In the early 2000s, NRT-owned Coldwell Banker Residential Real Estate was the largest residential brokerage company in Florida. While the company was already heavily involved in the luxury real estate market, it was crucial to further expand into this continuously growing market segment.
To achieve this, Coldwell Banker’s growth strategy was to purchase other prestigious real estate agencies throughout Florida, and acquire many of the state’s top real estate agents. Durée & Company’s challenge: to oversee a regionalized, statewide PR effort to continue the buzz about the company’s expansion into the luxury market.
Over a period of three years, Durée & Company oversaw the statewide media promotion of Coldwell Banker Residential Real Estate, Inc., working with other PR professionals across the state to further position the company as a leader in the luxury residential real estate marketplace.
The Strategies & Tactics
By regionalizing the PR effort, Durée & Company was able to secure media coverage based on newsworthy events taking place at Coldwell Banker Residential Real Estate in specific areas of Florida. It was not a “one size fits all” approach. The tactics Durée & Company employed with the statewide PR team included:
- Pitched and secured opportunities for Coldwell Banker’s Home Price Comparison Index study, which evaluated cost variances of similar homes in 317 U.S. markets.
- Utilized regional presidents and key agents, as well as spokespeople from the home office in Sarasota, to publicize news and views.
- Pitched and secured opportunities regarding Coldwell Banker Residential Real Estate’s acquisition of Wimbish Riteway Realtors, Coldwell Banker Kent Karlock Realty, Arvida Realty Services and Coldwell Banker McFadden & Sprowls.
- Created advertorials to appear in regional publications.
- Wrote and distributed achievement releases for regional presidents, associates, brokers and more, including promotions; professional, civic and community awards.
- Wrote and distributed releases regarding high-profile new listings and record transactions; new sales center openings.
- Wrote and distributed releases regarding Coldwell Banker Residential Real Estate community and professional events.
The results of Durée & Company’s management of the statewide PR efforts for Coldwell Banker Residential Real Estate were highly impressive. Based on May 2003 coverage, and extrapolated for the year 2003 (times 12 months), annual impressions were 46,149,600 and the annual equivalent advertising value was $5,383,200.