In 35 years in real estate, Bob Lucido has seen highs and lows. He’s been heralded. He’s been humbled. And he’s sold a heck of a lot of houses.
Before the housing market shift, in 2007, Lucido was selling upward of 3,000 new homes a year. Since reinventing his business model, he’s settled into a comparatively leisurely (though still breathtaking) pace of 500 closed units and $5 million in gross commission income a year.
Lucido’s secrets to success? Sell your homes in 5 days. Keep an eye on listings inventory. And seek out niche markets to serve.
“We’re Not Taking Any Offers”
Lucido has an insatiable love for real estate. He started in the business when he was only 18. Years later, when Xerox offered him a job after more than a dozen interviews stretched across 9 months, he declined, realizing that his heart and his passion would always be in real estate.
He built an empire in his home market of Maryland representing midsize builders – those completing 15 to 400 houses a year. That entire segment of the market disappeared in the downturn. Some of the midsize firms were acquired by big national companies. Others downshifted to lower volume or closed shop. Lucido realized that he had to reinvent his business and himself.
“I was humble and I became more humbled,” he said. “I had to convince myself I was no longer a big shot. I had to get back to basics so I started door-knocking in my parents’ neighborhood.”
Through high-impact marketing and by modeling the behavior he wants his team members to adopt, Lucido has built a lucrative business built on open houses.
“I do 44 open houses a year,” Lucido said. “My team does 30-35 a week. If we market correctly, we pick up 25-30 listings a month and go on 40-50 listing appointments.”
Lucido and his team have mastered a 5 day sales cycle. They put the house on the market on Thursday. They tell anyone who makes an offer that they’re not taking offers but are holding an open house on Sunday. “This creates fear and envy,” Lucido said. “They see the traffic and it’s sold by Monday night.”
“Don’t Look at your Checkbook”
Lucido has learned a lot of lessons in his career. “Don’t look at your checkbook,” he advises. “Look at appointments. Look at listings. Know what’s in the pipeline.” Lucido’s team consistently carries 200+ listings. They know that the health of their business is reflected not by the checks they’re cashing but by the leads they’re generating and converting.
Silver Linings Playbook
Lucido has developed a lucrative niche serving assisted living facilities – a team within the team they’ve dubbed the Silver Unit. “We’re the only team doing what we’re doing,” he said. “We meet with their marketing departments, we help people move in. We’re a one-stop-shop for clients who value service and expertise.” (Lucido's team is paid by residents, not by the assisted living centers.)
Lucido joined Keller Williams earlier this year and is excited about KW’s educational and expansion opportunities.
“I’ve had the privilege of being a partner with Cal Ripken, Jr. in a minor league team,” he said. “Cal made adjustments every year of his remarkable career. He believed in the basics and he believed in coaching. Keller Williams is based on the same approach.”
Lucido was blown away by Mega Camp. “I’m amazed at how much I don’t know,” he said. “I want to make sure my team comes here next year!” (The Bob Lucido Team has 53 members, including 38 agents.) “Where else do you get to sit with people like Ben Kinney at lunch and ask, ‘How do you do that?’”
Despite the ups and downs of a long career in the real estate industry, Lucido has always stayed true to the passion that drives him to succeed. “As they say, you’re either alive and growing or dead and dying,” Lucido noted. “We’re opening our second office and have a third location on the drawing board for next year. I still have the passion to succeed.”