Breaking into the New York City real estate market is no easy feat. Just how difficult is it to get a foothold in the coveted New York City market? Look at what the experts are saying, including some successful companies that have established a presence in highly competitive markets like Manhattan and the burgeoning Brooklyn market.
Getting your foot into the real estate market of New York City is a lot more challenging than selling home in the suburbs and countryside. Re/Max Reality founder Dave Lingier admits that salespeople and sales tactics used by national brands in suburban areas and rural areas will struggle in New York City. This may help explain why his franchise which is one of the country’s largest and most successful has struggled time and time again in New York City. Re/Max thrives in the suburban atmosphere but struggles in major cities like New York.
Re/Max Reality does have an office in Manhattan but it has done poorly and has never expanded. The climate of Manhattan and the rest of New York City to a lesser extent is fast paced, cut throat and one of extremes. This is vastly different than the typical slower paced, less competitive suburban real estate market where Re/Max thrives.
Dave Lingier of Re/Max Reality is not expected to back down easily from the challenge of establishing his company as a top competitor in New York. The president says that it will take the right people, with the right strategy to succeed in New York City. You can expect Re/Max to be fighting to gain a piece of the growing New York real estate market in the near future.
On another note, how have some companies in New York City managed to thrive? Town Residential founder Andrew Heiberger says that marketing is a huge part of why his real estate firm has done so well. He mentions that marketing muscle is crucial in having success in a market like New York City. If people don’t know your out there, if your not visible, you simply won’t have any clients or sellers wanting to list with you. In a market like New York City that will kill you.
Andrew Heiberger of Town Residential also went on to say that brand image is also crucial for his firm’s success. You can’t be both a luxury firm and a discount firm the president and CEO of Town Residential says. If your not an authentic luxury firm you will lose out on the luxury market, says Heiberger.
Another key strategy employed by Town Residential is the neighborhood based approach. The firm wants to expand and have offices in each of the major neighborhoods in the city. Real estate is hyper local, and you have to really know what is going on in your area to be able to close a deal or convince a buyer. Such approaches have made Town Residential a leading firm in the New York City market.