How to be successful when entering crowded markets with Max and Patrick, Co-Owners of America One Luxury Real Estate

This is episode two of the Why Products Fail series and on this episode, I sat down with Max de Melo and Patrick Niederdrenk, Co-Owners of America One Luxury Real Estate, to talk about how to successfully break into crowded markets and why so many fail trying. Whether you're launching a startup or in a product team trying to introduce a new product into an existing and crowded market, you'll be glad you took the time to listen.  Here's what we talked about: Both originally from Germany, Max and Patrick knew they wanted to work together and knew that real estate is where they wanted to focus How they landed on Arizona as the geographic market to pursue and how a vacation to Scottsdale solidified Arizona as that key location they would focus on The level of due diligence before diving into the market How you need to immerse yourself in the world you're breaking into so you can know the ins and outs of it before ever stepping into it Why Max and Patrick started with homes in the lower price points early on and why their "luxury" name doesn't prevent them from still working in the lower price point homes The way they re-framed their thinking of the term "luxury" and how it has shaped their customer service strategy What went into their decision to completely integrate their business vertically How personalization is factored into every aspect of their offering Why it's so important to truly understand your customer to serve them well How important it is to check the expectations you have going into a crowded market and how that impacts success and failure rates Any new business or product needs to have a long-term view rather than setting expectations strictly on short-term successes or results The importance of spending money (wisely) to make money. Reinvesting in yourself and the business is a MUST And the importance of building and maintaining a quality reputation for sustained success Connect with Max and Patrick: https://americaonerealestate.com https://www.maxandpatrick.com/ LinkedIn --- Send in a voice message: https://podcasters.spotify.com/pod/show/productmanagementlessons/message