SC165: Brian Weast. Grossing 7 figures but losing money, the mistakes made, and the road back to profitability.

Brian Weast SUCCESS CALL …

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Website:

BrianWeast.com

Background:

Brian Weast is with Keller Williams in Rockwall, Texas. Last year he closed 140 transactions with a total sales volume of 32 million and earned 1 million in GCI. His average sales price was 228 thousand of which 50% were buyers and 50% were sellers.

Brian has a 11 member team: 5 team agents, 1 full time admin, 1 part time admin, 3 virtual assistants, and 1 team leader.

Brian Weast is the team leader of the Brian Weast Real Estate Group. He has been an agent for 11 years. In his best year, he sold 250 homes worth 47 million and earned 1.4 million in GCI. He works in Rockwall County just northeast of Dallas.

In this call, Brian talks about:

  • Starting part time for the first few years
  • Going full time during the Great Recession, focusing on REO, and selling 65 to 100 homes per year without an assistant
  • Exiting REO when the banks cut commissions by 20% while asking for more agent resources and time … effectively eliminating the profit
  • Moving into traditional retail sales by focusing on internet leads
  • Expanding too fast and losing track of expenses
  • Grossing seven figures, but ending up with a negative profit margin
  • Tracking his profit and loss statement monthly
  • Reducing his dependence on internet leads as the cost of leads skyrocketed
  • Focusing on past clients and sphere of influence and describing his annual marketing plan
  • Building repeat and referrals up to 60% of his business … and returning to a healthy profit
  • Unique marketing idea to parents of little league sports that is resulting in 10-15 closings per year for only a few hundred dollars
  • Team dynamics, compensation, profit margins, and more

2016 Stats:

  • 140 closings
  • 32 million sales volume
  • 11 member team:
    • 5 team agents
    • 1 full time admin
    • 1 part time admin
    • 3 virtual assistants
    • 1 team leader

Niche:

  • internet leads
  • repeat & referrals
  • past clients
  • sphere of influence

(originally published on 11/07/17)