Despite complaints, competition in the California real estate investment world can be a great thing. It can be great for the state, for consumers, and for real estate companies themselves. While some real estate investors and consumers have been quick to hit the internet and gripe about how increasing competition has made things more difficult, it can be beneficial in many ways.
Real Estate Website Design
Real estate web design has come light years thanks to competition. If it wasn’t for the competition between companies, and website designers, we wouldn’t have the beautiful and responsive sites we covet today. More than just easier to use and better looking, they are helping real estate brands become more than they ever thought imaginable.
Customer Service
It’s no secret that the real estate industry isn’t loved for its reputation or fabulous service. In this respect, it may only fall short of the dismal experiences delivered by banks. Fortunately, competition is changing the way we do things. Technology has helped, and there are still those that completely baffle the public with their complete lack of responses, follow up, and friendly service. Fortunately, this is changing. Those that last will certainly be those that deliver great service with a smile. Superior service can make up for many other blunders and mishaps, but it doesn’t matter how great the product is if the service is irritating.
Better Deals
There is no question that competition has led to better real estate deals. Many investors and homeowners may complain that competition and bidding wars over California homes has become so fierce it is hard to buy anything. Of course, the flip side has been a big boon to CA home sellers and the economy. We’ve also seen the average real estate commission come down significantly over the last decade, and few could ask for lower interest rates. Racing to the bottom in price wars may not be smart or sustainable for California real estate companies, but it has definitely made buying, selling, and investing in CA real estate cheaper.
Better Solutions
Progress and innovation is unquestionably spurred by competition. That said, technology might have helped increase efficiency and effectiveness in the real estate industry, but none of it would likely have been adopted if it wasn’t for competition. Unfortunately, real estate professionals can be slow to embrace new things. We’ve seen this from email to social media and mobile apps (a fact Zillow has taken advantage of). However, we have seen new loan programs being invented, greener housing, and turnkey property investing all emerge out of this.
Accountability
When competition is fierce and the California real estate market is hot, there will absolutely be those that abuse it. However, in the long run, and among those truly great real estate companies, competition also brings positive accountability. It keeps companies honest, treating clients well, and penalizes companies for taking advantage of their position.
Fun
For those working in the California real estate market, competition brings a lot of fun and fulfillment. Human beings are competitive by nature, and it is the thrill of the deal that really makes real estate worthwhile for some. It would get really dull, really fast, if there was no competition.
Spurs Individuals Real Estate Professionals to Their Best
This competition also spurs everyone in the California real estate industry to do their best. This means CA real estate agents, investors, mortgage brokers, title reps, loan processors, marketers and more. While not all will accept the baton, those that do while bring about many of the positives listed above, and will find they enjoy what they do more, and love living in general more.
In summary; how competition impacts real estate businesses and consumers really does depend on your personal perception and how you react to it. Just know that it is ultimately good for everything we are trying to do.
