New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.
The latter half of 2022 ushered in a new market, and experts say it’s safe to assume that market will stick around for much of 2023.
A down market is a better time than ever to fine-tune your strategies for attracting new business. James Becker, of Fusion Growth Partners; Nancy Almodovar, of Nan and Company; and Richard Grossman, of Avenue 8; spoke on a panel moderated by Jorge Guerra, of Real Estate Sales Force, at Inman Connect New York on Tuesday about attracting new business in a new market.
Panelists emphasized the various strategies they’ve employed recently to generate new business, which include specialized events, content, cold-calling and brand-building.
For Avenue 8, a residential brokerage that launched in 2020, being a relatively new business has meant employing innovative ideas to raise its profile and attract new business, such as hosting specialized events at the meticulously designed offices and employing recruiters to bring on top-producing agents.
“Being a new business in a new market is not easy,” Grossman said.
Other leaders are employing time-tested industry strategies to bring on new business. Becker said he regularly cold calls agents and starts by explaining to them that he’s a real estate investor who invests in agents’ businesses, not properties. This opening is often enough to get their attention and hear out the rest of his pitch, he said.
“That gets their attention and gets them to a presentation where we explain how we invest in their business,” he said.
For Almodovar, personal branding is at the core of her agency, and she makes sure her agents receive as much coaching on that as on their business strategies.
“We develop a business plan for the agents,” she said. “But also help them develop their own personal brand.”
