How to Work your Feeder Markets

In today’s fast-paced and growing transient market understanding the locations from where your buyers are moving could become a significant differentiator in the success of your business.

The first step is to identify your feeder markets. Research is key to determining the locations of these feeder markets, the demographic moving, the actual volume of buyers and the reasons for their relocation.

These insights will not only help you understand if there is a marketing opportunity but most importantly how to target these buyers effectively. For instance, are they relocating for work, lifestyle, value for money, or looking for an investment, second or vacation property?

This is all the more critical if you have a property that you believe will be a fit for the buyers from a particular feeder market, ie. your home may be situated near the HQ of a company that is relocating its employees.

Now you have done your research the next step is to identify how you are going to create awareness that you are ‘the agent of choice’ for these buyers.

The answer is to build a professional referral network combined with a sophisticated marketing strategy

“Whether your marketing is through print, social media or a referral network, it is important to build trust and credibility. Remaining consistent, creating a sophisticated brand awareness campaign and providing relevant information about your market are key components in establishing your reputation.” states Diane Hartley, VP of The Institute.

Many of the world’s best agents, with the largest and most qualified databases, belong to sophisticated real estate referral networks, such as The Institute for Luxury Home Marketing. These networking groups create the platform for building strong, trusted relationships and the cross-promotion of each other’s listings.

Look for events and opportunities that you can attend both locally and in your feeder markets networking with agents and potential buyers. But also think outside the box – who else works with these high-end clients – eg. relocation companies, financial advisors, corporations with companies in your market, start to think who are the “influencers” with whom you could build relationships.

If you are going to your feeder market, then take the opportunity to do presentations at local real estate offices – be careful not to pitch, rather provide insightful information about your community, the opportunities and pitfalls.

When you are at events don’t just gather their business cards, but spend 2-5 minutes in conversation asking about their goals and making a memorable impression.

If you are building your network through social media the goal must be to generate leads. Create a separate digital network that only targets the affluent, ensure your news is about the higher-end real estate market, luxury properties, trends, local information, and investment opportunities. Drive the affluent buyers and their influencers to provide you with their email details by offering something of value that they need to download – such as your local Luxury Market Report. This can be time-consuming so be smart and look to use tools that give you access to relevant blogs, posts, and reports, such as The Institute provides its members.

Now take the time to build a relevant drip campaign that promotes your area, provides relevant information, exciting opportunities, stories about relocation successes, offer a tip or a solution. Build a campaign to your referral network that makes them excited to open your communications by offering or sharing an item of value.

The goal is to build relationships and stay top of mind

When you are contacted by a referral or potential buyer then ensure your over-service and over-communicate – let them know that you are on top of their every need.

When working with the affluent it is important to remember that gaining their trust is critical, but once you have it they will become your biggest advocate. The wealthy are very careful when it comes to who they share their financial and personal information, so referral is the highest amongst this demographic.

Ultimately it will be a combination of online and offline tactics that will help you build strategies that draw more interest from your feeder markets. It will be a combination of research, insight, careful planning, building relationships, and consistency that will see you take advantage of the right opportunities.

If you want to learn the timeless philosophies behind succeeding in luxury real estate, click here to take a look at our training options.

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