Quite frankly, I’ve never worried about my competition. I’ve trained and helped numerous real estate investors in my area and many of them are “farming” the same neighborhoods as I do. But again, it doesn’t worry me one bit.
Why not? Because smart real estate investors who have confidence and know they have a good business, know that nobody will work harder than they do, or do a better job. In other words, only scared and insecure people worry about their competition.
For example, just the other day I met a new investor who seemed like he had a good idea on how to get more motivated seller leads. I asked him this idea and told him that I could share some information with him and he could share with me. However, he wouldn’t do it. He basically told me “you’re my competition and I’m not going to help you buy more houses that I might be trying to buy.”
The sad thing is, this is a very amateurish move and if you’re not learning and sharing your ideas you’ll never become more successful. And not that I’m Donald Trump by any means, but I’ve done more deals than this person and could have really helped him out.
In fact, one of the smartest things…
I ever did with my competition was to form a mastermind group. Once a month a group of about 7 of us would get together for dinner and share our latest deals, our latest marketing strategies and what was and wasn’t working.
The best part is, it’s a fact of life that most folks will never take serious action and never do a ton of deals. What I’m trying to say is, you should give as much information as you can to your competition (while getting as much information from them as possible) because they’re never going to use it.
On the other hand, if you implement the information you learn, you will never have to worry about them. Ideas, documents, and “secrets” are worthless unless they are put to use. Let me give you an example of what I mean:
I’m a huge fan of direct mail…
I think it’s the best way to get deals. And for this very reason I’m always on the lookout for other investor’s letters and postcards that seem to be doing well and have great marketing messages on them. When I get one of these letters (sent to one of my houses) I’ll contact the investor and see what else they have and see how we can work together and learn from each other.
Over the last several years, I’ve collected many great marketing pieces and I’ve also given away many of my best “pulling” direct mail pieces too. And guess what? I can count on one hand the number of times I’ve seen one of my marketing pieces in use.
Again, this is why I don’t worry about my competition. And if you plan to implement and work hard, then you shouldn’t fear your competition either, and you should soak up as much knowledge from them as you can.