Competition Makes Us Better
Written By Mark Hulsey, Managing Broker
We know ‘change’ is the one constant in life and business. In commercial real estate, change continues at a rapid pace with new technologies, marketing platforms, and brokerages competing for a piece of the pie.
Competition in commercial real estate brokerage is tougher than ever. And, brokers across the country are better than ever. Armed with information & technology that not only provides clients with relevant data, but gets this information to market with incredible speed. The pace of the CRE industry continues to accelerate in many facets. Smart, young talent entering the industry eager to displace brokerage veterans lacking in today’s required fast-paced skill-sets that are rapidly becoming the new norm.
While many veteran brokers have established client relationships and years of industry experience under their belt that provides some sense of comfort and security, in many cases that’s not good enough anymore, certainly not as part of a long-term sustainable business plan. Competition is just too fierce today. However, when those relationships are supported with people, systems, & tools at market-speed, clients have no reason to consider the competition.
It’s important to know the competition rarely rests. CRE industry best-practices continues to improve across all brokerage work. Clients and brokers alike recognize industry leaders, big and small, that are doing it right everyday. Brokerages that are firing on all cylinders and not cutting corners. Brokers that know they can beat their competition in nearly every way. Brokers that provide extraordinary account service and unparalleled responsiveness to their client needs.
But it comes with a price just like in life…hard work. A common thread of top producers is a work ethic that many envy. It’s not complicated to understand. But it can be tough to compete against. The message is clear in Rod Santimassimo’s book, Broker’s Who Dominate. Top producing brokers get up early, stay one step ahead of their client’s needs, never stop prospecting…they work hard, because they understand their competition is doing exactly the same thing everyday.
They know it’s just as important to work on their business as it is to work in the business. It’s easy to neglect our own business development work when we are fully focused on delivering for our client. But’s it just an excuse and one the competition doesn’t use. Great CRE brokers and brokerages understand the essential components to staying relevant in today’s market.
The good news for many CRE brokers is that we are competitive by nature. We embrace competition. We welcome competition at the table. We know we may not always beat the competition, but we understand the competition makes us that much better. And when you do win, the victory is that much sweeter.