Interview

Duncan’s strategy centers on the belief that controlling inventory is synonymous with controlling the market, guiding his focus toward acquiring listings through aggressive and innovative marketing tactics. His passion for cars and involvement in various pursuits, like sponsoring the Tampa Bay Lightning, underscore his multifaceted approach to business and personal branding.

“Once I really started to understand how to sell real estate and become a master salesperson, then I figured out how to capitalize by thinking more like an entrepreneur than a real estate agent.”

In this interview, Duncan delves deep into his journey, sharing insights on how he merges personal passions with professional achievements to navigate and influence the complex real estate landscape. His narrative not only illustrates his prowess as a marketer but also offers a glimpse into the strategic maneuvers that have shaped his career and continue to drive his success amid fluctuating market dynamics.

Q: Could you begin by telling us a bit about yourself and your journey in the real estate industry?

Andrew Duncan: I’m Andrew Duncan, and I run a real estate team called the Duncan Duo. We’ve been in business for nearly 20 years, starting from scratch and scaling up to about $3 billion in sales. We average around 600 transactions a year. Besides real estate, I’ve developed a residential fix and flip business, and a title company, and I offer real estate coaching and consulting. I’m also a car enthusiast, which ties into my excitement about the Motor Enclave. Originally from Indiana, I moved to Tampa to follow my retiring parents and entered real estate in 2005. Despite the market crash soon after, I saw it as a business opportunity, invested in myself, and grew during a time when many were exiting the industry. Now, I spend about $1.5 million a year on advertising, and I’m a sponsor of the Tampa Bay Lightning. I have a 20-year-old daughter attending FAU, live in South Tampa, and enjoy cars, basketball, and traveling.

Q: You started in real estate in 2005. What drew you to it and entrepreneurship in general?

Andrew Duncan: I graduated from Indiana University with a political science degree in 2000. I was an athlete, playing basketball during my early college years, which instilled a competitive nature in me. My visits to Florida to see my parents during breaks exposed me to a different lifestyle—good weather and vibrant scenes like in Ybor City, which convinced me to move post-graduation. Initially, I worked selling insurance investigations to the insurance industry, traveling heavily between California and Florida. This job introduced me to real estate indirectly through agents I met who lived seemingly successful lives and drove nice cars. This exposure, coupled with my own investment ventures, eventually pulled me into real estate full-time after my employer was bought out.

Q: Moving to Florida was clearly a significant change, but was it the allure of the nice cars that motivated you?

Andrew Duncan: It was more about the proximity to successful people and visible wealth, particularly in California. I didn’t see much opportunity growing up in a small town in Indiana. I met mentors who operated at high levels, which was very inspiring. Real estate seemed like a robust path to wealth creation, so I pursued it with the same vigor I had on the basketball court. Unlike many, I approached it as a serious business, investing in systems and processes early on, which set me apart from others who viewed it more as a hobby.  Once I really started to understand how to sell real estate and become a master salesperson, then I figured out how to capitalize by thinking more like an entrepreneur than a real estate agent.

Q: You saw the benefit of leaving a job to start a business. As an athlete, you understand the importance of coaching to reach higher levels. Did this influence your approach to seeking mentors and being around high achievers?

Andrew Duncan: Absolutely. From my experience as an athlete, I knew I could amplify my potential with guidance. Throughout my career, I’ve had multiple coaches for different aspects of my life. Understanding team dynamics was crucial too. To succeed in real estate and reach the goals I envisioned, I knew it wasn’t possible alone—I needed to build a great team and scale my operations. I aimed to create a business that would prosper whether I was there daily or not, by establishing robust systems, processes, and training. This strategy also helped keep the excitement alive; unlike a job, entrepreneurship allowed me to seize and create opportunities continuously.

Q: What was one of the major paradigm shifts you experienced moving from just a real estate agent to an entrepreneur aiming to build an empire?

Andrew Duncan: The key was surrounding myself with successful people, which is what my involvement with the Board of Advisors continues to enhance. When I first entered real estate, I traveled to conferences and met others who were young and successful, and this helped me model my path after theirs. After achieving a sort of ‘Hall of Fame’ status in residential real estate, I sought out entrepreneurs outside the industry to keep raising my standards. A significant shift occurred in 2008 at a convention in Austin, Texas. I met the world’s number one real estate agent at the time, who was just a bit older than me. Seeing him succeed at a high level challenged the negative perceptions and advice I had received about the oversaturation in real estate. This encounter inspired me to hire his coach, which led to a restructuring of my business practices. I drastically cut my personal expenses to reinvest in my business, setting the foundation for the lifestyle I lead today—owning a home on the water in South Tampa and driving exotic cars, though I’m not yet at the point of owning a private jet.

Q: You mentioned a coach who significantly impacted your career. Could you share who it was?

Andrew Duncan: The agent who inspired me was Chad Goldwasser from Austin, Texas. My coach, Bob Corcoran, mentored me for over a decade. He’s not just a former coach but a close friend who lives nearby. He taught me to run my real estate activities like a business—monitoring profit and loss, understanding the numbers—unlike the vast majority of real estate agents who treat it more like a casual job.

Q: What do you think of today’s real estate markets with all the shifts and speculations about collapses and market monopolies by single groups?

Andrew Duncan: Real estate has become a major industry focus, partly due to its prominence on social media and TV shows. The market is hyper-local; conditions vary greatly between places like Tampa Bay and cities like New York or Chicago, influenced by local politics, taxes, and demographic shifts. In Tampa, despite broader economic uncertainties, we’re experiencing healthy growth—the population is increasing, and property values continue to appreciate, albeit at a slower rate than before. Sales volumes have dipped slightly, primarily because homeowners are reluctant to trade a low-interest-rate mortgage for a higher one.

There’s also a notable increase in institutional investments in real estate. Initiatives like iBuyer and large-scale rent-to-own programs have absorbed significant housing inventory. This shift reflects a broader trend where traditional homeownership is less attractive to many Americans, often due to a lack of promotion of its benefits or a generational shift in values towards homeownership. This institutional investment is reshaping the market dynamics, making real estate a strategic investment akin to sectors like technology.

Regarding market crashes or foreclosure crises similar to those seen in the past, I believe such events are unlikely to recur in the same manner. Banks and institutional investors have strategies to prevent widespread foreclosures from destabilizing the market. Properties that might go into foreclosure are often dealt with through swaps or sales of bad debt before hitting the market, which helps maintain property values and prevents the kind of market downturn we witnessed in the 2000s. The response to potential crises has been refined, as evidenced during the COVID-19 pandemic where expected foreclosures did not materialize at anticipated levels.

Q: What motivates you now after having grown your business significantly?

Andrew Duncan: I have no plans to sell my businesses; instead, I’m focused on leveraging my current operations where I help coach and develop other leaders. My passion for cars also keeps me engaged in various automotive ventures. Interestingly, the shifting market landscape has re-engaged me with my businesses more directly than in recent years. It’s almost like revisiting the early days of my career, which has been both challenging and rewarding. This hands-on involvement is crucial as it allows me to adapt and refine our strategies in real time, ensuring that we remain agile in a changing environment.

Q: How do you differentiate your business in such a competitive market?

Andrew Duncan: Our approach combines traditional media with unique marketing tactics. We offer instant cash offers and guaranteed home sales, utilizing my own capital to outcompete others who might not have similar resources. We also employ creative marketing, like eye-catching billboards and sponsorships, to maintain high visibility. I’ve been Tom Cruise on a billboard, I’ve been Dominic Toretto from Fast and Furious, I’ve been the Guardians of the Galaxy with the aliens behind me, I’ve been Santa Claus… Our team doesn’t just focus on selling homes; we’re a marketing company that specializes in real estate, which allows us to stand out in the crowded Tampa market.

Q: How important is personal branding and the team brand to your operation?

Andrew Duncan: Branding is critical to our success. The agents on my team are focused primarily on maximizing their earnings, and they understand that personal ego must be secondary. They aren’t concerned with their own visibility, like having their face on signage; instead, they prioritize integrating into our system which is designed to generate substantial leads. This system provides opportunities they wouldn’t be able to create on their own due to budget constraints. Unfortunately, many agents in the industry prioritize ego over profit, wanting their name on everything without substantial sales to back it up—some only sell a handful of homes annually, barely enough to support themselves. Our approach is different: we operate fundamentally as a marketing company that sells real estate. This perspective allows us to focus on what truly drives business rather than just appearances.

Q: It sounds like you have leveraged marketing to a significant advantage. Could you expand on how this differentiates you in the market?

Andrew Duncan: Real estate is essentially the same wherever you go, so the key differentiator is how it’s marketed. Our team employs a robust marketing strategy that includes high visibility and creative advertising, which significantly sets us apart. We invest heavily in mass media to ensure our brand is omnipresent in the Tampa market, far surpassing what most local agents are willing or able to spend. This investment in brand visibility and the systematic marketing approach allows us to capture a significant market share. Unlike national platforms like Zillow or OfferPad, we tailor our strategies to resonate on a local level, which enhances our connection with the community and boosts our brand awareness, making us the most recognized real estate team in the area.

Q: Looking back, what advice do you wish you had received earlier?

Andrew Duncan: In my first seven or eight years in real estate, I didn’t invest in real estate as much as I should have. It’s surprising how many agents don’t own homes or invest in real estate, despite the obvious advantages. I wish I had started investing and buying real estate much earlier. Another point is maintaining focus on my core competencies. In the past, I sometimes chased opportunities that were outside my primary area of expertise, which I believe slowed my growth. Staying focused on what you do best and not getting distracted by ‘shiny objects’ is crucial.

Q: Have the pursuits outside your core competencies provided any valuable lessons?

Andrew Duncan: Yes, challenges and failures are often the best teachers. They’ve made me better at what I do, though I think I could have started some initiatives earlier, which might have mitigated some setbacks.

Q: Could you share one of the biggest business mistakes you’ve made?

Andrew Duncan: About a decade ago, during the time when Wall Street became very active in real estate, hedge funds like Blackstone and Colony Capital began buying homes en masse for rentals. My company was the top listing agent in Tampa then, handling 50-60 homes a month. These hedge funds became our biggest clients, asking us to source and sell homes to them. We invested a lot of resources into this partnership, which was highly profitable but lasted only about a year. When it ended, I had to quickly rebuild diversified lead sources: my biggest mistake was not staying diversified enough on my lead sources. The biggest lesson was ensuring a business isn’t too reliant on a single client or lead source.

Q: How do you manage lead sourcing today to avoid past mistakes? And given the complex dynamics of lead management and marketing, how do you ensure your strategies are effective?

Andrew Duncan: My lead sources are highly diversified now. I continually test different marketing strategies, from new billboard concepts to digital messaging systems, ensuring we’re not overly dependent on any single source. Surprisingly, many agents rely heavily on one lead source, which is risky. Knowing the cost and value of leads is crucial; for instance, a buyer lead costs about $17, while a seller lead can cost around $300, reflecting the greater value and conversion effort required. 

We focus heavily on analytics to understand our lead costs and conversion rates, which helps in strategically allocating our marketing budget. Managing both sides of the market—buyers and sellers—is critical since controlling inventory means controlling the market. This strategic approach not only helps in building a sustainable business but also in standing out in a competitive market.

Q: What’s your favorite car?

Andrew Duncan: That’s a great question. My favorite would probably be my 1500-horsepower Nissan GTR. It’s not the most expensive car I own, but I have a strong emotional attachment to it. However, the car that usually gets the most attention is my McLaren 720S. It really stands out, and almost erupts in presence. 

Q: In an industry often driven by charisma and personal appeal, how do you leverage both your personality and unconventional marketing strategies to enhance your brand and attract attention to your business?

Andrew Duncan: For me, it’s about what ultimately drives attention and benefits my business and my team. If I need to go out there looking like Santa Claus or Tom Cruise to benefit our brand, I’ll do it. These acts are fleeting moments in time, but their benefits can last much longer. More fundamentally, at this point in my career, I’m less concerned about whether people like me or not. I’ve built a business knowing what works. If I offend someone who isn’t my target audience, it doesn’t really matter to me. I focus on actions that benefit my business, regardless of external opinions. Even if people laugh at my billboard or make fun of it, it has served its purpose by getting noticed.

Q: Have you considered franchising, licensing, or teaching to expand your business reach?

Andrew Duncan: I have thought about it, but I don’t have the desire to build a national-scale business that requires extensive travel. Instead, I’ve joined a national cloud-based brokerage called LPT Realty, a newer model that spun off from what EXP Realty started. LPT Realty operates in about 20 states with around 10,000 agents, and I know the founder personally. Rather than traveling, I focus on recruiting for LPT Realty nationally. Since joining, I’ve recruited about 700 agents in seven months, earning from a seven-level residual income model. 

Ultimately, my approach is about leveraging my marketing acumen in a scalable way without the need to be constantly on the move. By working with LPT Realty and utilizing innovative recruitment and revenue models, I can expand my influence in the real estate market while maintaining my base in Tampa.