Being the star of the team is easy when market demand is booming. But what about when the market slows down? What can you do differently when the competition is getting fiercer and the demand is at its lowest? On this episode, Don Costa shares his experience on how he lost his first business, and what he did differently to thrive with his second-- even in a low-demand market.
Everything is based on analyzed ROI, which means everything is based on time. -Don Costa
- Systems help you continue selling, even when the market is not in your favor.
- Don’t hire solely on experience, as most of the real estate knowledge is 100% teachable. Seek what can’t be taught-- loyalty and drive.
- Follow-up systems are a vital part of the marketing machine, but make sure you test a new tool before you invest all of your money in it.
- When you’re in doubt about the real value of a property at the moment, test it by putting it out there with different prices.
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At the start of the show, we talked about how selling is easy when the market is favorable. We also talked about what makes a business pass the test of time: preparation and systems to get you through the big lows. We also discussed the CRMs to use, how to manage cold calling and what to do when you’re working in several markets.
Don also shared:
- What type of people should be on your team
- What influences the highs and the lows in the real estate market
- How to reinvent your business after failing
Create a marketing machine where each lead is nurtured, and new tactics are always tested before you invest money in them. Make sure you have a system in place where there is always something to do and your team doesn’t have to spend time trying to find out what they should do next.
Don Costa started his real estate journey in 2003. But due to the crash, he lost everything. In 2012, he reinvented himself, this time starting a company that now sells over 100 houses per year. Today, he is also the host of the Flip Talk podcast where he shares his real estate experience and knowledge with his audience.