FOXTONS

Mission:
Help a NJ real estate firm gain a foothold in the New York City real estate market.

The Situation:

YHD Foxtons is a real estate firm offering 2% real estate commissions (as opposed to the industry standard 6%) for selling homes.

YHD came to Adhocracy over other firms for strategic planning and creative executions to launch them into the cut-throat New York real estate market.

Our Research:
Except for New Jersey commuters, most New Yorkers hadn't heard of YHD. Our research also showed consumers didn't like 6% real estate commissions. They especially questioned paying 6% if a broker used the Internet or sold their home in a matter of days. We also found that people would embrace 2% commissions if assured they weren't losing critical service or expertise in selling their home. People also needed to feel YHD was committed to New York and had qualified local agents to serve them.

Our Marketing Strategy:
Develop an advertising communications program that:

• Communicates value: that YHD offers low 2% commissions with no loss in service plus local agents
• Gets New Yorkers' attention in a cluttered advertising environment
• Communicates the feeling that YHD provides local attention and knows New York
• Gets people to call, and more importantly, list their home with YHD

Our Executions:
The launch campaign was executed through a targeted mix of billboards, signage, street umbrellas, transit and TV and radio spots featuring New York Giants cornerback Jason Sehorn.

Our Results:
YHD broke into the marketplace in a huge way. Including gathering free press from New York Magazine and The New York Times. Listings values for the company in the area soared into the tens of millions in weeks. And it forced competitors in the area, including Coldwell Banker, to take notice of YHD's model of business and adapt.