Expanding your real estate career into a new market presents significant challenges, especially when navigating unfamiliar language barriers and a new community culture. Leading Zink through our expansion into the United States has provided insight into effectively navigating unfamiliar networks and establishing a presence.
When we decided to enter the Florida real estate market, we were driven by its immense growth potential and the chance to diversify our portfolio. While Brazil’s market is characterized by economic instability and complex regulations, the US offers a more predictable and supportive framework for growth. The process of expanding the company into a new territory was broken into phases: planning, community building, and branding.
The planning phase
The planning phase for this expansion was extensive. We dedicated nearly two years to this process, which involved market research, financial analysis, and the development of a strategic plan. This period allowed us to conduct exploratory visits, build local relationships, and fine-tune our approach to meet the specific needs of the US market.
This process went beyond merely tracking current property prices; it required a deep dive into historical price data, recognizing market fluctuations, and predicting future trends to make strategic investment decisions.
Understanding the local community was imperative for our success as investors. We emphasized the importance of grasping consumer preferences by analyzing what potential buyers and renters sought in terms of property features, neighborhood amenities, and price points. These conversations with locals led us to better understand community shifts and find future potential investment opportunities. Don’t be afraid to lean on your local network.
The community building phase
Aligning with like minded industry professionals skyrocketed our growth in the local market. Upon expanding the brand into Florida, we joined the aligned local real estate associations. These credentials in turn built our credibility and helped us keep an eye on local trends.
Alongside colleagues I connected with at these events, I co-created a networking group called Ashes & Assets to bring together real estate professionals and cigar enthusiasts. This informal networking meets once every few months and has been instrumental in generating leads and enhancing our visibility in the market. In fact, this group led to one of our first few closed deals in the Florida market!
The branding phase
Following our planning and networking phases, we made adjustments to adapt our value propositions to match the local community. Adapting to meet local expectations and regulatory requirements was one of the biggest challenges we faced throughout the process. This involved refining our marketing strategies to resonate with American consumers and ensuring compliance with US business standards and practices.
To this day, we continue to fine tune our positioning in the community to remain competitive in the market and solidify our reputation as a trustworthy local real estate resource.
Reflecting on this journey, our United States expansion has been both challenging and rewarding. Navigating any new network in a new city is by no means easy – but by understanding market trends, leveraging networking opportunities, and seeking local support, real estate professionals can successfully establish themselves in new markets and achieve long-term success.
Leandro Zen is the Co-Founder of Zink Capital
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: zeb@hwmedia.com
