The Challenge
Entering a new real estate market without an established network posed a significant challenge for a real estate advisory practice. To succeed in this unfamiliar territory, the client needed to generate a substantial number of leads for large real estate transactions while offering advisory services and executing sales strategies. The goal was to create and implement a systematic approach to launch sales effectively, even with minimal market knowledge and limited support.
Actions Taken
To overcome this challenge, the client developed and implemented a comprehensive marketing and sales plan that focused on three key actions:
- Acquiring Contacts: The client launched targeted marketing and sales efforts to build a database of potential clients. This involved identifying key contacts within the local market and engaging with them through various outreach strategies.
- Monthly Marketing Distribution: The client established a consistent communication strategy by distributing monthly marketing materials to their growing list of contacts. This helped keep the client top-of-mind and built a relationship with potential clients over time.
- Cold Outreach to Potential Targets: Recognizing the importance of direct engagement, the client conducted cold outreach to potential clients. This proactive approach allowed them to connect with decision-makers and introduce their services effectively.
These combined efforts quickly propelled the client into the top 20% of agents for units sold within the three years following the full launch.
Results
The strategic approach yielded impressive results, significantly impacting the client’s growth and establishing a strong foothold in the new market:
- Referral-Based Business: By focusing on relationship management, the client achieved over 80% of its sales through referrals within the first year. This systematic approach to building trust and delivering value resulted in 84% of sales coming from referral-based clients.
- Expanding Local Contacts: Through targeted outreach and consistent marketing efforts, the client successfully added over 4,000 local contacts to their database within three years. These contacts became integral to the client’s ongoing marketing initiatives.
- Execution-Based Branding: Consistent execution of the marketing and sales strategies over several years helped the client establish a strong brand presence in a high-trust environment. This focus on reliable service delivery and relationship-building solidified their reputation in the market.
- Scalability: The process-based approach adopted by the client allowed for the systematic development of their business. This not only facilitated the creation of a sales team but also ensured that their business development strategies could be scaled as needed.
Lessons Learned
- Efficiently categorizing contacts into different segments allowed for faster identification of potential clients, referral partners, and company advocates.
- Qualifying clients makes a significant difference in prioritizing time allocation.
- Geofence targeting produces strong results with some messaging while referral and word-of-mouth based activities provided stability for growth. The dual approach provided an omnichannel approach resulting in strong local market saturation.
Final Thoughts
Breaking into a new real estate market without an established network is undoubtedly challenging, but with a well-executed marketing and sales strategy, it is possible to achieve significant success. The real estate advisory client’s systematic approach to relationship management, targeted outreach, and consistent execution enabled them to establish a strong presence in a competitive market, leading to sustained growth and scalability. This case study highlights the importance of a strategic, process-driven approach to business development, particularly when navigating new and unfamiliar markets.
