Recent dialog with mastermind member @Steven Koleno has brought to life a strategic analogy that is incredibly relevant to our industry today. It's one I taught a seminar on a few years ago during the launch of the RARE Agent mission. I'm referring to the concept of the Red Ocean vs. Blue Ocean. In the increasingly competitive real estate market, understanding this concept can be a game-changer for those looking to stand out from the crowd. Follow along... 🔴 Imagine the real estate market as an ocean. The "Red Ocean" represents the current industry landscape, filled with fierce competition, where agents are constantly battling over the same territory and clients. This ocean is 'bloody' from the aggressive competition, where sharks devour the smaller fish, and standing out becomes increasingly difficult as everyone is offering similar services and fighting over the same deals. 🔵 However, there's another ocean—the "Blue Ocean." This is a space of uncontested market where competition is irrelevant because the game's rules are waiting to be set or, more importantly, are being defined by you. It’s the creation of new demand and the opportunity for high growth. In the Blue Ocean, you're not trying to outperform the competition; instead, you're making the competition irrelevant by differentiating your services and carving a niche for yourself. Obviously, I encourage everyone to swim in the Blue Ocean. But swimming in the Blue Ocean is not that easy. In the Blue Ocean, agents strive to be more than just agents. They aim to be expert solution providers offering valuable, distinct services that set them apart. This requires innovative thinking, creativity, and a commitment to understanding our client's needs. In the Blue Ocean, it’s not about doing more of the same or better than other agents; it’s about doing it differently. It’s about breaking away from the herd and creating a unique path to success. Can you survive as an agent in the Red Ocean? Yes, you can. But you will always be compared to other agents, be forced to lower your fees to remain competitive with agents who lead with lower fees, and constantly look over your shoulder to see who is trolling you...
One of the niches I have been working is helping a tiny home kit company (these go on permanent foundations) market their kits and I get the land sales to put the homes on and if the client is downsizing I sell their existing home. I also switched to eXp Realty 5 years ago after 22yrs with RE/MAX. We are "Blue Ocean"!! Founded in 2009 and NEVER had a physical office (now 90,000 agents strong) which has allowed stock options, and revenue share putting the AGENT at the center of the business.
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I've been full time since 1997. All in the Atlanta area. I was with the #1 RE/MAX office in the world prior to 2008. Switched to eXp Realty in 2017 and have watch the company grow from 5,000 agents to 90,000 and still going strong.
Let me see if I can add some value on day 1. Did you know about the free stuff you can get for the National Association of REALTORS? This month members can get this 135 page report FREE 2023 Home Buyers and Sellers Generational Trends Report