3 strategies for scooping up more market share.
Let’s give some ideas, more market share or even a new market.
That’s what your business you know, recently we’ve done that. So we kind of have some firsthand experience at this.
We do. So we’re real estate brokers in the state of Texas. We’ve been doing this for way too long and know, OK, well, anyway, you’ve been like, I don’t know, 20 years or something crazy like that. And we have a about a local boutique real estate brokerage in Frisco, Texas, just north of Dallas. And we decided it was time to kind of expand a little bit. And we were kind of pushed that way, just a touch. So we had an incidental well, an amazing client of ours asked for us to go to a new market. So tell me just a little bit about that.
So, you know, we’re always up for the challenge to try new things. And we had never even visited this particular state. So our client was like, hey, you want to help us out? We thought, sure, because we’ve talked about this in the past. How big? So grapes. We’d love to travel to go into another market and just kind of be the advocate for the client and , you know, research the brokers and and connect them with someone that’s like minded that we feel would work for them. So in this case, we went and we did just that. We literally. You know what we set out to do was to plan and to research, so know where we’re going in there, you have to plan and research, right? So the first the first thing we did is we literally got off the plane, got our car and drove the mix like we’re going to go to the Chamber of Commerce.
So we didn’t go to the Chamber of Commerce to try to get a, you know, meet, meet everyone and understand who’s really relevant in that market as far as real estate goes. So, you know, we got a whole bunch of cards and information from different people and then we started to call and set up appointments with them and we asked for information.
So we were in Bozeman, Montana, where we went to and we need to become licensed and do some stuff there. But we first needed to learn and research and interact and be part of and participate. So we went out and we’re there and Chamber of Commerce gives us suggestions and then we continue to listen. We asked a lot of questions of others and we kind of got to what we needed to know.
So we got some stuff and then we participated in the locally.
So we drove around, we ate downtown. We went and did things right. Questions get to know different people.
And not just you know, you may be in an area that you just you’re adjacent to, you know, like Frisco, Texas and McKinney, Texas, or, you know, they join. But you may not be so familiar with Frisco. So how do you do that? And I think, you know, going to the chamber and just understanding kind of what goes on around here, what, you know, and just go to get a feel for the area I think is important. And then you need to know your area. So you need to you know what? You need to make sure you’re legal there. Right. So if you’re not next in adjacent an adjoining city, then you want to make sure that you’re licensed properly in that area.
So the point is to be legal. Kind of be legal in that area. So, you know, in Texas here, it’s a huge state. Right. So we’re licensed to practice real estate in the entire state of Texas. Now, are we familiar and competent in San Antonio? No, we’re not. You know, we know where to get the best table side guacamole, but we don’t know the housing there. Right. So, you know, we would need to do the same thing there. Even though we’re legal. You have to be competent. That’s part of our licensing requirement, is you need to be competent in that area. So to do that is to go and you drive around and you know the street, you know the areas. You talk to other you schools, schools, know the schools. And, you know, I think it’s good to collaborate with other people. OK, it’s going to be our third our third topic. A topic. Yes. Would be to collaborate. So I’ve always been a fan even since, you know, we first got into real estate is to get to know the other professionals. So we talked about going to the Chamber of Commerce and understanding who, like the top agents, are in the area. You can do your research and find that as well, but then go meet them, you know, and sometimes you might run across somebody that feels like, what are you doing? And they might be a little territorial. So my suggestion is don’t go in there thinking, you know, everything. Show them that you admire them. You you researched and you found them to be a top professional in the area. And you would love to get information from them because they’re amazing. Right? Never pretend that you know everything you don’t at that point, but, you know, collaborate.
So there are types of different types of collaborations. And that would be ranging from if you are working with a another agent or broker that’s in the real estate industry, that’s one type of collaboration. There’s a different type where you could be with somebody else that is not an agent. So maybe you’re working with a lender, a title company, and you’re kind of sharing and doing some things. So what we’re doing here is we’re currently live on YouTube and we’re giving some information. All right. People are watching and all of that stuff in a way that we are collaborating currently is this is an article that was written on Inman and they had the exact way that they want to be handled. So this is what the article is originally written, three strategies for scooping up more market share. And we have the link and we’ll chat in that link for you so you guys can kind of see that. And there was a a writer on it and he spoke on what he believed was the best way to do. So what we’ve done is we’ve collaborated with him and what we’re doing is trying to grow. So what we’ve done is tweeted him out and said, like, hey, this is something we’re doing here. Here’s the live version of us speaking in your article. And we’re talking about the three points that were important to us.
He had his points and we have our points and what we like to do is rather than speak from what you should do, we share what we did. And in doing that, it you know, it’s just a slightly different angle. So, Shawna Shepherd, how we opened up in the state of Montana to get fully licensed there and to go through the whole process and to be competent and to be able to service clients there and to collaborate. So those are the initial kind of things that you have to do planning as well, unlike the super nerdy side I’m going to add. And the other things that you’d have to make the plans for your website, you’d have to plan to add it to your feed. So all that’s in process, it’s almost all done. So we’ll be able to have searching for the state of Montana on our website and how it’s working. Thank you very much, Narz, for making all that happen. So we did go through that. And so there’s a bunch of stuff there. But those are kind of the three topics. Now, if you are, we’re a broker. So we’re talking about from a different perspective and like states further away. Now, if you’re an agent, you might be going through something like going to a territory that’s close that you are licensed in, like China spoke about, might be just going the city over and doing the same thing. Right. Like we have agents that love one particular city. So Hannah, maybe, like, come to first go and see if you like that city and see if you, like, do the same exact thing there.
Imagine if we made or expand, you know, imagine if you doubled your market share. Right, because you’re currently doing very, very well in McKinney. And if you became McKinney and Frisco, there’d be even more stuff there. I don’t know. Or if you’re in the northern area and you want to go to Dallas in particular, and if that was a thing, then we could go ahead and do that.
A I don’t know what was going on there. It’s a problem for future Microsoft to see if we can deal with that one. And so, anyway, those are the different ways that you can go ahead and collaborate on three strategies to go ahead and grow your market share. Thank you very much to James and to David for bringing that topic up and getting something to kind of discuss. I love it. Much appreciated. See you guys next time I elbel. All right, so that’s going to be a wrap today, we did talk about no meetings next week, no meetings next week, and then we did talk about how to be an amazing viewer on YouTube and how to make sure that you announce yourself every single time. And we did also talk about how to scoop up more market share so that that’s a super relevant topic for you guys here. Right. If you want to just expand a little bit, you want to grow sometimes in the market changes, you just need to, like, expand a little bit. So, like, Prosper was never a thing a long time ago. And then Celina people like what? Celina And then real quick, you realize that you’re really in those markets and you’re saying I’m not competent enough or you don’t and haven’t done enough research.
But this kind of goes back to day one and real estate, this is kind of what you do.
So you’re always practicing these fundamentals, you know, and if you just continue to do that, then it just works. And if you’re like, I don’t have anything to do right now, I’m not sure you’re right. Go on. Something new. There’s exactly. So go find something else. Refer back to this particular video. Think about how you’re expanding into a different market and kind of learn what’s going on. So without further ado, Let us say kind of like good bye for the day, but not by forever weekend.