Many professionals believe they need to avoid a saturated market because it presents too much competition. However, there are plenty of opportunities for innovation in markets heavy with competitors. Real estate professionals are not immune to an overly saturated market. As such, they’ll need to carefully implement strategies that will enable them to experience successes in their local communities.
Which strategies will allow real estate professionals to focus on standing out from the pack? Below, 15 members from Forbes Real Estate Council offer their best advice on how to succeed in a saturated real estate industry.
Members of Forbes Real Estate Council share advice on cultivating success in a crowded industry.
Photos courtesy of the individual members.
1. Always Bring Value To Your Clients
Bring real value to your clients so you are no longer a commodity. In that space, there is no saturation! Keep elevating your knowledge, too, so that you are a few steps ahead of the pack. – Nancy Kowalik, Nancy Kowalik Real Estate Group
2. Gain Access To Capital
Finding reliable and cheap capital, which you can execute efficiently, is the greatest obstacle. The CRE space will only get more crowded, and capital allows investors and owners to move faster than their competitors. – Paul Monsen, GSP
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3. Be Innovative And Creative
In these times, you must be able to not just deliver but deliver quickly. To do that, you must be innovative and creative in how you operate and market. – Jammie Jelks, Legacy Home Loans
4. Use Technology To Save Time
Go tech-first. You need to delight your customers and do it on a cost basis that is more efficient than ever required. If you can use technology to automate all the busy work, you have time to focus on what makes you stand out. It will also save you time in the long run. Time is money, so you’ll become more efficient. You’ll be able to focus on providing the important human touch that is critical in real estate. – Chuck Hattemer, Onerent
5. Find Your Expertise In A Specific Niche
The riches are in the niches! Always remember that. By focusing on a specific niche in the market, you will be seen as the expert. Thus, you have much higher chances of success in a saturated market. For example, if you focus on investment sales in the commercial real estate market, you will become an expert in that field and always stand out among other real estate professionals. – Pamela Bardhi, The Mosche Group
6. Answer The Phone And Return Calls
It’s simple: answer the phone or, at the very least, quickly return every call. It’s a No. 1 rule in deal-making 101. I know it sounds obvious, but nowadays, it’s increasingly rare to catch someone on the first try, so use this common frustration to your advantage by leaving voicemails and waiting for a call back. We’ve won more business simply because we picked up the phone or returned calls before anyone else had. – Ronnie Miranda, NewQuest Properties
7. Utilize Credibility Building Tools
Find the thing that sets you apart. We make sure that we are providing as many value-adds as we can for the seller. We also use testimonials and other credibility builders, such as BBB and Google My Business reviews. If you’ve been in the industry for a long time, these credibility builders are the easiest way to set yourself apart and position yourself as an expert with longevity in the business. – Melissa Johnson, webuyhousessanantoniotx.com
8. Build Trust In Local Communities
In an increasingly saturated real estate industry, companies that are mission-driven and generate returns for all stakeholders demonstrate distinct value. We focus on being proactive community partners and building trust in the communities we serve. This helps us maximize our impact and catalyzes success on future projects. – Jeremy Bronfman, Lincoln Avenue Capital
9. Share Knowledge With Industry Experts
Engage industry participants. If there were a magic method, you wouldn’t believe it because of all the get-rich-quick schemes around. If those purveyors really knew what they were selling, why would they share that information? What needs to happen is a concerted engagement effort with clients and industry functionaries. Make a lot of calls. Once you have done that, get updated to expand your own knowledge. – Michael J. Polk, Polk Properties / Matrix Properties
10. Strive For Creativity In All That You Do
Be flexible and creative around how you align the values, desires and interests of all parties in the transaction. This method has the ability to unlock opportunities that are less saturated while maintaining alignment with your clients. In my business for example, we are the creators of radical consistency, which makes our product unique in itself—in what could be called a saturated marketplace. – Alex Allison, D. Alexander
11. Be Authentic With Clients And Investors
Always be authentic in your interactions with your clients and investors. Sometimes, this business can have a sole focus on closing the deal. It’s important to remember to bring value first to the customers you serve and success will follow. – Todd Sulzinger, Blue Elm Investments
12. Prioritize And Delegate Tasks
Do not spread yourself too thin. One of the biggest mistakes is to get involved with too much too fast. Real estate professionals are known for wanting to do it all alone, from marketing to learning about every community in town. It is important to build solid foundations, delegate jobs that are not income-producing and focus on a niche. – Marco Del Zotto, LIV | Sotheby’s International Realty – Breckenridge CO
13. Become An Authority Brand
In a very competitive environment, you must establish a brand with very strong authority. Agents should define a niche, such as first-time buyers, luxury housing or veterans, and master it. Then, everything you do and say comes from that authority stance. Clients want to work with experts, not amateurs. Begin blogging, doing live videos and collecting recommendations. – Lisa Copeland, The Agentcy by Tarek El Moussa by Exp Realty, LLC
14. Be A Compassionate Human
Be a good human. I know that sounds crazy and incredibly simple, but that’s because it is. Now more than ever, people want to be cared for, heard and treated well. Be patient, kind, follow up and follow through. Love is the best thing we do. As romantic as it sounds, I believe in this phrase in business just as much as I do in life. – Chris Turcotte, Centum Financial Group
15. Commit For The Long Haul
Be persistent about staying in it for the long haul. Newbies come and go but to truly succeed, you need to commit yourself to the long haul, during the good times and the bad. Master your craft, and become smarter and more innovative than your competition. – Nick Ron, House Buyers of America