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With nearly 40 years of experience in the real estate industry, White knows a sure way to excel in any field: by embracing competition, and using it as motivation.
He advises focusing on developing unique skills that will set you apart from the crowd, and always coming over prepared.
Long before it was discussed in boardroom PowerPoints, competition was what allowed the human species to thrive. For much of our existence, survival belonged to the fittest. Competition is what forces us to evolve and improve, and according to research by Jillene Grover Seiver, having a rival is the secret to peak performance.
In a study of professional archers, Seiver found that athletes scored significantly higher when their main competitors were present versus when the competitors were not. She found that it's not necessarily the competition itself that makes us better, it's being pitted against people who are on or above our level.
As someone who grew up playing golf and tennis competitively, I can attest to Seiver's research. If I'm playing a match, the competition allows me to block out distractions and focus on the task at hand. I find it easier to get in the zone when there's something riding on the outcome. I apply this same principle to my work: I do more homework than my competition, so I'm better prepared when I get in front of a prospective client or partner.
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In business, people often view competition as something to be avoided - or at least a barrier to entry. But throughout my career, I've found that competition motivates me in a way that nothing else can. It keeps me sharp. It keeps me focused. And it makes for an exciting ride.
Here's how you can survive (and thrive) in an ultra competitive field.
Whether your competitors are personal or professional, they likely have something that you covet. Instead of feeling like you don't measure up because you lack that particular skill or talent, focus on finding your own competitive advantage.
Look at your competition's weaknesses and see if any are your own strengths. For example, maybe someone you're competing with for a promotion isn't the best public speaker, but that's where you excel. Find opportunities to capitalize on that. Instead of getting hung up on what others do better than you, focus on what you do better than them — and continue to refine those strengths.
2. Always arrive over prepared
In many sports, the athletic feats are the most fun — running faster, scoring a goal, hitting a long drive — but ultimately, winning comes down to the details. It takes hard, consistent practice to see results in both sports and business. Let your competitors motivate you to consider every detail in preparation.
If I have a prospective client that I know is measuring us against competing companies, for instance, I start by preparing a presentation that outlines our unique value. If the client asks hard-hitting questions, I can answer confidently based on both personal and industry experience. And oftentimes, it seems that going through the steps of preparing tougher answers ensures you won't need them.
3. Prioritize your integrity over a short-term win
In any competitive arena, there will always be those who are willing to do whatever it takes to win. They bend the rules or take shortcuts. Basically, when there's a lot of pressure or money at stake, people will show you who they are.
While giving the rules the runaround might earn people short-term benefits, most of the time it doesn't lead to long-term success, in my experience. Developing a reputation for aboveboard business practices is critical to earning the respect of your peers and competitors. I've dealt with enough competition in life that I'm able to keep a level head and recognize that an immediate loss could lead to greater success down the line.
Be focused on solutions, but remember that it's about more than the final outcome. Is a win without integrity really much of a win? Golf is a game of honor, and it's taught me to approach business decisions with the same sincerity.
4. Respect the category you're in
Anytime there's money on the line, there are egos involved. But this isn't always a bad thing. When Sotheby's International Realty was purchased 15 years ago, we were considered a "small brand." It wasn't an insult — we were small — but it motivated me to work hard to build the brand into what it is today, in order to earn our spot in a different category. Today, we have nearly 1,000 offices in 71 countries and territories worldwide. Honest feedback is one of the most valuable tools to motivate success.
5. Interact with the smartest people in your industry
In any industry, there are trade organizations and events that give you the opportunity to network with people from other companies. Even if these are not your direct rivals, you can still learn industry best practices. These learning opportunities can help you be more effective when you do come up against a direct competitor.
Playing golf with people at the same level as me doesn't do much to improve my game. If I want to level up, I have to step out of my comfort zone and challenge myself by surrounding myself with those who are more skilled.
6. Invest the time and energy needed to sharpen your game
The more experience you have in any situation, the better equipped you'll be to perform under pressure. Conversely, taking shortcuts will eventually catch up with you. The same applies to the business world. Cross-training to learn new skills or doing a deep dive into your own role is going to give you an edge. You never know how expanding your skill set could serve you when it's crunch time.
Individual sports have taught me how to use my competitive nature to my advantage, stay cool under pressure, and maintain my integrity — habits I've worked hard to extend to my career. Now, competition is my main motivator for staying sharp and focused in order to achieve my personal best.
Philip White is president and CEO of Sotheby's International Realty where he drives the network's strategic growth as a leading provider of luxury residential real estate services.
