June 14, 2024

Episode 32 - Winning Real Estate Management Strategies For Revenue Growth With Ben Feret

49 minutes

SUMMARY:

Minnesota Capital Management started with a vision to own 20 properties in 10 years, but quickly grew due to learning and financing challenges. The team, consisting of corporate professionals, had to learn how to fix up houses and run a real estate business through trial and error. They eventually transitioned to investing in larger deals and sought mentorship from Alex Eaton, who was ahead in the real estate investment game. The team then ventured into the ex-golf business, facing challenges in team management and defining the company culture. Despite setbacks, they continued to push forward and now have six successful locations. Ben Feret, co-founder of X-Golf Minnesota and Minnesota Capital Management, discusses the revenue opportunities and growth strategies for his businesses. X-Golf offers indoor golf simulators and entertainment spaces for private events, while Minnesota Capital Management focuses on real estate investments. Ben shares how they have expanded their revenue streams by hosting private events, implementing a membership program, and marketing their services. He also talks about the importance of having a clear vision and setting goals for the future. Despite the challenges and constant problem-solving, Ben remains humble and focused on enjoying life.

KEY TAKEAWAYS:

Starting small and learning through trial and error can lead to significant growth in the real estate business.

Mentorship is crucial for learning from others' mistakes and gaining valuable insights.

Being open to new opportunities and adapting to challenges is essential for business growth.

Hiring the right people and developing a strong company culture are key factors in building a successful team.

Persistence and resilience are necessary to overcome setbacks and continue pushing forward. X-Golf Minnesota offers indoor golf simulators and entertainment spaces for private events, providing additional revenue opportunities.

Implementing a membership program has helped stabilize revenue and attract regular customers.

Marketing efforts, including paid Google and meta marketing, are crucial for driving business in a competitive market.

Having a clear vision and setting goals is important for long-term success and growth.

Remaining humble and enjoying life's experiences is key to staying motivated and overcoming challenges.

CHAPTERS:

00:00 Introduction and Background

03:07 Growing in the Real Estate Business

09:16 Venturing into the Ex-Golf Business

12:04 Building a Strong Team and Company Culture

25:20 Exploring Revenue Opportunities and Growth Strategies

28:58 Diversifying Revenue Streams with Private Events and Memberships

32:38 Driving Business through Effective Marketing

37:12 Expanding Real Estate Investments Out of State

41:29 Setting a Clear Vision and Goals for Long-Term Success

46:45 Staying Humble and Enjoying the Journey

GUEST RESOURCES:

Facebook.com - https://www.facebook.com/xgolfchamplin

Instagram- https://www.instagram.com/xgolf.minnesota/

Linkedin - https://www.linkedin.com/company/xgolf-minnesota

Website - http://playxgolf.com

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By Matthew Eickman