7 Ways To Kill Your Real Estate Business Fast
90% of real estate businesses are unlikely to survive this phase of the economic cycle. The world’s biggest banks are falling like dominoes. That will have a big impact on everything else.
A few investors and real estate firms will not only survive this, but find it their defining moment. One which enables them to scale, establish their personal and business brands as those to count on for everything that comes after this, and will grow incredibly wealthy in a short period of time.
So, how do you not sabotage your venture, and stay in the game and grow it instead?
Relying On Others For Liquidity & Access To Funds
Cash flow and liquidity are what will bankrupt most companies and individuals in the months ahead.
Expect banks and mortgage lenders to struggle to have enough funds on hand, or the willingness to provide access in the year ahead.
Transactional lenders are likely the most reliable for real estate wholesalers. Though make sure you have cash on hand, and spread your deposits amongst banks so that you aren’t caught short when they fail.
Allowing Your Reserves To Be Depleted
No matter how much savings and capital reserves you have, it will be blown through quickly if you keep on tapping into it.
When you do face the decision to tap emergency funds, make sure you pause, and explore new strategies, income streams, inventory types, and funding partners so that you stop the bleed as quickly as possible.
Slowing Down Your Marketing
If you stop marketing, you stop making money. Your business will fail. It is just a matter of how soon. Instead, step up, juice up your marketing efforts, and grab more market share.
Robbing Your Most Loyal & Profitable Customers
When things get leaner many companies make the perilous mistake of robbing and squeezing their best customers. This will burn your relationships and wind up killing your brand permanently. Don’t raise your fees just because you can or to extract more from them when they are going through the same thing too. Giant companies like Facebook and Upwork or Wells Fargo have tried this and it has done irreparable damage.
Doubling Down On Bad Decisions
Be willing to acknowledge mistakes and pivot quickly. Don’t do further damage by doubling down in a direction that is failing.
Spam
Yes, scale up your marketing. Do not resort to spamming your hard earned and bought audience with spam. It will have the opposite of the desired effect.
Living It Up, While Hurting Customers
Don’t be like the big banks and gas companies that are taking out big bonuses, lending their friends hundreds of millions of dollars, and posting record profits, while you are complaining about costs or are shorting your customers. You’ll never get their trust back.
Giving Less Instead Of More
During times like these you want to be looking for how to add more value to your customers and partners, not how you can strip away what they already expect to be included.
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