On Wednesday, July 26, 2023, we hosted our monthly YPN breakfast with the topic “A Beginner’s Guide to Cross-State Business” at our home base, Manny’s Deli. We loved getting together in person, connecting with our peers and devouring advice from a panel of local experts. You can stay up-to-date on upcoming YPN events by following the YPN Facebook page!
This Month’s Speakers:
READ KEY TAKEAWAYS:
Our guest speakers Sherri Jordan, Suite 527 Realty, Bernadette Kettwig & Tory Rezin, who represented the Dawn McKenna Group at Coldwell Banker Realty, Jordan Pyle, COMPASS, and YPN Advisory Board Member Nadiia Glavin, COMPASS, shared their tips about diversifying their portfolios and clientele across state lines.
THREE ACTIONABLE WAYS TO BUILD A CROSS-STATE BUSINESS
#1 LEVERAGE RELATIONSHIPS IN YOUR ASSOCIATIONS & NETWORKS
While starting a cross-state business is not a one-size-fits-all approach, both Sherri and Jordan shared the impact that being involved in leadership roles has had on their multi-state businesses.
Jordan, a past chair of our YPN Advisory Board, former NAR YPN Advisory Board member, and past REALTOR® Magazine 30 Under 30 Honoree, expressed how he utilized this visibility to make connections with potential referrals for outbound and inbound clients.
Sherri shared her recent experience attending the NAR Legislative Meetings. During the event, she was strategic about the other REALTORS® she met from different states. She is also an active member of a women in real estate group; this small community is a huge source of inbound and outbound referrals among a trusted group of professionals with the same business values.
How can you get more involved in your local, state and national associations? Are you part of any groups or networks where you can be more present and intentional?
As Tory Rezin, a representative from the Dawn McKenna Group explained, they formally established networks like the International Luxury Alliance in partnership between their brokerage and other brokerages; through this, they have built a strong global network.
#2 MARKET TO YOUR FELLOW BROKERS ONLINE THE SAME WAY YOU WOULD YOUR CLIENTS
Jordan stressed the importance of staying top-of-mind with his fellow REALTORS®, just like you would your clients, and he does so by amplifying his voice on social media.
Jordan estimates that about 50% of his online audience is other REALTORS®, and he uses that platform to his advantage to get referrals. He spends about 30 minutes each day following, liking posts and DM’ing REALTORS® in other parts of the country. His goal is to make one connection and set up a meeting with a REALTOR®.
Sherri echoed this. When she receives a referral from someone from another state, she sets aside each Monday to call that REALTOR® and give them an update on how things are going. The referral is as much about her relationship with the buyer or seller as it is the real estate professional!
Consider how you already communicate with your peers, partners and clients. Can you repurpose that same approach to develop a peer referral pipeline?
#3 EXPAND BASED OFF YOUR CLIENTS’ NEEDS
Bernadette Kettwig, who also represented the Dawn McKenna Group on the panel, addressed how their team decides where to expand.
The Dawn McKenna Group currently has offices spanning across five states. They decide where to expand based on their clients’ needs and desires.
For example, Florida has a huge “snowbird” seasonality market. After the team tracked enough widespread interest from their clients wanting to purchase second homes in warmer climates for the winter, they knew it was time to formally establish a presence there.
For them, it’s about the long game. Someone who turned to their team for help buying a downtown condo may reach out years later, asking about Lake Geneva in Wisconsin.
Expanding into new markets isn’t a spur of the moment thing. It takes tons of preparation, early research, building relationships within the existing communities of real estate professionals, interviewing local talent and more. If your own cross-state business expansion isn’t happening overnight, know that you’re likely building a strong foundation to last.
STRENGTHEN YOUR SKILLS: UPCOMING CLASSES YOU WILL LIKE
Resort & Second-Home Property Specialist Certification | September 26, 2023
This one-day core course focuses on the knowledge and skill base you need to specialize in buying, selling or managing second homes in a resort, recreational, and/or vacation destination and properties for investment, development or retirement.
Real Estate Investing | September 20, 2023
This course covers the fundamentals you need to know to expand your business services. You’ll learn how to adapt core real estate skills and learn new ones to serve clients who want to invest in single family homes, condos, townhomes and small multifamily properties.
Seniors Real Estate Specialist Designation | September 12-13, 2023
This two day, jam-packed course will teach you how to meet the special needs of maturing Americans when selling, buying, relocating or refinancing residential or investment properties, especially when they cross state lines.