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This article was last updated Feb. 6, 2023.
If you’ve already established yourself as a top real estate agent in your own local market, you may be looking for new challenges and new ways to stretch your impact and influence. A feeder market offers a natural place for you to broaden your horizons and gain market share.
Whether you’re focused on long-distance relocations or neighboring small and mid-size secondary markets, you’ll need a well-thought-out strategy. Here are three tips to help you tap into your feeder markets’ potential.
1. Analyze the movement in your market
A feeder market is typically used to describe a market of origin for new clients. I’ve been working in the Los Angeles market for many years, and this city attracts a range of feeder markets, each with its own agenda and interest in the region.
Our feeder markets are plentiful, both on the global and domestic fronts, and appeal for a number of reasons, including opportunity, investment potential and lifestyle. In today’s fast-paced environment, determining the locations your buyers are moving from is a significant differentiator in the success of your business.
Identify the top feeder markets for the regions you serve as well as any unique buyer and seller movement you’ve experienced over the past year. Once you’ve narrowed these down, the next step is to strategically map out a timeline and proactive plan to benefit from their potential.
2. Partnering with like-minded experts
Identify partners who have a deep understanding of the market and thorough knowledge of the properties in your select feeder regions. By building a strong partner network, you’ll build out a platform of solid, trusted relationships, and you’ll benefit from the cross-marketing of each other’s listings.
Our growth strategy is based on a desire to naturally foster our already collaborative culture into our targeted feeder markets such as Aspen, Los Cabos, Park City, South Florida and Arizona, to name a few.
We believe that by partnering with the best of the best in each local market and providing them with access to The Agency’s branding and cutting-edge toolbox, we can provide a truly global reach for our agents and their clients in our existing markets.
With franchises nationally and internationally, the key to our growth has all been centered around partnering up with the right professionals in our selected markets. A strong partnership is key when it comes to gaining a presence in feeder markets.
3. Stay up to date on market reports
At The Agency, in addition to strategically expanding further into our feeder markets, we also evaluate the movement of capital and wealth based on socioeconomic factors. From tax regulations to statewide policies, we continue to monitor the movement in and between all our strategic markets.
It’s important to review detailed real estate reports and surveys about the condition of each market. Reading these reports regularly will allow for a deeper understanding of the overall real estate economy and what is driving movement in each region. Take into account homebuying trends, buyer demographics and use the data to anticipate and plan for the year ahead.
The past two-plus years has seen a period of unprecedented movement in real estate markets across the country. As a real estate professional, continue to take a look at the numbers to compare market results and make informed decisions as you tap into new and existing feeder markets.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.
