So, you’re a real estate investor, and you’re considering whether to keep your brand hyper local (and naturally coming up with a name like EVERYONE ELSE IS DOING in your market like, “CA$H4YOURHOUSERIGHTnow.com”) or you’re thinking of creating a national brand. After all, you can become the next Offerpad, right?! Right??
Well, maybe... and maybe not.
In no particular order, here are some (hopefully) helpful tips:
Oh, you wanted to be retired on a beach in 5 years sipping cocktails? Oh cool, you have it all figured out then - you don’t need this post.
But seriously, if you think this REI thing is going to be a side hustle to hopefully make you a little money, but you don’t want to devote the next 5-10 years of your life to it, then stay local. You probably won’t have the energy, money, or perseverance you’ll need to compete against all the big guys.
Starting local is going to be easier, there’s no two ways about it. You have “Google My Business” on your side, and it’s going to be way less difficult to compete with local investors than it is Trulia, Zillow, and the like.
Starting local, you can start to close some deals, get your feet wet, really really hone in your process, delight your clients, build a great reputation, then branch out and reproduce that.
If you focused your hyper local business around a particular city or State, you’ll likely have to re-brand. Now, having said that, if you gained a ton of traffic and are doing well in rankings, you may be able to “pass” that value off to your new brand. But in the end, “Sell4CashMiami” is just not going to be an appealing brand to your shivering customers in Minnesota.
A re-brand means a re-launch, and probably a uniform, cleaner (more professional) look. CinchSell is one such brand that pivoted and has one hyper local brand in the Denver area, and eventually plans to expand out to all states. It has a nice ring to it, it’s a simple site, and they’re around for the long haul.
So if you started local, consider a re-brand, unless you started with a neutral brand in the first place.
Again, less competition, and you’ll be able to better optimize your PPC campaigns, and the like. You need to really get comfortable serving one audience before you branch out trying to serve the entire nation.
So IF you’ll be in business in 5-10 years, and IF you’re willing to work really hard for it, and IF you have the right process in place...
Then you can think about going for a national brand. Just beware that lots of other (much bigger) companies already have the same idea, and are putting tons of Ad spend behind it.
It can definitely be done, and you can build an extensive site, with all kinds of local offices, and web pages designed to target those cities, but it won’t be easy.