To Niche or not to Niche! That is the question!

By
Real Estate Broker/Owner with Phoenix Property Shoppe AZ Broker BR030809000
http://actvra.in/54cz

 

 

To Niche or not to Niche! That is the question! 

 

 

All kidding aside I do believe that Niches are a very effective way to build ones real estate business. With that said I've been in the business for close to 30 years (not quite sure how that much time went by - yikes)!  I've got an established base of clients that I absolutely love working with year after year. Would I call this a niche?  Absolutely! You bet it's my Niche! 

 

Back in the mid 90's I took a four day seminar from Joe Stump and Brian Buffini. That seminar opened my eyes to what I could be doing to build a strong referral business and it showed me the specifics of how to do so. I have been following this plan since then with updates and changes along the way depending on the times. But - the basics remain the same - always.

 

To Niche or not to Niche! That is the question!

 

 

Systems: First thing I did after that seminar was to put a CRM program in place (Top Producer at the time). I got every client and business associate entered into the system.  And the word 'system' is  BIG! I am very system orientated, structured business owner. I understood from Stump and Buffini that I needed to run my business like a business and quit the willy nilly way I was doing things - try this, try that etc. Systems worked, and within months I started to see a big jump in calls from clients.

 

Basics: I'm real big on staying in touch with my folks on a regular basis. Every other month they receive a classy magazine (which they love).  Monthly e-newsletter go out as well as thank you cards, birthday wishes, congrats cards etc. Right now we've got a Mothers Day mail out almost ready to go out and that is handwritten and hand addressed to each Mom. I love doing this kind of stuff! It makes them feel good and me too!

 

MLS Searches: My clients know that they can, at any time ask us to set up a running MLS search to follow along with comps in their neighborhood whether they're thinking of selling or buying, or not.  We've got a lot of ongoing searches going out every single day and most of our folks check them on a regular basis.  When they're ready to sell or buy I know they'll call us. We've got 4 new listings coming up in early May from these neighborhood searches. All are past clients that have bought and sold with us multiple times over the years. When our phone rings we know it's a client or a referral and it's important.  It's the gift that keeps on giving in so many ways!

 

 

 

Networking: I created a Business Network in 1999 and to this day I still do business with quite a few of the folks even tho this group no longer meets. Why? Because I keep in touch with them on a regular basis! I also started another network group 2 years ago and I'm very pleased with the direction it's taking. We will be doing quarterly 'Mix & Mingle Happy Hours' to introduce the network to a larger audience and our first one is on May 10th.  We are all Excited about our first event!

 

 

Parties & Events:  We host a lot of client parties and events and have done so for many years.  Most of our base of clients know each other and some are part of a more intimate group of friends that get together more often.  It sounds old fashioned but it's kind of like a big old happy family that enjoys having fun together.  We've had wine tastings, pool parties, BBQ's, cooking shows, fashion shows, birthday parties, booche ball games...you name it we've probably done it! It just a lot of fun for all!

 

 

ActiveRain Phoenix Meetup

ActiveRain Phoenix Meetup

 

ActiveRain:  Much to my suprise ActiveRain turned out to be one of the best business decisions I made in 2008... and still is to this day! It is also part of my 'system' on a regular basis. I am grateful to all the rain folks I've met along the way (online and in person) and grateful for all that each of you shares so freely.  We are an awesome network of highly creative, innovative and fun folks!  I love giving out referrals to my ActiveRain peeps and of course I love receiving them as well.

 

Ok - I better quit writing as this Niche post is getting way too long!  I guess it shows how passionate I am about my Niche, doesn't it!!  Thanks for reading!

 

 

To Niche or not to Niche! That is the question!

Posted by
Phoenix Property Shoppe  

 

 

Anna "Banana" Kruchten
Designated Broker & Owner
CRS,CRB,GRI


Phoenix Homes For Sale

 

Connect with me also on these sites!

 

    Anna Banana Kruchten Google+theannabanana on facebookAnna Kruchten LinkedinAnna Banana Kruchten on GoogleAnna Banana Kruchten of Active Rain

 

Your Referrals & Testimonials are Always Greatly Appreciated!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 04/26/2017 07:47 AM
Topic:
Real Estate Best Practices
Groups:
The Art Of Marketing You
Cosmic Cow Pie...The Rome Way
Bananatude
Bartender, Make it a Double
Old Farts Club
Tags:
small business practices
networking for success
niche business building

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Ambassador
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

I've done great with niches as well, and agree they're super important to building your business

Apr 26, 2017 02:07 PM #25
Rainmaker
123,626
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

It's obvious that you enjoy what you do and it comes across to your clients which makes you successful. Great job and great post. 

Apr 26, 2017 07:19 PM #26
Rainmaker
405,714
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

You treat your customers very well--and it pays off for you!  Sounds like you have a team of people behind you helping out. Thanks for sharing your tips!

Apr 26, 2017 07:31 PM #27
Rainmaker
535,693
Mike McCann - Nebraska Farm Land Broker
Mike McCann - Broker, Farmland Broker-Auctioneer Serving Rural Nebraska - Kearney, NE
Farm Land For Sale 308-627-3700 or 800-241-3940

Hi Anna Banana Kruchten, CRS 

I am just nichen to ask you a question!  (get it?) No that is not the question.

You mentioned back in the day that you used Top Producer in the mid '90's.

So did I and loved it...until I could no longer own it and had to pay a monthly fee to use it.

Finally...here is the question:  What do you use now?  Thanks for a great and fun to read blog!!  And for all the comments you left on my recent blog!! 

Apr 26, 2017 07:32 PM #28
Rainer
11,888
Jody L. Moebius
Berkshire Hathaway HomeServices The Preferred Realty - Belle Vernon, PA
Please call Jody Moebius ~ The Next Move Is Yours!

Love Buffini and his coaching. Niches are what makes one stand apart from the rest. You bring a smile I'm sure to many.

Apr 26, 2017 07:57 PM #29
Rainmaker
1,321,063
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

I think I'm a broken record in telling folks that "If you forget your past clients, they'll forget you."

Stay in touch!

Apr 26, 2017 08:05 PM #30
Rainmaker
277,990
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

Thanks for more great advice. Sharing this with one of my new agents.  My niche started off with first time buyers and it stuck.  They take a lot more work for smaller paychecks, but it is sure rewarding to help them fire their landlord and start building equity in THEIR own home.

Apr 26, 2017 08:27 PM #31
Rainer
6,292
Carin Molin
Top Agent Realty Group - Carlsbad, CA
Home - Where Life Happens, We lead You to it!

I completely agree! And yes, if you stop connecting with past clients the business slows down! I had a great client think I was mad at her since I barely touched base last year after a decade of follow up... She listed with someone else. I was a few weeks too late on connecting. My fault, lesson learned.. I sent a big apology letter to everyone explaining why I disappeared. My former husband died and I could barely go to buy groceries, let alone touch base for business. I got a great response & that lady said if it's not sold by expiration date, she will list it with me then. :-)

Apr 26, 2017 08:37 PM #32
Rainer
374,662
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Anna,

Wow! You have more than one niche. Nice going.

Apr 26, 2017 08:58 PM #33
Rainmaker
2,541,567
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

Networking and niches...touches and hugs...it works as you know !

Apr 26, 2017 10:02 PM #34
Rainer
197,256
Chris Lima
Atlantic Shores Realty Expertise - Port St Lucie, FL
Local or Global-Allow me to open doors for you.

Thank you for sharing, Anna. There's some great tips to get started and your success is proof that these seemingly little touches are worth the effort.

Apr 27, 2017 03:52 AM #35
Rainer
133,567
JoAnn Young
Young & Young Properties - Melbourne, FL
Florida Real Estate

Relationships and keeping in touch with your new "friends".  The key in business and anything in which you wish to be successful. 

Apr 27, 2017 04:11 AM #36
Rainmaker
4,231,653
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Congratulations on your feature recognition. Thanks for sharing some of your very successful business practices.

Apr 27, 2017 05:15 AM #37
Rainmaker
514,432
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal

I love Joe Stumpf.  He is kind of small but I wouldn't call him Stump.  

Apr 27, 2017 05:19 AM #38
Rainmaker
675,239
Hella Mitschke Rothwell
(808) 226-1095 or (831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Treating your clients well and staying in touch is paramount in our business. In a nutshell. Great post.

Apr 27, 2017 08:44 AM #39
Rainmaker
281,772
John Wiley
Jones & Co. Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

One of the great fears that I see in new agents is not getting business if they try to focus. So, they declare themselves to be "generalists". Anna, you mention several areas that are a part of a niche. But you did not start this yesterday. Over time you have the parts that work best for you.

New agents listen to the wisdom of those who have walked the road ahead of you.

Thanks for a great word of advice.

Apr 27, 2017 11:57 AM #40
Ambassador
3,279,873
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Anna new and experienced Realtors/Agents would be very wise to look at your business model and incorporate what you do into it.  It is clear why you have a successful business.

Apr 27, 2017 02:46 PM #41
Rainmaker
508,291
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

I must admit, I never thought of my sphere as a niche until I read your post, Anna, but clearly it is. I will begin to treat it as such beginning today. Thanks for the nudge.

Apr 28, 2017 11:56 AM #42
Rainer
56,727
Anne Corbin
Fritz Realty LLC - Spotsylvania, VA
Serving Lake Anna & Central Virginia

I probably do half of what you do and have noticed an increase in my SOI and the returns are awesome!

Apr 28, 2017 07:08 PM #43
Rainmaker
836,803
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post Anna!  You obviously have nailed the business in every aspect to keep that phone ringing!

May 01, 2017 06:05 PM #44
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