What would Richard Branson do differently if he was running your real estate investment business?
In a recent interview with Entrepreneur Magazine Branson suggested 5 ways for beating the competition. So here are some important lessons and tactics many real estate investors may want to begin employing in their own companies…
1. Watch the Competition
So many investors continue to jump in and create new strategies without paying attention to the fact that there are already competitors offering the same thing, only better and for less money. Keep a constant eye on your competitors and know what they are planning next.
2. Pay Attention to Consumer Habits
Specifically pay attention to what home buyers are not doing and are not buying. Most real estate investors just watch what they are doing but it is also important to know where the industry is missing the mark. Why are some houses on the market for more than a year, while others sell in days?
3. Innovation is Better than Imitation
Grasping onto a real estate investing strategy or model which is working for others can help you to push forward faster but constantly be looking for ways to improve on it and innovate.
4. Be a Mystery Shopper
When was the last time you really put yourself in your prospect’s shoes? What is it like to search for homes in your area, how pleasant is it to use your website, how easy is it to contact you, what’s it like dealing with your staff from a customer’s perspective?
5. Focus on Creating Raving Fans
Unless you have the financial backing of AT&T and only two or three competitors in the whole country you can’t get away with poor customer service for long. Don’t just try to be as good as your competition either; strive to create a crowd of raving fans with the way you wow them.