How would you like to be the Elon Musk of real estate?
Tesla founder Elon Musk now has fame, fortune, and a reputation for making the world a better place. Sounds like a great gig right? So how can real estate investors and brokers apply the Elon Musk – or Tesla approach – to the property industry?
Think Long – The Tesla Take Over: There’s a good chance that Elon Musk is already working on getting deeper into the real estate industry. On the back of a new Tesla Motors model, Musk just announced he is getting into the home and business energy field in an even bigger way. Moving beyond solar panels, via SolarCity, the entrepreneur has unveiled Tesla Energy. This venture puts solar powered battery backup Powerwalls into residential and commercial real estate. It means taking over the utility industry in a big way. Don’t be surprised if he already has another venture in the works to take this even further, just like Airbnb is doing. So don’t just think big, think longer too. If you don’t feel up to the challenge of competing with Tesla, how about positioning yourself to be bought out by the company?
Be Needed: Like electricity, real estate is needed. We need power to run all of our devices. Right now, U.S. utility companies are not keeping up with demand. When they do deliver, it isn’t cheap. It sounds a little like the real estate market. We also need shelter. But we need reliable, safe, and affordable shelter. Can you deliver on that?
Pretty Products: There is a reason that many have turned to new homes or home remodeling. Beautiful products are just easier to sell. Price can still be a factor, but we seem to have gotten over the outrageous price tags of iPhones. Even many of those on minimum wage, that aren’t paying their rent on time, will find a way to spring for the latest iPhone model. It’s not even a question. It’s instinctive. Elon Musk didn’t invent electric cars, or traveling into space, or battery storage for solar power. These are all things that have been around for years, but Musk has put a new design touch on them. The sleek Tesla Powerwall looks a lot better than your average electrical box. So how can you build this into your real estate business? By building luxury homes? Offering beautifully designed rental homes? Fixing and flipping houses? Having a better looking real estate website and branding materials?
Gain Some Traction: Rumors suggest that Tesla could be bought out by Apple for around $75 billion in the next few months. Financial analysts saw that Apple is the only firm big enough to do it. If Tesla Motors gains any more market share and sales volume, not even Apple will be able to afford to buy it. So work on your real estate volume. Volume and market share have power.
Present Well: Musk’s Tesla Energy presentation received rave reviews. Again, it isn’t about inventing something to replace the wheel – just putting a better marketing spin on your wheel. Functionally, all houses do the same thing. Those that present theirs best get them sold first and can charge a premium. Don’t worry, this can be ltaught. The truth is that most great personalities and speakers out there today admit they had to start from somewhere. Many choked on their first try. They just set their minds to learning and practicing so that they got better and better.
Personal Branding: What are you known for? When people think of Elon Musk, they think of great innovation and ideas. They automatically associate success with anything that pops out of Musk’s head, or what he jots down on a napkin. You probably have lots of random ideas and make notes too right? How many people are willing to pay you a billion dollars just for an idea? How can you close that gap as a real estate pro? How do you get to the point of achieving buy in, just by floating an idea?
Energy Efficient and Eco-Friendly: All of Elon’s ideas seem to revolve around efficiency. So how can you make the real estate industry, and your product more efficient, and green? Should you be putting Tesla Energy Powerwalls into your properties? Or are there other ways to own and dominate this space in your real estate market and niche?