$880k ’15 Real Estate Agents Paid Her – For What? With Amanda Newman at ParkBench

Amanda Newman

In Episode #353, Nathan interviews Amanda Newman, who opened her first store in high school. She became a realtor, and went on to create Park Bench – a SaaS business that creates neighborhood-focused websites for realtors who want to connect to their community. She and her partner made $880k in revenue last year and this year they’re shooting for a million.

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Famous 5:

  • Favorite Business Book? – Predictable Revenue
  • What CEO do you follow? — Grant Cardone
  • Favorite online tool? — Unbounce
  • Do you get 8 hours of sleep?— Yes
  • If you could let your 20 year old self know one thing, what would it be? —Take some computer programming and design courses

Time Stamped Show Notes:

  • 01:23 – Nathan’s introduction
  • 02:22 – Park Bench creates neighborhood-focused websites
  • 02:47 – Amanda wanted to create value for the communities that she worked in – so she built a neighborhood website
  • 03:34 – Local businesses put deals and promotions on the website
  • 04:15 – “After the first one, it was easier to create the second one”
  • 04:40 – Amanda sells neighborhood sites to realtors so that they have the opportunity to build relationships
  • 05:20 – Realtors pay between $3000 and $6000 per year
  • 06:15 – “Realtors want to be known as the neighborhood realtor”
  • 06:57 – Started in 2014 – first-year revenue was $450k
  • 07:11 – Revenue in 2015 was $880k – they’re on track for over $1 million this year
  • 07:30 – 215 unique customers
  • 07:53 – Customer Acquisition Cost?
  • 08:44 – Facebook marketing is paying fantastic dividends
  • 09:20 – 80% of realtors who buy their product buy it on the first call
  • 09:35 – MRR in May is around $70k per month
  • 10:00 – Revenue per user per month is $350
  • 10:25 – Customer Acquisition Cost is around $400
  • 10:50 – Customers sign on for a year – many sign on for a 2nd year as well
  • 11:15 – Around half of realtors dropped out last year – but they’re immediately replaced
  • 12:22 – The average realtor stays around 1.5 years
  • 13:04 – Team of 8 people based in Toronto
  • 13:50 – Park Bench sells directly to real-estate agents
  • 15:20 – “Being bootstrapped, we have to move fast”
  • 15:40 – $70k monthly run rate
  • 15:45 – Connect with Amanda on Linkedin
  • 18:05 – The Famous Five

3 Key Points:

  1. Find the customers that fit with you
  2. Understand your market and what they want
  3. Everything starts with creating value for the people around you

Resources Mentioned:

  • Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.