Hey, real estate investors and agents. Are you in a competitive market right now?
If you are, I’m going to go walking through the three ways that you can grow in a competitive market.
And one strategic mental mindset shift strategy to really look into how you actually do that. And you can repeat it, market after market, business after business, after this, if you want to.
I’m Trevor Mauch, the CEO of Carrot, carrot.com. Our clients generate about 80,000 leads every single month through the internet, through our system. We’re going to be showing you guys how to do that yourself as well.
So I’m going to be walking you through, on my iPad. But before I do, we were at our last CarrotCamp, this last September. And it’s high-level investors, high-level agents, and a bunch of hybrids in the middle, the people that are doing both.
And the main topic that was coming up at CarrotCamp was, hey, we’re in Dallas or we’re in this market or we’re in that market. How do we continue to expand when there’s so much competition going on?
Well, I’m going to walk you through the three ways and then the framework that you can take and execute.
Outside of this video, we have other videos that are going to walk you through the tactical side of things on how to actually expand things over.
So we’re going to dive into the iPad right now. Before we do though, while I’ve got you, click the subscribe button right here because we have whiteboard or iPad videos coming out every single month to walk you through the vision, strategy, and tactics to grow your business.
Hit subscribe and pop back over.
So let’s dive into the iPad, guys. So first of all, what we’re going to talk about is the three ways to grow, okay?
Three Ways to Grow Your Business
The three ways to grow any business at all.
The first way over here is you can go get more deals, right? More customers. So you can get more customers. That’s one way to grow. I’m just going to write more customers or deals.
The second way to grow your business as an agent or an investor is to actually increase the revenue per customer, revenue per deal. So increase rev per deal.
Then the third way to grow your business is to actually have more repeat customers. So more repeat rev.
The three ways. More customers or deals, more revenue per deal, and then the third way is actually get your flywheel spinning so you can have more repeat or recurring income coming in.
Now, the big thing as I start to think about expanding in a competitive market … I was talking with a customer about a month ago or so and he was saying… “how am I ever going to expand in this market? I’m in one of the most competitive markets in the country, I’m a newer investor.”
He was having all of these reasons why he couldn’t expand in that market. So he was actually looking at going to a different market as well.
So there was some income coming in, in the market he was at. And he was saying, I think I need to go into another market too. I’m going to show you why that’s not the right strategy, and exactly the right order to expand.
The first thing I want you to look at is there are three things that we need to think about.
- Number one, there’s belief. We need to ask ourselves, is there a belief shift that we need to make about our market or other markets?
- Number two are there traits? Are there traits that I need to improve internally to be able to be a better entrepreneur, to be able to step into greater opportunity?
- And the last part is skills. And this is probably one of the biggies for lots of you watching this. You might just need to grow more skills in order to learn how to expand your marketing, or do other strategies, or how to go into other markets.
So look at this right now and say, do I have a belief opportunity? Are there traits that I need to adopt to become a more effective person? Do I need to wake up earlier? Do I need to be more productive? Whatever it is.
And then over here, skills. You might be on the side where you’re like, you know what? I have all the skills that I need. I know how to do this. I know how to do this. I know how to do this. I just think my market doesn’t have the opportunity that I have.
That might be a belief issue. So you might want to increase your belief, keep your skills, keep growing those.
Then let’s say you’re really good in the traits. Maybe you’re the opposite side of it, right? Maybe you’re saying, man, I know this market is big enough for me.
I’m waking up early. I’m productive, I’m effective. But man, I just really need the skills. I need to learn how to do this other method in real estate. I need to learn how to get these other types of leads. Take that and markdown, what is the biggest thing you need to work on?
Now we’re going to go into this framework here, this bullseye. And we’re going to walk you through, step-by-step, you peg in where you are, and then your next greatest opportunity to expand in this market strategically.
And then go watch our other iPad videos where you can then dive into the tactics on each one of these rungs then to expand out.
The first thing, in the center of the bullseye, is the power of one. One market. One channel, one marketing channel. And also, one strategy.
This might be, you’re just doing wholesaling in one market with one or maybe two marketing strategies that are working. This is a great way to earn five figures. You could probably branch it up into six figures a year, if it’s really big, a really big market.
The next thing is actually we want to then expand multiple marketing strategies. Before we ever go to a new market, we want to say, are there just more marketing strategies I can stack on here? Marketing strategies. Marketing channels is what I’ll call them here.
And this could be Facebook ads. This could be Google. This could be SEO. This could be direct mail. This could be Driving for Dollars. This could be cold calling, whatever it is.
Write down what you’re currently doing, and then say, what other channels are working really well in my market that I can use the same strategy.
The same strategy, wholesaling or an agent or land flipping or flipping houses or whatever your strategy is, and just get my message in front of more people. We have other videos that walk you through each one of those marketing methods to expand that strategy.
Now, once you’ve started to get maybe two or three… we call it stacking your marketing channels. Two or three marketing channels this next year. Perfecting each one of those to create that consistent evergreen leads coming in.
Then we might want to say, well, how do I get my leads going more? And then we need to actually look at multiple strategies. So multiple strategies could be rather than just doing wholesaling, now we’re going to go hybrid.
Or now, rather than just being a real estate agent, you’re going to attach on hybrid and start to make offers to those clients to expand the revenue per deal now, and create more repeat income.
Or it could be going into land investing because there’s an opportunity there. Rather than throwing those leads away, do land or mobile homes, or whatever it is.
Owner finance, right? Owner finance or creative finance. Start to research and look at the other skills that you need to adopt and grow in order to go deeper in that one market with the marketing channels that you’ve already got.
This is how you’re going to create more revenue per deal. This is how you’re going to create more repeat customers, and how you’re going to create more volume of deals.
Because you’re now not going to be throwing away as many leads because you can solve those problems in better ways.
The ultimate next way to do it is then you go into multiple markets. Multiple markets is the last resort in my eyes. You’ve got to first nail that one strategy, the power of one, which is one market, one strategy, one marketing channel.
Then you go up and add more marketing channels, perfect those in that same market. Then you say, what are more strategies that I can adopt to solve more of my client’s problems to add more revenue per deal, to add more deal volume?
And then you say, how do I now take this and go to the next market and just replicate it?
Here’s the cool thing. When you’re in the power of one in the center, that’s about a five figure a year business. You could go up to six figures.
But when you’re in this side of things over here, the multiple marketing channels, you’re in the six figure business range. When you’re in multiple strategies now, that’s where you get up into seven figures.
And now when you take those multiple strategies into multiple markets, that’s where you can get into the eight figure mark.
So guys, hopefully this walked you through that path, strategically, how to expand your revenue in a competitive market.
Now what we did not talk about in this whiteboard video is the different marketing channels to compete in those markets. How do you compete in a competitive market with SEO?
How do you compete in a competitive market with Facebook ads or Google Ads? We have other videos that walk you through how to do those. But lock in this strategy, because the ultimate goal here, guys and gals, is we want to get you guys freedom, okay?
The ultimate goal here is freedom.
We don’t want to have you own a job, but you’ve got to start there. Then we’ve got to build these systems we talked about. And then you build assets.
The last thing over here that I forgot to mention, is if you really want to start to build that consistency, how do we turn all of this into recurring income? So do you buy that investment property? Do you buy a business?
Whatever it is to create more recurring income and get off that transactional income hamster wheel. And how do you create more evergreen marketing in that as well?
All right, guys. So let’s go back up to the top. Those are the three ways to grow your business in any competitive market.
- Getting more deals and more customers.
- Higher revenue per deal.
- Getting more repeat revenue coming in.
And then this is the four steps to expand from just one strategy, one marketing method, one market, all the way up to multiple markets, in the right order.
Don’t skip one of those or you’re going to end up having a much harder time to scale that business.
Guys, hit subscribe here. Hit the comments. I look at every single comment and answer all the comments with you.
I absolutely love doing these videos. Let me know what the next topic is you’d love us to do, in the comment sections below. And go to check out our other series of whiteboard videos and the CarrotCast also.
Guys, hit subscribe. We’ll see you in the next video.