Real Estate Customers Are NOT a Dying Breed

Reblogger Gabe Sanders
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

In case you missed it, here's an excellent post from Kevin J. May that may enlighten you about the current state of our business and what we should all be doing: 

Original content by Kevin J. May SL514814

We all want success in our business. To accomplish this you must have enough customers to buy into the service offered. Before you begin, time must be spent identifying who your customers will be. Every associate has a target in mind and like snowflakes, no two are identical. Everyone is a potential customer although evaluating them as your target market will take some effort. You must ask yourself who are my most likely customers? Then tailor your marketing and services to that particular group of customers.

Dodo BirdDefining Customers is an Important Requirement?

Your perception of who those customers are will enhance the chances of your business success. By definition your targeting can create a higher demand for your services. Provide the direction on how to tailor your services to fit the customer's needs. Allow for modification to better suit the desires of the customers. Show your most promising prospects the added value your service brings to them. Market more efficiently and effectively by KNOWING YOUR CUSTOMER. A boiler plate or blanket approach to your marketing may cause confusion for your target. Always make it a point to develop your marketing message which best appeals to your targeted prospects.

Newer associates may resist the benefit of defining a target customer base with thoughts that they are limiting business or reducing the amount of potential customers by doing so. Don't buy into the misconception. Identifying targets does not preclude your business from accepting customers which don't necessarily fit the expected profile. When that customer seeks your expertise you will still be readily available.

Your want should be to focus on those targeted customers who are most inclined to pay for your services in lieu of merely courting those that could become customers. Subscribe to your instincts of marketing efficiency with particular attention to expenses, time management and most important the customer. Without targeting the most inclined to pay your energies will be lost along with your time & money.

How to Define Market

You have the ability to define your target customers in any manner that fits your need. Targeting can be defined through occupation, hobbies, familial status, gender, income, neighborhood, geography or age plus many more. This means identifying specific characteristics of people and / or businesses who you believe are likely to need your service. These commonalities and characteristics are sometimes called a demographic profile. Use of this criteria will help you determine those customers who hold the most potential for your success. Painting your market with too broad of a stroke is a common mistake. In my experience you can't err on the side of being too specific with your target. How narrow you want your field is entirely up to you, however, I don't recommend a pointillist's method. As time moves on you will find your understanding of the art rather than it's science. The more carefully you can define the target the more likely it will be that your marketing efforts will bear fruit.

Yes, a Business Can Be a Customer Too

Selling to businesses can be lucrative due to their general ability to buy more than an individual can. Why limit yourself to one sale when a hundred or more is a possibility. Institutional Buyers can be a target for your efforts also. It's not necessarily an easy starting point but keep it's benefit as an option as you progress. Again, you'll need to define your specific target and how to distinguish your unique value to the customer.

A niche serves as the differentiating and critical function of distinguishing you from your direct competitors. Attempting to be everything for everybody is expensive and inefficient. Developing a strategy which caters to specific needs not fully served by other businesses can be very profitable. This is where the small business can thrive. A builder may use an operational niche while real estate associates benefit through the use of a customer based niche.

It's All in the Knowledge

Be confident that your niche contains enough customers to sustain your business. Find one in an area that displays an unmet demand and fill it with your specialty of service. We've gotten to know our customers, although we must also know the industry and who our competition is. All of these components will be malleable and change over time therefore the process is ongoing. Through continual observation and intuition your research will educate you about your market, its customers and your competition. Subtle adjustments to target the changing habits of these entities will assure your place in the niche. Learning about and constant monitoring of your market will easily identify when adjustments become necessary to remain profitable. After all, isn't that your goal?

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Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gabe I did miss the blog, and would not have read it if you did not re-blog it.  So thank you for re-blogging it

Nov 18, 2016 08:00 AM #1
Rainmaker
281,333
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Gabe, thanks for re-blogging. I have missed this article - I like the emphasis on defining your customer and marketing to that customer, rather than to a broad, generic audience. It's easier to grow from a niche.

Nov 18, 2016 11:13 AM #2
Rainmaker
1,671,766
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Good evening Gabe Sanders ,  Ecellent choice for a reblog.  Have an exciting weekend.

Nov 18, 2016 11:15 AM #3
Rainmaker
2,561,282
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Gabe I have to take the contrary position.... I have never had a "customer"in real estate... I have clients and they ultimately become either repeat clients or friends.... I am a customer at the Grocery Store but I am a client at the Dentist's Office... once more Realtor's get this concept we will be more respected as a profession...but what do I know,  Kevin J. May  sorry hope you will not get offended, Endre

Nov 18, 2016 01:54 PM #4
Rainmaker
1,407,367
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

thanks for the repost - this is definitely worthy of sharing several times! Have a great day

Nov 18, 2016 08:11 PM #5
Rainmaker
3,825,101
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good choice for a reblog. I hope others will read it too and learn.

Nov 18, 2016 09:07 PM #6
Rainmaker
3,293,767
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Gabe Sanders ,

I see I missed a great post..thanks for the re-blog..I'm off to comment on Kevin J. May 's post!

Nov 18, 2016 09:12 PM #7
Rainmaker
4,402,748
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is a good selection for a reblog. Have an outstanding weekend.

Nov 18, 2016 09:14 PM #8
Rainmaker
3,435,962
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Gabe, with issue of selling and buying on your own there is little chance of a  dying breed in our profession.

Nov 19, 2016 01:56 AM #9
Rainmaker
2,034,881
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Gabe, this sia very good re-blog but my folks are my clients which is a differnt situation as you know than a customer. There are some good oints in his post without question. 

Nov 19, 2016 07:04 AM #10
Rainmaker
4,053,952
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thank you for stopping by and taking the time to read my re-blog.

Dec 05, 2016 10:47 AM #11
Rainmaker
4,053,952
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks. Your comments are always appreciated!

Dec 05, 2016 10:48 AM #12
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Gabe Sanders

Stuart Florida Real Estate
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