Competition is hard. It makes you feel like you have to work twice as hard to get half the results you expected. As already mentioned on this blog, real estate is an incredibly competitive business. Not only are you competing against other agents for business, but the properties you’re trying to sell are competing with the rest of the market. It’s easy to get discouraged by this aspect of the business, but competition should be seen as a way to hone your craft, rather than a crushing wave. Competition is a challenge, but also offers a host of opportunities to learn.

The Challenge

Let’s face it, a life without challenges is seriously lacking. Overcoming a challenge tells us more about who we are as a person than easily coasting along. With the challenges competition presents, you find out more about who you are as an agent, learning to leverage your strengths and compensate for your weaknesses (while working on them). This is even more important if you’re an independent agent; you need to know the strengths and weaknesses of your business as these are typically reflective of your personal characteristics. If you entered the real estate business expecting an easy lifestyle, you may have made a serious mistake. However, if you love being challenged and understand that it’s a prerequisite for growth, you have a good chance of succeeding in this business.

The Learning Opportunities

Beyond simply learning more about yourself, your competition can teach you about the business as well as the market as a whole. This is especially important when starting out. Of course, you’re not looking to copy and paste the methods of other agents. Having a unique brand is particularly important in a competitive field. The mistakes of other agents can help guide you; properties that don’t sell for an extensive period of time tell you what to avoid when selling your client’s property. Pay attention to what they excel at as well. Not only does this tell you where you’re situated when it comes to your strengths and weaknesses, but it can help you tailor your approach in several fields. For instance, the way another real estate agent uses various social media platforms can tell you a lot about what you should be doing with yours. Many people are stifled by competition. Successful real estate agents welcome competition and use it to thrive.