My Niche - Referrals from Relocation-Millennials-Luxury-Downsizing...
...Upsizing, historic homes, development and new construction! What do they all have in common? Been there, still doing that!
When I first read Evelyn Johnston's contest post, I began thinking about how I run my business and what niche I truly focus on. The truth is, it's the referral business!
How Did I Find My Niche?
Well, it really found me! I began my career with a developer and then would list the builders' homes as the pocket communities began to fill out and the homes were ready. Truthfully, had my broker not shut the doors to pursue other interests, I would still be doing that. Like Barbara Todaro, my passion for building runs deep and I've enjoyed building several of my own homes over the years as well.
While working with the developer, I also represented re-sales until I could 'focus' on new construction - there just wasn't enough in the beginning to survive on only new construction. As the builders we represented were building luxury homes, that became my niche.
Then, the recession hit Charlotte - I was bound and determined that I was going to succeed in that market. New construction 'died' so, I learned short sales (thanks in a very large part to ActiveRain). THAT became my niche and I survived the recession, As well, because of a great group of ActiveRain members who got together and learned how to market via the internet, we all survived the recession!
As the market became a more balanced market in mid-2012, I received calls from past clients who were ready to purchase and sell, moving closer into the inner-center area. My sons both graduated from college near the end the recession and began referring their friends. Agents referred me their clients and past & current clients referred me their family and friends.
The vast majority of my business is from referrals - this month alone, I have Closed 3 homes (and one that is currently under Contract) that were owned by my peers - other agents who actually hang their licenses with other brokers! I am honored to be able to represent my peers in getting their homes sold - truly.
When you focus on the referral business, it is impossible to claim any other niche. In fact, in Charlotte, I don't know a single agent who can say, actually 'specializes' in any aspect of the market unless they work directly (and only) with a single builder.
This past week, I signed 4 new listings - 2 were referrals that were from past clients (two past clients referred the same seller, TWICE!), one was one of my 'referral partners' who sends me buyers and sellers and is now selling his own property and one was a past client.
I signed 5 new buyers this week - 1 was a referral from an AR member, 3 were referrals from past clients and one was an internet lead who phoned me about one of my listings for a friend of theirs! We struck up a great conversation and have begun their own home search (and quite possibly may lead to assisting their friends for whom they were looking initially).
Of the 9 new clients this week, here is the skinny:
- 3 are luxury home clients
- 3 are millennial clients
- 2 are $300-$400K clients
- 1 is a relocation client.
As you can see - 8 of the 9 are referrals (my niche) and are a variety of buyers and sellers - in different price ranges, different areas and in different stages of life.
What Research Did I Do to Establish My Niche?
That's the easiest part of the equation for me! I'm a people person - I also have a nursing background and an inherent drive to 'help' others. I realized very early on that with reaching out to my sphere and past clients, the referrals would come. It really didn't require research - just being myself. Being knowledgeable, caring and compassionate - it just works!
How Do I Market to Maintain My Niche?
This part is also easy - I keep in touch! I pick up the phone and call them, I break bread with them, I have many of them to my own home, I visit them, I send them cards and I host parties at different venues for THEM! If they are in a business that lends itself to referrals, I do everything I can to help them promote their own businesses.
Here's an example of how I promoted one of my clients via social media - another referral marketing avenue that is often forgotten! If you're wondering how to better do this, check out Anita Clark's blog - she is the QUEEN of this style of marketing!
We do have to remember, in the referral business, it's all about THEM - when we remember them and focus on them, our own businesses flourish.
That's my niche and I'm sticking to it - it has served me quite well through good and bad markets! If you think about it, it's a very inexpensive niche to claim! OWN IT - you'll be glad you did...for years to come!
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | My Niche - Referrals-Relocation-Millennials-Luxury-Downsizing...
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