Re: Your Business Faces Constant Change
Two things will force you to make changes in your business.
Lack of Capital and lack of Time.
Lack of Capital means that you have to find a way to bootstrap a solution. We all tend to be good at this in the beginning of our careers or when we are launching a new venture. Simply put, when our reason to succeed is big enough, we are almost unstoppable.
On the other hand, once you have some success, managing that success takes a lot more Time. Lack of Time will force us to make business changes as well and take things to a whole new level.
If you find yourself without capital or without enough time – you have two choices when it comes to making changes:
You can either adapt to the market, make some changes and choose to deliver what people want,
you can keep doing what you are doing, and over time you will start to wonder why you are not keeping up with the younger and hungrier crowd.
The details of an article have been on my mind over the weekend.
The article is about the changing face of renters in the Metro Dallas area. You can find the article posted at http://www.dallasnews.com/business/residential-real-estate/20150910-boomers-sold-on-rentals.ece
According to the article the average age for a renter is 38.
However, only three-quarters of the rental market is under 45. 25% of the rental population is over 45 years old.
That leaves a huge number of people in the retired and baby boomer markets. Apartment developers that are catering to this crowd are doing well. Business 101, right? They are finding a segment of the market and providing a service or product that they need.
The speaker at our WREIA meeting on September 28th is an active investor who has adapted and updated his business on 3 occasions. I know because I frequently work with him and still mentor him on some of his deals. He has over 15 years of experience in real estate as a developer, landlord but he started like many of us did as a part time rehabber.
Aside from the time in the business, he is passionate about how he uses technology to leverage his marketing. He uses his marketing skills to source new deals and sell existing projects, as well as find new people with capital.
He has used all types of media for his marketing – from billboards to radio, magazines and direct mail, right on down to Facebook and Google – all with a variety of email campaigns thrown in.
You can always learn a thing or two about marketing from someone with real world experience like this. Make plans to be with us on Monday the 28th.
He is going to be talking about campaigns that he has been running over the last few weeks. Including a project that I reached out for some help implementing.
If you missed my post about a recent Labor Day Email Test that was read by 40% of the people we sent it to – you can still read it here.
If you want to grow your business without spending a fortune – plan to join us at the next WREIA meeting on Monday, Sept. 28th.
Which leads me to my last point. Sept. 21st is another great chance to ask some questions. If your marketing is failing to get the responses you are hoping for – this is a terrific opportunity to ask a pro what you can do to improve it!
Come on out and join other WREIA members this month.
It’s going to be like a one night mini-course on how to generate leads and property referrals from people you know and some who have never heard of you.
Make this week a great week for your business!
Washington REIA Network, President