competition is vitally important.
For me, this is also about doing what your competitors aren’t willing to do. For example, is your competition not door knocking to find deals? If not, that is your opportunity. Are they taking calls 24 hours a day? Maybe your competitors are contracting during the holidays. That is your cue to go all in with action-taking. The more you put into your business the more you get out of it. Every thing that you are willing to do that your competition isnt willing to will allow you to get the slight edge on them and that can mean a world of difference in terms of you businesses survival.