“The one thing we could not and should not do was dismiss the ability of any competitor to capture our customers.”
Nothing stays the same. Stand still in business and eventually you will be overtaken by an ambitious competitor.
Never underestimate your opposition. You don’t have to like them, but you should respect them.
Always remember that they are out there. You might make the mistake and think they are sleepy, but it only takes one active person to join the company, or a change of ownership, or a change of business system, and suddenly you have an active competitor, somebody who takes business away from you.
Understanding that competitors can take our customers should inspire leaders to continuously work at reinventing their businesses, developing their teams, and working at being so skilled that competitors do not stand a chance.
Change at a snail’s pace
The good news is that the real estate industry changes at a snail’s pace. Really, has much changed in our industry in the past 20 years? Most of the changes in our industry have been through legislation. The industry itself operates in much the same way as it has done for the past two decades.
- Advertising – agents still advertise heavily. The old fashioned ones still doggedly persist with print media, but most now spend large amounts on Internet advertising. Today, it is easy to spend more than $2,500 per property on web advertising and many agents do so. They don’t remember how expensive print advertising became; many are now complaining about the cost of Internet advertising. Mistakes from the past are being carried into the future.