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History
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Located on the South Carolina coast, Georgetown County is rich in history and natural beauty and boasts attractions that steadily draw visitors and new residents alike. In 1526, Spanish settlers came to its shores, and today, the area continues to attract both vacationers and a new generation of settlers, thanks in no small part to the people of The Litchfield Company.
Founded in 1956, The Litchfield Company is a full-service real estate company, marketing vacation and residential homes. Begun primarily as a real estate development and new sales company, after approximately 40 years, the company transitioned its core operations away from development and towards real estate marketing on behalf of other developers. Thanks to its strong history of integrity, honesty, and unparalleled professionalism, the transition was a success.
“We built our real estate brokerage business from the strength of our new sales business,” says company President, Royce King. “We still function from an advertising/marketing/sales approach like we are a developer, even though we don’t have any of our own property to develop anymore. We still do all of the same in-house analysis.”
This approach backed by decades of development experience sets The Litchfield Company apart from the competition. “Most of our business comes to us through our reputation and strength in the marketplace,” notes King. “The brand that we’ve already created over the years results in our having developers come to us to help them plan, organize, and select marketing and sales people to help them to do their projects for them. They come to us through our success.”
Indeed, to call the recent growth of The Litchfield Company a “success” is somewhat of an understatement. In 2004, the company set a sales record of $152 million. The following year, that number rose by more than $100 million to $253 million. Even as the real estate market overall entered a slump, the company’s sales remained strong, reaching $205 million in 2006 and this same number by only October of 2007.
Although King recognizes the challenges of the current economic environment, he says the company works through these challenges by continuing to focus on its strengths. “We’ve been here for a long time and know the people in our community, and we find a way to service them,” he relates. “Even in slow real estate times there’s always real estate to be sold, and people in slower times need services of companies like ours to help them sell their real estate – to help them see what market is there.”
Looking towards the future, King is optimistic about continued growth, indicating that he would like to see sales revenues climb to $250 - $300 million in 2008. With baby boomers coming of age and beginning to influence the market, he sees a prime opportunity for new buyers to come back into the market at favorable pricing. “While the market itself might not be increasing, we’re looking to increase our market share,” he notes.
The company plans to do this by relying on a mix of reputation and aggressive work. In addition to retaining a public relations firm, The Litchfield Company participates in trade shows in the Northeast, paying particular attention to the growing portion of the population from that area considering a move to the South Carolina region.
In addition, to adapt to the slower market, The Litchfield Company works to find niches. For example, early 2008 the company marketed Enclave at Pawleys Island and Summerhouse at Litchfield by the Sea, two smaller communities totaling approximately $30 million in sales, which were both introduced and sold out at a time when it was very difficult to pre-sell.
King attributes this accomplishment to a combination of positioning and price. “We found the market niche first and then found something that would fit it.”
The philosophy of finding the need and filling it extends to The Litchfield Company’s in-house community as well. More than half of the company’s nearly 60 employees have been there for 10 years or more. “We build our company around people, not around projects,” King says. “if you can find a way to help people and help their families, then they’ll stick with you over the long haul. We see them as more a part of our family than as an employee.”
With this attitude, it is no surprise that The Litchfield Company has weathered the storms of 50 years of business and remains the standard of real estate marketing service throughout the Georgetown County, South Carolina coastal region. | |
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G Royce King •
The Litchfield Company Real Estate Sales •
843.237.4000 • Toll-free 800.476.2861
14240 Ocean Highway 17 • P.O. Box 97 • Pawleys Island,
SC 29585
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