As the real estate market changes there will be a few big winners, while the majority of players end up folding and going to try and find jobs elsewhere.
This clearing out of competition, the bad apples, and those with poor operational skills is a great thing for serious real estate investors and business owners.
In order to be one of those survivors that comes out stronger, with more credibility, and in an even better financial position it is critical to avoid these classic mistakes which can take down the largest companies, as well as newer business owners and individual portfolios.
It’s really all about avoiding falling into scarcity mode. You must keep up that positive mindset that got you the great results you want more of.
Stripping Service & Product And Charging More
This is always a huge mistake. If anything, customers want and need more value and better deals. If you cannibalize your most loyal customers they won’t forget. It will cost you a lot over the long run.
We’ve seen this with banks like Wells Fargo in the past. As well as streaming services. Recently Mercedes Benz thought it was smart to start charging an extra $1,200 a year if you want your car to accelerate at its full capacity. No doubt leaving many customers frustrated that they aren’t getting what they thought they paid for.
Thinking You Can Get Away With Faulty Products
Some get desperate and will find all kinds of excuses to justify selling faulty and harmful products. In the past we’ve seen it with house flippers going into areas hit with flooding or hurricanes and simply covering over the dangerous mold. Or builders building new home developments on contaminated land. More recently there has been a huge movement among victims of Camping World which has developed a reputation for selling RVs that are leaking when brand new, and may have mold and other dangers for families. It will catch up with you sooner or later.
Burning Your Sellers
Developing relationships with buyers and sellers is vital for long term success and profitability. Especially volume buyers and sellers. Don’t burn relationships that could be a steady source of income each month for one deal. Such as by backing out of contracts. Do your due diligence first. Don’t tie them up and cost them money, only to leave them hanging.
Letting Great Talent Go (To The Competition)
The majority of companies, all the way up to the largest and best funded global corporations seem to be making mass layoffs and are freezing hiring. Many may have hired far too many people, too carelessly, and too fast. You may have to right size your team too.
However, great talent is your best asset. Great people are extremely rare to find. Don’t let them go if you have them. Or they will go to the competition and become your competition.
Skimping On Marketing
You’ve got to show up stronger than ever right now. Those that keep marketing will keep on gaining market share as others slow down or try to be cheap and publish lower quality content. This keeps shifting the power and profits to fewer players that keep getting stronger.
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