“We had a good year but we noticed some things weren’t working, so we made the decision to change things before they broke, by transitioning the business from private treaty to an auction business,” Mr Spagnolo said.
“The facts were just there. We read a case study where someone did the exact same thing. I thought if I’m going to do it, I need to go all in. We all have ego. Sam and I always want to make sure our ego doesn’t get in the way of making the right decision.
“Our first in-room had 28 properties and we only sold two, but do you know what? I still saw the night as a success. You learn from it. And next time will be better. And the time after that will be better again.
“I got my mindset right. I used to throw auctions under the bus, and I had to go back to vendors who I had trashed auctions to, but I went back and owned up. I said I know what I said before, but I showed them the data. The data really doesn’t lie.
“Average days on market were 81 before we started doing auctions. We would’ve continued to be okay, but at some point, we would’ve had to pack it all in. So, we needed to make a change.” |