Having a clear plan and a strong voice are important aspects to expansion, but you also need to be responsive to the needs of your new target demographic.
In the fast-paced luxury real estate industry, the brokerage model is evolving. In order to compete in today’s climate, your brokerage needs to be clear on its value proposition and how it plans to scale.
Understanding what sets your brokerage apart from your competitors is singularly one of most important aspects to growing your business. Knowing your brand inside and out, including its strengths and weaknesses, will aid your efforts in scaling across coasts and borders as you expand into new territories.
At The Agency, we are uniquely positioned for expansion as our brand is known both domestically and internationally through our far-reaching public relations efforts, television and social media exposure. Our franchise model is nimble and enables us to maintain our boutique feel while leveraging our international network and unparalleled technology.
Though our positioning is distinct, other brokerages have the ability to grow their business model into new areas by following these tried-and-true tactics that will yield similar results.
Know your value
Being clear on your value proposition and unique differentiating characteristics is so important. Knowing who your target market is and how your business will help solve an existing problem like no one else has will ensure optimal success.
Know your non-negotiables
As you grow, you may be pressured to bend on your principles, standards and policies. Have a beacon of light in a clear set of core principles that drive your decision making so that you are not steered astray in exchange for short-term opportunities and miss out on the big picture vision and long-term rewards.
Have a plan
While it is great to take advantage of opportunities as they present themselves, you don’t want to get stuck just taking advantage of what is easiest or right in front of you. Instead, take a strategic approach to growth. Look at migration patterns, feeder markets and developing trends in order to benefit from current markets conditions.
Grow based on core competencies
Don’t just look to trends in the market for growth. If your brokerage has developed proprietary real estate technology that is truly differentiating, then expanding on this premise could be beneficial.
If you’re able to present a franchise model with a strong brand and operational system, then move toward this strength. Building on your strengths will bring success.
Do your homework
Know your target market and understand what resonates with each area. Strategize how your brand will be received and how your services can solve a specific problem for the local customer that no other brokerage in the area is offering.
Have a clear voice
As our brand evolves, we update our brand narrative and voice to make sure it is relevant to our current target market. As consumers change, it is important to always remain authentic to your core brand and business offering.
Seek out opportunities
Look for opportunities that are aligned with what your firm already does well. Ancillary services are a key way some brokerages expand into new or existing territories in different ways.
Invest in your resources
Don’t stretch your existing team too thin when seeking to expand. This can lead to a poor customer experience and a decline in customer care. Invest in your team and you will move mountains.
When seeking to expand into new territories, it is important to be humble when learning a new market. Having a clear plan and a strong voice are important aspects to expansion, but ultimately, you also need to be nimble and responsive to the specific needs of your new target demographic. The sky’s the limit!