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Have a Niche? ... Scratch it! (Realty Blogging Review #6)

By
Real Estate Agent with The Artisan Group- Keller Williams Premier Realty

 Realty Blogging did a fantastic job at opening up and presenting the world of niche marketing, and it's contrast to mass marketing.   "The problem today is that people are being inundated with disruptive, uninvited messages that they don't even remember them, much less respond." (pg.105)

 Coming from a generation that grew up "on" television, I have seen a lot of advertising ... After a point, it all becomes white noise.  Now that we have the internet as a permanent fixture in the scenery, mass marketing has really expanded. At least the internet offers pop-up blockers! (Too bad there aren't pop-up blockers for other parts of my life...)

What I am getting at is this ...
Mass marketing has gotten so ineffective that it has, by default, been pushed into the realm of entirely too obnoxious, thereby forcing us to build our lives around avoiding it!
... TiVo ... Satellite Radio ... MP3 players ... pop-up blockers ... city sign ordinances ...etc.

But we are in a business that demands marketing, so what do we do?
Well, let's first analyze WHY mass marketing doesn't work, shall we? Ok.
Consumers know that they have too many choices to be lead by ...one.  Being everything to everyone is no longer an option.  Even Wal-Mart, the king of the "everything concept" can't be everything to everyone. There are plenty of people who avoid national chains in favor of local businesses. So, if Wal-Mart can't be all things to all people, why should YOU try? ... The answer? You shouldn't.

Then, what do we do if we are not mass marketing?
Niche Marketing is the answer. Now, I say niche like this: N-Itch, whereas Mary McKnight says it like this: Neeshe (like "quiche"). (She is probably correct, but I like my way better ... it makes more sense with my title...) However, it is not the pronunciation, but the theory of Niche Marketing that is important.

What is a niche?
A situation or activity specially suited to a person's interests, abilities, or nature. (<- That comes from Dictionary.com) How do I define niche? A niche is a special pocket of the market- be it a neighborhood, demographic category, type of property, etc -that you are THE EXPERT on. (Not AN expert ... THE expert.)

How do you find your niche?
According to Realty Blogging (p.107), Dr. Ralph Wilson asks, "What are you good at? What do you enjoy? ... What are your strengths?" (<start sales pitch>Please note: The list of thought provoking questions goes on and on, so if you would like them ... buy Realty Blogging today!</end sales pitch>)

Examine yourself. No, really. Do it.               

This book gives a detailed peek into many different types of niches. Here are a few to chew on...

1. Are you a member of a specific demographic whose real estate market potential is seriously undervalued? Tim O'Keefe is quoted in Realty Blogging with his findings regarding 2 specific demographic "niches" - The Hispanic community and the Gay and Lesbian Community. Both communities have some serious home buying power, yet neither one is really being marketed to.

And what about demographical generation, or age-based niches? We know that Baby Boomers are a part of the largest transfer of wealth in our nations history - inheriting billions of dollars from their parents. We also know that Generation X comprises more home buyers than Boomers and are now buying their second and third homes. Even Generation Y is starting to buy their first homes!

There is SO MUCH opportunity for niche building within the demographic scope.

2. What affiliations do you have? Are you a member of an organization where you can be the go-to person for all things real estate? PTO/PTA? Your church, synagogue or other place of worship? (<start bad joke>If you happen to be the only Realtor® in your Catholic church congregation, this would be the only place where you could get away with "mass" marketing ... har. har. har.</end bad joke>)

3. What is your property knowledge base? Do you have a knack for finding investment properties with great ROI potential? Have you always been successful in the second home market? Do you have a wealth of information about updating, preserving or restoring older homes, the troubles to look for, etc.? If so, a property-type niche would offer an abundance of opportunity for business.

4. Of course, there is always the geographical niche. Realtors® have fondly coined the term "farm" for this particular niche. Many people have become hugely successful by becoming THE expert of a specific community (area, neighborhood, school district, development, city/township, etc.). Broker Bryant and his Poinciana Properties niche is a perfect example.

Ultimately, mass marketing is going the way of dial-up internet connection... although it is still used; it is NOT the way of the future.

Ok. I know ... This is all super information, but what does it have to do with blogging?

Answer:   Everything.
Once you define your niche, a blog gives you a "live" platform to deliver, to your niche, everything they want to know ... everything that is important to them ... and, most importantly ... a perfect opportunity to establish yourself as THE EXPERT.

For those of you who are just now jumping on the Realty Blogging bandwagon, please take a few moments to read the first 5 posts regarding this book:
Review # 1 by Carole Cohen I Think Therefore I Blog: Realty Blogging Says Be a Groundbreaker...Blog Now!....Review #1 
Review # 2 by Mariana Wagner Your Blogging Voice... Where is it? (Realty Blogging Review #2)
Review # 3 by Ann Cummings So Far to Go, So Much to Learn........ (Realty Blogging Review #3)
Review # 4 by Ines Hegedus-Garcia  Branding through Blogging (Realty Blogging Review #4) 
Review # 5 by Monika McGillicuddy   Become an Expert by Building the Relationship..(Realty Blogging Review # 5)

Posted by

       Posted By: Derek and Mariana Wagner - Springs Top Agents

Keller Williams Premier
(719) 434-7525    SpringsTopAgents.com

"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Real Estate Rainer. :)

TLW...ROAR!

Dec 14, 2006 03:29 AM
Derek and Mariana Wagner
The Artisan Group- Keller Williams Premier Realty - Colorado Springs, CO
The Artisan Group - Colorado Springs REALTORS®

Ok. You seem to really care about many things. You obviously have a passion for anything that you put yourself into, right? I see you as extremely loyal, in whatever you do. Right?   Do any of these have affiliations that you could market to?  Some of these, I see as more services that you provide, rather than niches, like virtual tours, etc.

Out of what you mentioned, I see niche possibilities in the following areas:

  • Politics: Your affiliations and causes you support -market to the people who stand where you stand. Go to the rallies and market yourself. Find all the ways that you could link politics and real estate - there are plenty. keep them updated on all political going-on's in a monthly RE newsletter ...?
  • REO- I do not know much about this, but Im sure there is a way to build a database of people (buyrs/sellers/investors) that you can market to regarding REO ...?
  • Insurance Inspector- All the clients that you have ever inspected for, keep them updated on insurance info in your RE newsletter?

These are just a few ideas ... My favorite is politics. THere is a lot of potential, there. Also, most people who are involved in politics are going to be "better" buyers and sellers, anyway.

Dec 14, 2006 03:35 AM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!

TLW,

I don't know if RRR can be considered a niche:) But as soon as it becomes one, I'm in!

Mariana,

Thanks for putting so much thought into this! I am a Capricorn, I was just telling my husband last night that my best trait is Loyalty (which is good for him, yes?)

While I enjoy the political part...I'm not sure if that is something I should "mix"..Seeing as there are usually many differing opinions and I try to market my Real Estating (I am coining this word) to everyone.

REO...I am into that because of monetary value and nothing else! Yes, you're right, I am meeting investors and all sorts of people. Even my boss tells me it's my niche! But...I hate telling people to leave their homes. It goes against everything I stand for! However, this is probably where I will shine and maybe I should just go for it..Sooner or later I may be able to mix and match homeowners somehow?

Insurance inspector..These are all people who have just recently built or bought a new home. They are all pretty well set with a Realtor for the time being. I'm just in there to see how much their homes are worth. I do tell them that my "other job is a Realtor", but I have been doing this for 3-4 years and no bites.

I guess, what I would like my niche to be are two other things...First time home buyers..I love them! And I really can help them.  The other is Coastal Neighborhoods. I know all the Coastal properties here and have a great affinity with the water, but the market is pretty tied up. 

Okay, after all this yapping, I think I should concentrate on the 1st time guys...It doesn't mean I can't sell a vacation home here and there. Thanks for letting me think on your blog!

Dec 14, 2006 06:11 AM
Barry Hurd
123 Social Media - Seattle, WA

Karen- I tell this to all my friends in the need to focus on a niche.

Take all of those categories you mentioned and rate them. Be honest. Write down how much business each one of those groups has earned you in the past twelve months. You have a great number of things there- 15 of them. 

Next to each one, write down the $$$ figure it has earned you. 

Once you are done, rank them from largest to smallest. 

Now do the painful part... and whack off the bottom five. You don't need to completely get rid of those parts, but they are not connected to your core business. To build a strong foundation, you need to focus on the top 75% of your business. The few categories that may occassionally give you a lead are not worth spending your effort on.

Think of it like this. If 75% of you income comes from 10 of those categories. The other 5 categories are worth less than 5% of your annual effort. If you spend $100 developing a %5 category, you are effectively reducing the effectiveness of your ad marketing effort to 1/20th of your business.

The only time you should focus on the smaller category is when you have made the business decision to focus on that category and grow it into a bigger category. 


I hope that makes sense. :)

Dec 14, 2006 08:23 AM
Rick & Ines - Miami Beach Real Estate
Majestic Properties - Miami Beach, FL

Barry - you have given us such an awesome tool - I am doing the exercise right now.  you DA man!

Ines

Dec 14, 2006 08:30 AM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!
Barry, Thankyou. I am going to do that and see what I end up with. Although some of the things are not money ranked, ie wife and mother! :)
Dec 14, 2006 12:32 PM
Derek and Mariana Wagner
The Artisan Group- Keller Williams Premier Realty - Colorado Springs, CO
The Artisan Group - Colorado Springs REALTORS®
Barry- That is a great, methodical way to approach this! It kind of fits into the 80/20 rule ... Thank you for all of your input. And, yes... it makes perfect sense!
Dec 14, 2006 12:58 PM
Barry Hurd
123 Social Media - Seattle, WA

Mother...

Wife....

 You jest? Not money ranked?

I bet they are. Do you use those parts of your life to market yourself? I know a good number of real estate agents who network at schools and sports teams for thier kids. Being on the schoolboard is an amazing way to entrench yourself in the community and make great contacts.

Likewise the wife category .... I could jokingly say that wives are always money related (LOL, ladies are so darn expensive!), but I also know several realtors who use being married as a networking tool. I'm sure your husband has a few social assets you can occassional take advantage of to help with real estate. 

Thinking about your time from an "out of the box" perspective can greatly help you figure out what categories make you $$$ at the end of the year.  

 

Dec 14, 2006 04:01 PM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL
Karen. Has someone in your area started Blogging on AR. I was under the impression you represent R.I. here on AR. :) Let me know now I am curious. TLW...ROAR!
Dec 15, 2006 06:02 AM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!

TLW,

Yes, amazing, no? Rhode Island is a little slow, but when they get going Watch out! 

We are not as small as everyone thinks:)

Dec 15, 2006 09:58 AM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL
Karen. Ahhhh. You have competition now. :) Amazing? Yup. Forgive me I am tired this evening. Long Long Day. TLW...ROAR!
Dec 15, 2006 10:52 AM
Derek and Mariana Wagner
The Artisan Group- Keller Williams Premier Realty - Colorado Springs, CO
The Artisan Group - Colorado Springs REALTORS®
Competition breeds excellence in most cases. Call on your inner excellence ... And may I quote someone we all know? Ok ... "ROAR!"
Dec 15, 2006 02:05 PM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!
I'm not worried. I would love to see some Rhode Islanders on here. I feel so alone...:(  I started a Rhode Island Group and I'm the only one in it!...
Dec 15, 2006 02:08 PM
Derek and Mariana Wagner
The Artisan Group- Keller Williams Premier Realty - Colorado Springs, CO
The Artisan Group - Colorado Springs REALTORS®
Oh No!! I would love to join it ... but, alas! I am a foreigner.
Dec 15, 2006 02:11 PM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!
Thanks, but probably would look kind of funny. Coloradian in Rhode Island!! It's okay, though, still a marketing tool.
Dec 15, 2006 02:33 PM
Debi Braulik
www.roundrealestate.com - Maple Valley, WA
Selling Maple Valley to Fife WA Homes For Sale
Mariana- great review of RB. I just finished the book last night. Last October I identified my niche and this year I am developing it.  I think once a person has a niche, a brand, and a plan there is no holding the person back! :) 
Jan 20, 2007 07:25 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

This series has been terrific, and this post in particular. I finally got the book and have started reading, so I will use the chapter posts as summaries after I complete each one. Amazing amount of information in that book - I suspect this will be something I pick up to reread numerous times.

Jeff

Jan 22, 2007 01:18 AM
Derek and Mariana Wagner
The Artisan Group- Keller Williams Premier Realty - Colorado Springs, CO
The Artisan Group - Colorado Springs REALTORS®

Debi- Good Luck with your nich goals!
Jeff- Yay! I loved this book and have already referenced it several times. Glad you are enjoying our posts!

Jan 22, 2007 04:45 AM
William Collins
ERA Queen City Realty - Scotch Plains, NJ
Property and Asset Management

Mariana,

Thanks for the post. As well as for providing the links for other posts on the subject.

Jan 23, 2007 08:14 PM
Derek and Mariana Wagner
The Artisan Group- Keller Williams Premier Realty - Colorado Springs, CO
The Artisan Group - Colorado Springs REALTORS®
William- Thank you for stopping by. I hope that this was helpful. I loved the book.
Jan 24, 2007 02:08 AM