Leverage Your Virtual Skills to Enter New Markets
One of the things that we have learned in 2020 is that we can get a lot done in real estate even when not physically together. Given that reality, agents and teams should now be opening their minds to expanding their footprint beyond their “home base.” There is simply no reason to limit yourself to a confined market anymore, especially when your team is capable of operating both remotely and effectively across a wider geographic area.
Here are three specific ways to expand your footprint and grow your team’s reach.
Recruit Geographically Diverse Agents:
This is the most effective and highest impact way to expand your footprint. You and your team are already meeting and conducting business remotely, so why not add some geographically diverse agents to your team? These agents can be from different cities in your metropolitan area or they can even be from other parts of your state. The point is that you can now offer your team’s value proposition to more agents since industry acceptance of virtual business practices has made physical proximity less important in real estate. Yes, the agents will still likely be local to their own markets, but they can effectively join your team at a distance. So study up on agents in areas where you don’t currently have a presence and go after them! Try targeting newer agents and mid-level producers; you will have a better chance of attracting these agents with your support systems, and they are great prospects for adding to your production and bottom line.
MicroFarm New Markets:
Another way to expand your reach is through MicroFarming, which is following a prepared action plan to boost your presence, communication and connection within a specific market or neighborhood. This works best when you secure a listing in a new area, but it can also be followed when seeking homes on behalf of a buyer or when you simply are trying to break into that market. There are several opportune events that allow for market communication (e.g. new listing, new price, etc.), and dedicated effort and follow up through a coordinated plan can help establish your brand in any new market.
Target and Boost Your Social Media Presence:
This can either be done as an initial entry into a new market or can be done in support of other expansion efforts (such as adding a local agent or micro-farming a neighborhood). Create area-specific posts, either for your local agent or for a local listing and launch a campaign that includes a call to action through which you can obtain contact information. Use landing pages, if possible, and ask only for basic information: name, email address and phone number. Offering something of value is critical—a competitive market analysis or an offer specific to your team and that market—so that they are incentivized to provide their data. Also, take care that your campaign differentiates your team via style, content and follow-up.
Most of the ways that you can expand your footprint, including the three above, can be done at little to no cost. You don’t need to invest in new office space initially, and may never have to obtain new space unless a large—and successful!— presence is created far enough away from your current base.