In my last article, I wrote about positioning your real estate business for success and maximum profits. The key, in my opinion, is to know that what you are doing is not working.
Your Market Sucks! Now What?
The key is that sooner or later whatever you are doing in your market may not work and while you can continue to try to make it work, you might just find yourself working harder and getting further behind.
The most critical part of this situation is that you have to be honest with yourself that something has changed within your market, and if you don’t change (adapt) your business might fail.
The million dollar question is this:
What are the indicators that the business model I am pursuing is not delivering the results you are seeking?
Here are a few that I have observed.
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Signs That Your Real Estate Business Model Needs a Change
- You find yourself having to do more deals just to keep your overall income levels the same.
- You are spending more and more time just trying to keep you business afloat… impacting both your business and personal life.
- The margins are getting smaller and smaller.
- You find yourself getting outbid on more and more projects.
- Your overall acquisition costs continue to escalate.
- Your private lenders are getting anxious because you aren’t using their funds at the pace they are accustomed.
- And…. on and on and on…
So… the real challenge is for you to slow down and be realistic about the situation you find yourself in and then start making those hard decisions. And, what are those decisions?
I’ll get into that in my next article.