What Competition Did For My Business

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SUMMARY

I had just set a listing appointment with a FSBO.  I was a new agent, and the sellers told me they were also interviewing another agent from my office, Cindie Stewart.

I made the mistake of telling Cindie we were both meeting with the same FSBO.  Without any pause, Cindy looked right at me and said, “I’m gonna kick your ass.”

And…she did.

I knew I had to get better.  Here are the three things I did:

  1. Upgraded my Mindset. (Confidence)
  2. Upgraded my Skillset. (Competence)
  3. Kept moving my Asset. (Consistency)

Beating Cindie was not what mattered.  What mattered was not beating myself.

Commit to winning….to becoming unbeatable…and you will be.
 

FULL TRANSCRIPT

There are over 100,000 new agents every year coming into the industry. I think we could be looking at saturation folks. What is the competition going to do for your business?

Hi there, it’s Kevin Ward, the founder of Yesmasters Real Estate Success Training, helping you get more yeses and more successes in your business and in your life. And one of the biggest concerns that I hear from agents, both new agents and experienced agents, is all the new agents coming into the industry. Because of all the agents coming into this industry, you also have a lot of new companies coming along and with technology you’ve got virtual offices coming along. You’ve got deep discount brokerages opening up and popping up. It’s like, wow, literally over 100,000 new real estate agents entering the business in the United States every year right now.

Now, first you need to understand that’s not anything new. It happens every time in an upmarket, when the market’s going great people start coming in. We lost nearly half a million agents back in between 2007 and 2010. Just happens when the market turns down. As fast as they come in, they go out. Just almost like the tide.

Well, let me talk about today what competition did for my business. When I got into real estate back in the 1900s in 1998, there was a lot of people coming in to the industry. I knew that to win I had to work hard, so I did. I’ll never forget setting an appointment with a for sale by owner. I was in a large Century 21 office, over 100 agents which back then was a very large office. As I set the appointment and then I’m talking to the for sale by owners and they said, “Oh yeah, we also set another appointment with another agent in your office I think.” I’m like, ” Oh really, who is it?” And they said, “Cindie Stewart” And I’m like, “OK, Cindie Stewart.”

And so Cindie was another agent in our company that had just joined our company recently and, not as a new agent, but she had come from another office at a nearby, another town. I don’t know if she had moved or what, but she’d come kinda closer to this area where I was. She was now in my market so I now knew who she was. She was now a competitor because we’re going up against each other with the same for sale by owner.

So me being the friendly guy that I was, I saw her at the sales meeting that Tuesday and I just said, “Hey, I hear we’re going up against each other for the same for sale by owner.” And she goes like, “Really.” And I said, “Yup.” And she said, “I’m gonna kick your butt.” And then she walked away. I was like, “Okay.” Now, you gotta understand something, Cindie Stewart was not a new agent. She was a top producer. When she said to me, “I’m gonna kick your butt.” And she looked at me with that like eye of the tiger, I’m like, “Okay, I just got my butt kicked.” And guess what, I did.

I don’t exactly remember how it all turned out, I just remember she got the listing and I didn’t. I had egg on my face in my own mind, in her mind it was no big deal. But I remember when that happened, I like, okay this is competition. And here’s what competition did for me. Is I remember after that happened I said to myself, “You know what, that will never happen to me again.” And it didn’t. And here’s why it didn’t ever happen to me again. Because I knew that to deal with that I had to get better. Rather then going like, “Oh no, it’s like I’m new and so I’m defeated and I’m gonna get beat. How do I overcome the competition.” I just said, “You know what, I know I gotta get better.”

And so I did three things. Number one, I upgraded my mindset. And simply meant, you know what, she beat me here. She beat me in my mind because she looked at me and said, “I’m gonna kick your butt.” What she had that I didn’t have was, she had confidence. The moment she displayed her confidence to me, my confidence melted. And I’m like, “You know what, that won’t happen anymore.” My mental toughness is going up. I am going to upgrade my mindset, confidence. Number one.

The second thing I said is, “You know what, I gotta upgrade my skill set. I gotta get better. I gotta get better at handling objections and handling, knowing that I’m dealing with competition, how do I get the sellers to choose me instead of choosing someone else.” ‘Cause I knew this wasn’t the last time that was gonna happen. So I upgraded my skill set, second thing, competence. So number one was confidence, upgraded my mindset. Number two, competence, I upgraded my skill set. I said, “You know what, I gotta get more serious about practicing, role playing, training, figuring out how to handle objections, get better at objection handling. I’ve gotta upgrade my skill set and that’s what I did.

And then third, the number three thing that I think made it work for me, was I kept moving my asset. And that was, I didn’t quit. I kept prospecting and setting appointments with consistency. And that’s the third key. Confidence, competence, and consistency. I upgraded my mindset. I upgraded my skill set and I kept moving my asset. I kept going. And here’s why I was able from then on out, I think I beat her.

Now I don’t know if we ever went up against each other again, competing head to head. I don’t even remember. I don’t think … I remember ever having that happen. But here’s what I did do, is because I was consistent I kept getting appointments. And because I was consistent, I kept getting listings and I kept winning. And here’s the reality about competition, beating Cindie Stewart … And by the way, Cindy I think is still a real estate agent in Dallas Fort Worth. She’s awesome. She’s great. I love her, we became friends and all of that. But beating Cindy was not what mattered. What mattered was not beating myself. And that’s where you win or lose. It’s not … look, winners are gonna get their share of wins. Just don’t beat yourself. Commit to winning. Commit to becoming unbeatable. To upgrade your mindset, upgrade your skill set and keep moving your asset. And when you commit to do that and being unbeatable, you will be.

Now, if you know you need to upgrade your skill set and your mindset and you want some help doing that, go down in the description below and there’s a link there to Agent Power Launch. It is my training for brand new agents that will help you master a bullet proof mindset, master unbeatable skill set. The only thing you gotta bring is the willingness to get off your asset and keep moving it. Also, if you like the channel, if you like the video, make sure you give it a thumbs up. Subscribe to the channel for more great videos that are coming. Post your comments and questions down below. Share this video with anybody else that you know, any other agents that are out there freaking out about the competition. Because unless you beat yourself, you can be unbeatable.

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