Will Rogers said that the key to catching fish is to go where they’re biting. He should have added, to fish where the other fellows aren’t. Generally, avoiding competition is a vital fundamental key to profits. Despite their pay-loads, airlines haven’t been very profitable because of ruinous price and route competition. Daimler-Benz’s corporate motto is “Defiantly Different”. That’s a good motto for real estate entrepreneurs too. Working in a niche market, and deliberately doing things in a different way avoids competition that would rob you of opportunity and profit.
The single factor that most enables one to rise above mediocrity in real estate is knowledge of the market and skill in creating tax-favored financial transactions or management solutions. “Follow-the-leader” techniques learned from various tape-sale gurus simply assure that there will be plenty of competition and skimpy profits. On the other hand, investing the time to become fully grounded in the basic principals of real estate, negotiation, financing and management fundamentals virtually assures no real competition and extraordinary profits.
Being able to answer a buyer’s or seller’s questions intelligently and taking charge of the details of financing and closing a transaction can reap huge profits. You’ll be able to pick and choose opportunities that your competitors neither perceive nor exploit; while your competition scurries around trying to use guile, speed and aggressiveness to split up opportunities for which you need not compete.
From Jack Miller’s CASH FLOW CONCEPTS seminar Manual
I love this!! Thank you so much for sharing and building us up the way you do! I will be on tonights call!