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Episode #27 - Five steps to build the foundation of your business!
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Introduction
- Host: Bob Mangold, the Listing Coach
- Episode focus: Real estate success stories, current market insights, and foundational business strategies.
Success Stories
- Chicagoland Agent Success: 652 attendees at an open house, showcasing the effectiveness of the Home Boss listing process.
- Boston Agent Achievement: Sold a property for $239,000 over expected value with a quick cash offer.
Market Insights
- Despite media portrayal, the market has opportunities.
- Real estate transactions are active with successful listings being a common occurrence.
Business Strategy Breakdown
- Previous episode recap: Three stages of a real estate business - building foundation, growth, and wealth.
- Focus on building a solid foundation to foster growth and personal wealth.
- Encouragement to join the Real Estate Asset Advisors Facebook group for further discussion and sharing.
Economic Indicators
- Mortgage market update: Producer Price Index and Core CPI show increasing costs, indicating inflation pressures.
- University of Michigan Consumer Sentiment Report shows a drop, reflecting consumer pessimism which may impact home sales.
Five Key Steps for Building a Business Foundation
- Business Model Independence: Create a model that generates cash flow without continuous personal effort.
- Build a Database of Likely Sellers: Manage a robust database to actively engage potential sellers.
- Develop a Referral Network: Establish a local, national, and global network to enhance business through referrals.
- Establish Value Propositions: Clearly define and communicate the unique benefits your services offer.
- Implement Systems for Multiple Revenue Streams: Utilize systems that allow earning from various sources within each transaction.
Closing Remarks
- Reminder of the importance of business foundation for future growth.
- Invitation to connect on the bi-weekly Elevate Business Briefings and to utilize resources like the Home Boss process.
Engagement and Resources
- Encourages listeners to engage with the podcast through the Facebook group and check out additional resources for deeper understanding and implementation of discussed strategies.
Next Episode Teaser
- Continuation of in-depth business strategies to enhance real estate success.
Join our Facebook Group at: https://www.facebook.com/groups/realestateassetadvisors
Visit our website to watch replays of our Wednesday "Elevate Business Briefings" at: www.RealEstateAssetAdvisors.org
Download a copy of my book, "If you list, you last!" at www.IfYouListYouLast.com
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