Are You A Big Fish? Or Just Another Fish In Many Ponds?

I'm not officially a fish yet, but my goal is to be a big fish in a little pond.  It's good to know having more than one niche can work, as the luxury market in my area is rather small.  

Excellent advice, Ron and Alexandra Seigel!  As you know, in our market, we do have a good luxury condo market - many of whom eventually sell to move to a luxury single family home in the area.  We also have luxury equestrian (not enough of them to specialize only in that area) and luxury historic (also not enough to specialize in).  So, it's an 'all-inclusive' luxury market in our area! 

Great post. I completely agree. You want to be that name that comes to mind in your niche when it comes to real estate. I'm still working on that, but I'm getting there. 

I have to agree with the others that this is excellent advice. In my market, there is not a lot of luxury, historic, condos, townhomes... mostly single family homes. So, I dabble in it all  :)

Good morning A.  when I frist started I would take anything and everthing I could get my hands on.  It takes a while before one finds that niche

Choose the ponds ....and if you want to be a BIG fish or one of a school ...lots of options geographically and in the niches an agent chooses to foster in their practice.

A good reminder to keep focused on developing our niches.

The picture perfectly illustrates your point. I have hammered home that I am the first choice in investment real estate in Oklahoma City. It doesn't mean that that is all that I can do but it is my entree to show competence and service.

Ron and Alexandra Seigel you have made a point that we should all take to heart. I come across so many agents that do not understand the value of carefully choosing their niche. They will do anything anywhere to get a sale. The usual result is they get little business. The reason, as you clearly illustrated is they have placed themselves in a very big pond and are seldom noticed.

Thanks

I had this conversation the other day with my new real estate students. They are unsure where to start and what to focus on. We will talk about it further.

Great advice!!!

Become the big fish in a smaller pond. Go for the lion’s share of a smaller category and “own” the category in the minds of your target market.

I see some who have the difficulty of knowing whether they're growing or their pond is slowly evaporating.

I couldn't agree more.  As an added benefit to our clients - being a big fish in a smaller pond also allows for a more in-depth knowledge of what's happening in that pond and of any future events that might affect the pond and its inhabitants.  Did I overdo the pond analogy?  LOL

Points well-taken. However, finding niches and sub-niches in markets greatly over-saturated with agents is a formidable challenge and can take an agent much longer to get established.

It's all about focusing on the niche - and be the big fish in small pond, Ron and Alexandra Seigel - excellent advice. (And yes, I am fortunate to be a small fish!)

I could not agree more. Find your comfort zone and go with it. Don't try to be the Realtor for everyone.

That works great until there is a market correction. I was lucky enough to be associated with several different markets before the last crash. I was able to make a good living in the down years by knowing how to connect with buyers and sellers in all of the markets.  

It depends on your comfort zone, doesn't it? Some agents have a tool box with many drawers, while others have decided to specialize using just one tool or market. It also depends on the target market for which your tool could be used to optimize your market. Having many tools distinguishes your intrinsic value from your competitors and provides more opportunities to earn more income with less work and use of your time. 

Be the only fish in the pond.  Create your category and own it.