Episode #27 - Five steps to build the foundation of your business!

If You List You Last Podcast

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

1. Business Model Independence: Create a model that generates cash flow without continuous personal effort.
2. Build a Database of Likely Sellers: Manage a robust database to actively engage potential sellers.
3. Develop a Referral Network: Establish a local, national, and global network to enhance business through referrals.
4. Establish Value Propositions: Clearly define and communicate the unique benefits your services offer.
5. 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