When the economy shifts, the construction industry feels it.
Less projects in the pipeline can lead to frustration and slow growth.
Only certain companies are well equipped for this shift in the market. Some companies, however, will go out of business.
The good news is there’s a way to position your company for every market cycle.
The best companies know how to weather the storm by focusing on their “North Star” to exploit the market when other companies are heading for cover.
In this episode we are joined by Mike Forsum, President & COO of Landsea Homes, to reveal how you can position yourself in any market and thrive.
- Three things that great companies do to exploit opportunities to close more deals (in any market cycle)
- The “Nordstrom Rack” method for buying up properties for pennies on the dollar
- The “North Star” approach for adding value in the marketplace to squash the competition
- This one “sneaky” strategy can increase your profits by tenfold (if executed correctly)
- How this “secret covenant” makes or breaks your relationship with contractors (and why others in the construction business commit this mistake)
- This one trait can take you from an entry-level position to becoming a CEO (that anyone can learn)
- Always have liquidity on hand for great opportunities
- Every company has to have a “North Star”…a guiding principle
- Protect your downside as the upside always takes care of itself
- Be clear on who you are
- When things are going up, there seems to be a lot of “Bandwagoning”
- Pay your trades on time, every time
- Give your team enough rope out there and trust them
About Mike Forsum:
Mike Forsum serves as Landsea Homes’ President and Chief Operating Officer. Before joining Landsea Homes in 2016, Forsum spent seven years in private equity as a partner specializing in residential real estate investing and co-founded Starwood Land Ventures in 2008, an affiliated company of Starwood Capital Group Global. He has spent more than 30 years in the home building industry as a senior-level executive, leading homebuilding operations at KB Homes, serving as Division President of Ryland Homes, and as West Region President and a member of the North American leadership team at Taylor Woodrow/Morrison. Forsum is on the National Board of Directors for HomeAid America and received his bachelor’s degree from Arizona State University.
Learn more about Landsea Homes: