Trying to break into a new market? Focus on these key techniques...
Gain Market Expertise
When trying to break into a new market, it is crucial that you develop a thorough understanding of that market. It takes hard, consistent work to break into a new market, and you need to make sure the process will be worth the effort! Here are two of the most crucial aspect to consider about a new market:
The Size of the Opportunity
It almost goes without saying, but before you start trying to break into a new market, you need to know that there are enough homes being bought and sold in that market to make it worth your while. If there aren't, it doesn't matter how much market share you gain, there just won't be enough opportunity to sustain your business! So when deciding which market to target, calculate the turnover rate for the neighborhood, and make sure there are enough homes being sold! You should also make sure the average sales price is one you aspire to, not necessarily one that matches your current average sales price.
The Culture of the Local Market
If you want to be happy and enjoy the process, it's important that the values, culture, and lifestyle of your target market matches your own lifestyle or represents the kind of lifestyle you aspire to. You'll need to embody those values and lifestyle to make a splash with people in the market!
Market Real Estate within a Geographic Region to Build and Promote Your Local Brand
One of the most effective ways to build a presence is by marketing listings. No matter what medium you're using to market listings - from Facebook advertising to hosting open houses - there are ways to market in such a way that you both promote the property AND build awareness of your brand, services, and expertise.
And fortunately, there are strategies you can employ to market listings even if you don't have any of your own. Most brokers and agents will be happy for a little extra (free) help... If you pitch the idea correctly. We'll share a lot more about some of these strategies tomorrow when Garry unveils the new Open House strategy he's been using... So stay tuned for tomorrow!
Generate Local Leads
Drum up business in your ideal market through targeted online advertising campaigns, and by winning over expired listings and FSBOs!
How does Local Market Mastery Benefit YOU and Your Business?
The ultimate goal of breaking into a new market is to make more money. This is accomplished in three ways.
- You sell more homes. By becoming a local market master, you become known by homeowners and sellers as the go-to agent. That translates to more referrals, winning more listings, and so on.
- You increase your sales price. By following the strategies we just talked about (and cover in depth in the course) you'll also increase your average sales price.
- You reduce your average sales cycle. By honing your focus and being smart about the market you pick, and greatly reduce how long it takes you to sell homes and the amount of time between deals.
