Posted by Steve on March 23, 1999 at 17:38:10:
My wife and I purchased a program and have signed on for Personal Coaching. Can you offer some advice on getting started in REI?
Competition?? Survey says… - Posted by Tyler
Posted by Tyler on March 22, 1999 at 19:06:50:
Wanted to bounce a question off the board and get some of your opinions on a topic that has been bothering me.
It seems that my friends have always looked up to me as someone who is ahead of the game. They always listen to my advice, and respect my opinion.
I have recently started to really get in to REI. I have been really studying philosophies of our own Robert Kiyosaki and the like. It has even furthur enhanced my “inside” views of the world, and made me an even more hardcore “5%er”.
As of late, this leadership position among my peers has begun to cause some concern on my part. I have literally created my own competitors. Now if REI was a network marketing gig, I’d be stoked. But as we all know, it is not. And I still, no matter HOW HARD I try, can’t seem to figure out how others in the business can say that other investors are NOT competitors! In the last 3 months, I have turned 3 of my close friends into serious aspiring investors. They are now all starting to place ads, and use various other marketing techniques that I use to do THE SAME THINGS I’M TRYING TO DO! They have purchased the books and courses, and are going at it full bore!
Someone please tell me…how in the world do I use these people to my advantage? I just don’t see how it is not going to hurt my business when I’ve now got 2 more ads next to mine in the classifieds…I’ve now got 3 friends also looking for motivated sellers…and on, and on.
I think this time, my excitement and concern for my friends has gotten me into trouble. Maybe not. Maybe some of you can shed some new light on this subject for me, and put my fears to rest. And make it easier to talk to my friends again…without feeling like I’m showing them the secrets to my magic tricks.
Thanks…to all my fellow 5%ers here online. Keep on kickin’–we’ve got something great going here, you know!
Re: Competition?? Survey says… - Posted by Mark (SDCA)
Posted by Mark (SDCA) on March 23, 1999 at 12:03:09:
Here are some ways:
The ability to do bigger deals. Maybe one of you finds a deal that is too big for him to bite off. You all go in together.
Support group. All of us have “bad days” from time to time. Can’t find motivated sellers, can’t get offers accepted etc. Pick each other up.
Exposure to different techniques. Maybe these friends are “clones” of you right now but they won’t be forever. Eventually, they will find a nre technique or area of town or mortgage contact or whatever. Ask them to pass those along.
Cheers,
Mark
80% and 20% - Posted by Sean
Posted by Sean on March 23, 1999 at 11:30:06:
I think you guys might have a good collaborative effort possibility there, even if you act separately. Just make the agreement with your friends that if one of them makes an offer on a house and gets turned down, they’ll turn the lead over to the others and, if you make a deal, you’ll pay them $250.00 and your “dead leads” will get turned over to them as well.
Eighty percent of the people out there are pretty inflexible when it comes to their properties. They have a price in mind, and their terms are all cash. However, these “inflexible” people may start to rethink their attitude of “This is how houses are bought and sold” once:
You make them a creative offer, which they decline.
One of your friends makes them a similar offer, which they decline.
A third of your friends makes them a similar offer, they start thinking hard… This idea is no longer “new” to them. They’re starting to think that this is the way real estate is bought and sold in the real world and they just haven’t bought and sold enough properties to realize it.
The more people out there doing creative deals are, the more these deals stop being “strange” and start being “acceptable” or even “standard.”
Re: Competition?? Survey says… - Posted by SCook85
Posted by SCook85 on March 22, 1999 at 23:11:27:
I’m criticized often for helping others to get started in REI. I help everyone who asks me. I spend time with beginners and newbies regularly. I’m told that they will take all of my deals. Well find myself learning as I teach. I make myself better as I do this. I’ve spent time with over a dozen local investors yet I continue to grow at a pace that still amazes me. There is plenty out there for everyone. Forget about worrying what everyone else is doing and take that energy and put it to good use. I don’t ever take a minute to worry about it. While everyone else is worrying I’m passing right by them. You are supposed to have fun doing this business, stop finding reasons to not do so well.
Just my opinion. Hope it helps.
SCook85
Competition - It’s all in your mind(set) (Long) - Posted by Carmen
Posted by Carmen on March 22, 1999 at 22:41:52:
Funny, but I was just talking about this today.
I’ve been warned several times that this is a “dog-eat-dog” business. I hear people talk about and backstab others at every turn. The more I learn about the little “clique” of established investors/ lenders, the more I realize that there has to be a better way.
Perhaps you should read the book “The Richest Man in Babylon”. George Clason says “Our prosperity as a nation depends upon the personal financial prosperity of each of us as individuals.” He also has a passage that reads:
"There is more gold in Babylon, my students, than thou dreamest of. There is abundance for all.
"Go thou forth and practice these truths that thou mayest prosper and grow wealthy, as is thy right.
“Go thou forth and teach these truths that every honorable subject of his majesty may also share liberally in the ample wealth of our beloved city”.
First, I think this applies to everyone. There is plenty to go around.
Second, if you stop looking at your competitors as competitors, and start looking on them as collaborators, then you have created a “Business” rather than trying to do it all and “buying a job” (Kyosaki). Meet, talk, discuss, share deals, share ideas, share handymen, share lenders - there is enough to go around. Do favors for others, so others may do favors for you. Create a flexible “buddy system” - 2 people can work on 4-5 deals at a time, whereby one person can probably only handle 1-2. It multiplies from there. If no one is greedy, and everyone works together (especially if you are friends), then there is no need to perceive them as competitors - instead, create a “Mastermind” group and become a mutual aid society. Maybe one of you is really great at marketing; another really great at finding the deals; another at negotiating. Share each other’s strengths. Rejoice in each other’s successes. Learn from each other’s mistakes.
I look for people that I can “think tank” with that think like me - and get very excited when I do find them in this business. Everyone thinks differently, and if you can all share information, you’ll get a lot further than if one person has to learn it all, and make ALL the mistakes, by himself.
Will you get burned? Maybe. Will some of your “friends” refuse to help? Probably. Will greed and jealousy and envy and other completely human emotions come into play? Definitely. But if you can get over these temporary issues, in the end, you will find that it’s much more fun at the top when you bring your friends along with you - rather than being king of the hill by yourself.
And, to top it off, just do the best you can, be honest, be kind, and persevere. These qualities are hard to find. You may find that in time many people will start getting bored, dropping off, making mistakes and calling it quits. It’s the person who is still at it in 10 years that counts.
Just my .03 cents!
Carmen
Re: Competition?? Survey says… - Posted by Mark R in KCMO
Posted by Mark R in KCMO on March 22, 1999 at 20:28:13:
Tyler,
Just for clarification, do you think these people would be opposed to working together and taking deals and leads on a rotating basis?
I don’t pretend to know your situation, or the level of cooperation that could be developed for your group, Nor do I know your market.
Would it be effective to create your own Group “listings” that you would share to fill the needs of your customers, and develop the reputation that this group is a one call solution center for all your real estate need?
It seems to me that there should be a clear advantage of aligning your forces that will give you a whole new perspective, elminate the thoughs of these being your competition and develop a system that keeps you ahead of the game.
Hope this helps
Mark R in KCMO
Re: Competition?? Survey says… - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on March 22, 1999 at 20:04:46:
Tyler,
Read the thread below titled “How Much Competition Is Out There?”
I believe that it was Ron LeGrand, at the convention, who mentioned that he’s surprised that no matter how many ads are running in the newspapers he’s using, he always gets plenty of calls. Now, the secret to “one-upping” your friends is…Are you ready for this?..PROMPTLY REPLY TO THE CALLS! There it is. The secret ingredient.
I called 3 of those newspaper ads over 2 weeks ago. I’m still waiting for the first reply. If you’re quick, you’ll have a property tied up before your “competition” even checks their voice mail messages.
And, even if you run into others who are as “gung ho” as you, there’s enough business for everyone. In addition, your friends may decide that they want to concentrate of a different area of real estate than you. In that case, you can steer deals to each other.
Bottom Line: Don’t worry about the competition. If you’re quick and professional in dealing with the sellers, you’ll have more business than you can handle. Then, you can throw your friends the crumbs. 
I hope this helps. Good luck with your investing.
Bill K. (AZ)