Maximize your strengths by finding a niche that will work well for you in this market and in your area. Once you determine what your niche will be, work it. Develop that niche so that it works for you. Focus on that area and make yourself the “go-to” agent for that entity.
If short sales are a predominant feature in your marketplace that would certainly be a successful niche right now. Become knowledgeable about the short sale process and create a short sale team including the major player, the short sale attorney.
Since new construction is now making a come-back, new homes might be a reasonable niche to work. This is my niche, and we have been very successful working it, even through a difficult economy. Builders MUST move their product. Meet the builders in your area. Learn their inventory. Market their product and sell it. Create a relationship that will result in your listing their communities in the future. It doesn’t happen overnight. It has to be earned with builders.
If you have a niche and you work it, you’ll stay afloat and thrive. As the market becomes stronger, you may decide on more than one niche. It’s reasonable to have many niche areas to market. It’s good business.