Is paranoia the key to success in luxury real estate?
That is a great question.
As Andy Grove said in his famous book, Only the Paranoid Survive, I am very paranoid.
Three things to remember about paranoia.
1. Am I good enough?
People in the high end want to deal with experts. Are you enough of an expert to satisfy your clients? Do you know your market?
Remember the two-year history I have been teaching you to create your own luxury market.
Interview the people that you talk to, especially your clients:
- What do they see in the luxury market?
- What do they see happening in the economy?
- What do you think, or what do you see, as the biggest factors that will influence luxury real estate in your market next year?
- What are you doing as a result?
Ask this of people you talk to in your daily life. It is a great way to engage with your Sphere of Influence. You will get great intelligence and information that you can turn into content for your clients.
2. Be the underdog, at least mentally.
Maybe you are number one, but it is good to have the underdog mentality.
I coach agents across the country, and the number one thing I hear about their competitors is that they take clients for granted. They have a sense of entitlement.
You can overcome that by turning it around and understanding that listing a luxury home, listing somebody’s primary residence or secondary residence, or third residence, their place of refuge, is a privilege. It is an honor.
Do not ever forget that.
3. The economy is weird, and the economy is strange.
There is a lot of turmoil, and it’s okay to be paranoid. In fact, it is DEFCON-4, in my opinion.
Things are changing, and they are changing quickly. But guess what? In my 48 years in the business, there have been, like, six or seven easy ones.
The market is constantly changing and competitors will always want to eat your lunch.
Continue to innovate.
What can you learn from other businesses that can help you change your business?
I’ve learned lessons from McDonald’s, Ritz-Carlton, and even the corner-shoe shine guy that has transformed my business. Be alert, be out there all the time, figuring out what it is you can learn to make your business better.
It is okay to be paranoid.
Forward this blog to a realtor friend. Log into luxuryrealestateunplugged.com. Check it out, and if you want to try it out, let me know, and I will give you a free pass.
But, until then, make it a great week.