September 28, 2015 in Investing In Real Estate
I love this title!
“If It Ain’t Broke, Break It (Before someone else does!)”
It was written by Darren Hardy who is the editor of Success Magazine. When you read the title, you have no choice but to stop and think, “How does this relate to MY business”?
For just about as long as I can remember we have been taught that we have to find a way to stand out in a crowded world; a way to be different from the next guy.
Now let’s be honest for a minute. That’s not easy to do if you are a real estate investor. We pretty much all do the same thing. Sure we can present ourselves a little differently or “wow” folks with our winning personalities, awesome service and our fancy logo and branding.
But how do we REALLY stand out from the next guy?
Just Being Different is No Longer Enough
It is no longer enough to just be different. We have to create a whole different experience for our customers which for real estate investors are motivated sellers. We have to change the way business is done. But how do that?
I think it is in how we deliver our services.
One change that has become pretty standard is how folks can contact us. They no longer have to pick up the phone and call us. They can email us or even fill out an online form.
It hasn’t been very long ago that the vast majority of real estate investors still didn’t have a website. It’s hard to believe but it’s true. I still know a fair amount of old timers that rely solely on referrals and things like the commissioner’s sale to find deals. Now there’s nothing wrong with that, but stop and think about how many potential deals they are losing out on.
Study The Rule Breakers
In order to reimagine how our business needs to be, we can take a look at some businesses that literally changed the face of their industries. And it’s important to note the one thing that changed everything; technology. The use of technology will ultimately be the single most important thing that changes everything.
- The first company that comes to mind is Netflix. With their ability to stream TV shows and movies, they put companies like Blockbuster and most local video stores out of business. It was their use of new technology. They were able to deliver their product cheaper and in a way that it was much more convenient for their customers.
- Uber changed the way people view transportation. You no longer have to stand on a street corner and “hope” a cab comes by or “hope” they show up after calling them. With your Uber app on your phone or computer, you can order a private car to pick you up and deliver you to your new destination. Once again, it’s all about technology. No longer so you have to pick up a phone to call a cab. Uber reimagined how the transportation business could be.
- Online book sellers have put physical book retailers in jeopardy. I think the verdict is out on this one, but there is no denying that their retails sales have taken a big hit form online retailers like Amazon.
- What about Zappo’s? Now you have always been able to order shoes online. The problem has always been that the shoes might not fit, and then you had to pay shipping to return them. Zappo’s took away the number one objection folks had about buying shoes online and turned it into a plus for their company. They have made online shoe shopping hassle free by removing the biggest objection to this process. You can return the shoes at no cost and get another pair.
- This discussion wouldn’t be complete without talking about maps. For many years I always traveled with my friend my “Mapsco Map Book”. I never left home without it. Every year I got a brand new updated version as soon as it came out. With all of the technology today such as GPS we no long rely on maps like we once did. Who could have foreseen this change 20 years ago?
Technology is the Game Changer for Everyone
Technology has changed everything, and it has done so at record speed this last decade.
As real estate investors, our challenge is how can we use technology to reimagine our businesses? Remember that it is no longer enough to be different. We have to be so remarkable that we are the obvious choice.
We have to start at the “pain point” which for us is that seller that has a house they need to be rid of now. It really doesn’t matter what the reason is. All that matters is that we can provide a solution to their problem and deliver our service in a way that when compared to everyone else, doesn’t resemble what our competition is doing. Reimagining the way we do business is the challenge each one of us faces today.
Reimagine YOUR Business
Here is the question I would like to pose to you today-
If money were no object and nothing was off limits, what would you create that would so disrupt the way real estate investors do business today that you would be the obvious choice?
- What would it look like?
- How would you deliver it?
- What would make someone choose you over everyone else?
- What could you create that your customers don’t even know they need?
It’s your turn. Let me know what you think.
What is your big idea?
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