Dec 23-23
San Jose Del Cabos,
Mexico
“You bought this property sight unseen – based on a show you watched?!”
Can’t read the full email – click here for the online version.
I’m writing this week’s missive from the rooftop of the condo building we’re staying at this week. I can see the ocean a short distance to the south. My wife is
contemplating doing some laps in the infinity pool and my daughter is taking a siesta.
Yesterday was the shortest day of the year (for us North Americans) – thus every day henceforth gets a little longer. That’s a comforting thought since we will be heading to the cold of Alberta next week.
Today, however, I thought I’d reflect a bit on the year that was and some of the
business lessons gained from our travels.
Growth for any business, large or small, only happens if at least one of five key fundamental items improves. I’ve written about this profit formula many times.
The first key item is Leads. All things being equal – you will and
can grow your business if you can generate more leads. Unfortunately, this is also the most expensive and time-consuming component. To do it well, you best have both a Unique Selling Proposition or Market Dominating Position in addition to mastering a medium to get your message to the right target group of buyers.
We met one such fellow who nailed this (partly by accident) on the small island of
Utila, just north of the Honduran mainland.
He managed to get US customers to buy property, sight unseen! In a foreign country.
How?
He got himself featured, not once, but many times, on an HBO show called “Caribbean Life”, where he had the opportunity to show and
highlight all the benefits of living on and around the island where he was set up.
Today, not only is he the principal realtor (and firm) selling property, but he has also created a construction and property management firm that is building and maintaining homes from many of these original clients. Talk about using not only good lead generation but achieving additional transactions and larger average
transactions from the same client pool.
Oh, and he built a small marina, condo-like boathouse so many of his customers would have a place to store and leave their boats. Naturally, there was a selling price and an on-going monthly HOA fee to maintain the premises.
His business is great example of leveraging a particular media to attract and convert the right
customer.
He has then transitioned to serve these customers in other, complimentary ways thus achieving both more transactions per client per year for higher average prices.
I’m not sure where he is with respect to the profit margin arena but since he is the “in-demand” realtor, I am sure he is not discounting his real estate commission. So too am I confident
that he is pricing his contracting services for a decent profit margin.
What about your business? How do you rate yourself on these five areas?
- Leads
- Conversion
- More Transactions
- Higher Average Selling Prices
- Better Profit Margins
If you score under 4 in any one of these, then you really should become a member of RealBusinessMastery.com. Do it now and get 90% off. (See below for the code)
Or, set up a call with me
to determine what kind of improvement you might be able to get. 15 minutes will be enough for me to give you a ballpark. That call is free.
Until next week,
Stay healthy and focus on profit!
- Hugh
The “Profit Accelerator” Expert
P.S. I created RealBusinessMastery.com, to help business owners like you maximize your sales and profits. And learn how to properly attract good prospects, then convince them to buy from you, over and over again. Members get access 24/7 to all the foundational and strategic
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