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Are You Cutting off Your Niche to Spite your Marketplace?

The biggest hurdle I see in the real estate marketplace today is the fear for real estate agents to commit to a niche market. A niche market can provide your business with a brand, a distinguished service offering, and a means to an exit strategy. The benefits are plentiful yet the perceived risks tend to haunt industry professionals.

A niche marketer picks up traffic from an underserved and needy marketplace-you know the economic fundamentals of supply and demand. Ready, willing, and able customers aren't hiding under rocks they are scouring the net and asking for referrals from their Sphere of Influence. The question is will you be top of mind?

If you are marketing yourself effectively as a niche you can bet you will be.

Are you still afraid to let go of those old and tired apron strings? You know, the ones that you were tied to when you first came into the business and you were trained to take everything just to make ends meet? The taste in the mouth of your unsuspecting clients might end up being bittersweet.

This weekend I was contacted online by a home buyer who is having a problem with his new construction real estate contract. The real estate agent who he is working with does not have the experience he needs with new construction homes yet he is already signed, sealed, and delivered on his offer to purchase and is running into some significant issues that need resolution. Now he is working through the grapevine of his real estate agent's friends to get the expertise he needs.

If you oversell yourself as a generalist you do yourself and your customer a disservice.

In a less robust economy YOU can and SHOULD turn to a niche market. Remember you want customers, Profit from a niche market not the looky-loos. You can FIND a niche in any size community and let's be honest, normally you will service more than one town.

Keep your general market knowledge in your back pocket but move beyond the undergrad philosophy. Step into a niche and become the master of your field. If you are still concerned about lack of business by making this move,

Take on a minor to increase your opportunity.
Include your knowledge on general areas of real estate and when prospects come to you make a referral.
Expand and branch out by growing a team full of niche experts.

If you keep your mind open your advantage will become clear and understood.

Niche markets change. If the rate of homeowners delinquent on their payments in your area is 1 of 4, then short sales are not a niche but rather a general study that you need.

Don't get left twisting in the wind. First step out of the industry to get your mind freed up to think more clearly...see how the other half lives,

Freelance writer niche markets- Writing for the golden goose.

Why Niche Marketing is important online- The true anatomy of longtail success.

7 Steps to small business success- Look at Number 1 "Start Smart".

Do yourself a favor today and don't wait 60-90-120 days. Carpe Diem. The time is now to think about a niche. Do you want to stay a generalist to "keep food on the table today"?

Are you cutting off your niche to spite your marketplace?

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Niche Economics is a passion of Real Skillz marketing consulting. Call #262-203-5231 or email rebecca@realestateskillz.com to get your niche in tip top real estate marketing shape.

Posted by Rebecca Levinson, Real Estate Marketing Consultant on 02/23/2009 09:36 PM

Comments (54)

Niche Marketing in the Training Channel

niche marketing, building your brand identity, business development

Originally posted at: Blogging in the rain: Are You Cutting off Your Niche to Spite your Marketplace?

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54 Comments on Are You Cutting off Your Niche to Spite your Marketplace?

FEB

This is great advice! I'm a stager and have just decided to go after the "high-end" niche. There's always that little voice telling you, "Be available to all people for all things," but somehow that's not working for me now. Thanks for the encouragement to get on out there.

By choosing a niche you can make better decisions on how to spend marketing money wisely as well as pursue designations that make sense. It will also dictate how you communicate with clients & perspective clients. You can't be all things to all people so it's critical to know what you are and to whom. Big brands didn't get that way by spreading the message too thin, they start by building a strong base and growing from there. Your niche is your base. Great advice!

Nice post rebecca. I am still trying to figure out my niche.

Patsy- That can be called overextension and I am glad to encourage you not to spread yourself too thin.

Julie- Nicely said. I couldn't agree more.

Zilkia- Your marketplace will dictate niches to a great extent then it is up to you to find your passion.

Patsy- That can be called overextension and I am glad to encourage you not to spread yourself too thin.

Julie- Nicely said. I couldn't agree more.

Zilkia- Your marketplace will dictate niches to a great extent then it is up to you to find your passion.

Rebecca, Rebecca, Rebecca...you are soooo fly! Reading your blog is like therapy for the real estate soul.

Okay, I admit it freely. You nailed me smack on the nose. I am afraid to let go and niche market. I am not sure what my niche is? What happens if someone from outside of my niche wants to work with me?? Am I allowed? I know it works, just not sure which direction to move in?

I was actually thinking about this today - I am tired of being all over the market all of the time. How do I find my niche!!!!!!!?????? Help!

Rebecca, good point about the niche. Many in my area are focusing on the short sale.

Rebecca, I whole heartedly agree. I have passed up on some clients lately and even talking to someone about referring out some leads.

Rebecca, good points that you make, I may come back and re-read and have to check out the links. I don't care what your niche is, you better have the general basics for the rest of the market down.

... what a brilliantly written post Rebecca ! (again ;o)

... the title is so cheeky and clever ! I love it !!

I feel smarter just having read this post ... nicely done.

Rebecca... have you been reading the Diamond Dwellings business plan? We are assembling a team of experts in various niches to be under one roof.

Hi Rebecca - great information and we're working on that also. We sell a lot of Riverfront Properties which is a niche. One thing that was repeated over and over in the latest training seminars I attended was that "just because you're license allows you to do it, doesn't mean you should." There can even be some liability associated with agents working in areas where they have no expertise. Niches are great or if you're going to work in a new area, partner up with an old pro.

Lovely post and most worth the reblog. Thank you Rebecca. Establishing a niche associated with your specific marketplace is fundamental. More and more people are focusing on the lender mediated niche since more than 60 of our marketplace sales are lender mediated.

I feel it's important to build around your niche (as you said) with a team of specialists who focus on other niche areas and/or specialities. Leverage is power!

Thanks again Rebecca

LOL Rebeccas, When I saw your title I had to click and I'm glad I did. Great advice here.

Rebecca: As with any type market..one must stay on top of their marketing.. nich included... Great Post

As a REALTOR/Staging Specialist I have picked my niche - not to say that I would never venture out of it because my niche marketing may bring in a buyer as well.

Rebecca, great post! I could also add to do what you're best at or suits you the best.

Rebecca,

Great post! Clients always seek out experts in any field. Polishing a niche expertise is a great way of not only providing an influx of fresh business, but also of building long lasting customer loyalty. Experts stand out in a crowd.

Jason Sanders

This post really makes me think... I am still less than two years in the business and my NICHE seems to be just being a hard-working and diligent realtor who provides good service and researches things she doesn't understand. I know that's not really a NICHE but I feel I am still getting my feet wet and am biding my time to learn everything I can during this housing crisis. I know that my heart is definitely in helping people get what they want out of their real estate purchases and sales.

Thanks for making me think more about it, though!

Developing a niche is key - you can't be everything to everyone. It's the old adage "jack of all trades, master of none." When you market yourself as the green, senior housing, new construction, buyer's agent, and XXXX expert, you dilute your brand.

As to the post, I would add that niche can be geographical as well as topical. I sell the historic neighborhoods of the City and central core of the County. I don't serve the adjoining counties. Life is so much easier after I decided to focus on specific markets.

I think it makes a lot of sense to have a niche though I also understand the fear many have of specializing and cutting out business.

Great advice Rebecca. In this market, one has to be a bit more flexible to survive as well, but I do agree with you absolutely.

OMG!!! And Just WHERE have they been hiding you????? You make me feel like a little ninny just out here playing in a little old dried up puddle...... A N T I Q U A T E D for sure!!!!

This is Fresh, articulate, and ON!! (as is all of your posts- took a peek) Can you PULEEESE pack up and park yourself over here for spell? Listen, we gotta talk!! (Now, don't laugh - i'm serious!)

Hi Rebecca; Good advice on niche marketing. It's tempting to want to do it all.

Rebecca... I would agree with you 110%... I can do any kind of mortgage out there, but I went for the FHA market about 2 years ago and it's paid off. In recent years, I wasted time and money trying to be the end to all with all financing methods. I spread myself thin... nice job here.

Jeff Belonger

Expand what you know what works and cut out what you are not sure what works. Then work twice as hard to get through this mess........

FEB

Rebecca,

What a way to shoot one self in the foot. Find a niche and perfect it. Are we assosiates of each other ans usbscribe to each others blog?

All my best

Tom

Hi Rebecca,

Your post is very timely. I was just thinking to myself . . . "I need to go on Active Rain so that I can see if any Agents have any effective series of letters to braak into a geographic farm." NOTE: My niche is that I am The Residential Specialist within a particular subdivision. I was born, raised up in, went to the schools, live in and work in this farm. I know it very, very well, so why not be its residential expert. I have become involved with the Community activities . . . have changed my e-mail to reflect this farm as well as my website address.

Thus, I ask: Do any of you Agents have a series of effective letters that you have used to break into a farm?

Thanks again, Rebecca, for bringing this to the forefront and further solidifying what I know that I need to do.

Great post... I'm sharing this one with my agents is so good!

great message. I think that many of us needed to hear it, especially now when some folks are starving for business. Trying to be everything to everyone just to make a buck is never the right thing to do. Find your passion and make it your niche, suddenly work flows to you in abundance, even in an economy like this one. If truth be told, more millionaires are made in down times than any other, find your opportunity and seize it.

peace, love and success..

Benita Ann

I disagree wildly Rebecca...everyone needs to understand short sales...we had close to double digits in offers on a new one and 85% of the offers were written incorrectly....all by agents who said they "did them"...they better not or they are taking their sellers into foreclosure for lack of education and understanding...understand it, yes...do it...hope not...let agents do it who have invested the time, money and education in doing it correctly. People's lives are too expensive to experiment with....

I think now more than ever you need to have a niche.

You need to stand for something and then market the hell out of that something. :)

Rebecca - Great post and a good reminder for everyone. Niche marketing and solutions are great ways to distinguish oneself and to build a brand. Many have done this coast to coast with the likes of short sales, foreclosures, luxury homes, dealing with investors, working with first time homebuyers...etc. There are many niche markets out there ! I would say many agents might already be in a niche market and not really realize it. ~ Chris Somers

Rebecca--People think it strange that I refer clients I could handle but knowing what your own limitations are and that there are others better suited shows integrity. A referral fee works for me and then I can focus on the areas I know best. Anoka County Lakeshore and Acreage! :)

All great and timely tips. Thank you for sharing them and kuddos on the featured spot.

Carpe diem,

Chris

Amber- Back atcha and thank you.

Audrey and Bridget- You have to look at the supply and demand in your marketplace first so you can see the trends...then assess your options and choose what fits your marketplace needs and passion. Working outside of your niche, u can but why not refer and collect a referral fee.

Gary- And so then soon the niche can become the general skillset.

Larry- Excellent, that is music to my ears.

Mike- You have ALWAYS gotta have the basics.

Sheldon- Oh something tells me you more than get it, but thank you for the compliment I will take it.

LANE BAILEY AMEN, AMEN, AMEN. I like that kind of business plan.

Monica- Exactly right, you got it.

EXIT Realty- Doing that brings your business into the green.

Shirley- Thank you. I had the post title scribbled down a few days ago, but the email on Sunday from the home buyer from my blog here on A/R is what lent me the inspiration and gifted me with words.

Roland- Marketing and Sales, Marketing and Sales, Marketing and Sales.

Kathleen- Good for you.

Thought Break: An associate I spoke with some months ago told me something which sticks with me today. He said you never really want to be perceived as a dabbler.

My thought is a dabbler reminds me of a hobbyist, a specialist reminds me of a professional. I see many profiles that read more like dabblers than specialists and I know the intention is to lose business, but business gets lost by doing this.

Olena- What you have a passion for, absolutely.

Jason- Yes consumers want experts.

Emily- I am really glad you are thinking about it so that you don't spend too much time spinning your wheels not to become dominant. I know in my field there are many hardworking professionals just like me, but being hard working doesn't give me an edge, it just puts me on the race track.

Ryan- I absolutely agree with that. I specialize in marketing for r.e. professionals, but I minor in social media marketing and blogging for my local hospitality industry. Meaning, I will never work that side of my business outside of Wisconsin and I WILL refer out. You cannot know everything and so you really need to stick with what you WANT to know and what makes you most valuable. Otherwise you truly risk becoming a liability to your business and your clients.

Christine- We all have to get over our fears because that is what causes our business to get stuck in a rut.

Chris- It's the same thing, really. If you are doing your marketplace homework you'll see if you need to break out your trend.

Rice Property Management- LOL, you gotta allow me a little chuckle. I'll head on over and email you today:-)

Eileen- WHen you break the insanity cycle you actually will find that you will be able to do what you like the best and for the other you'll have the best professionals at your side and a thriving referral business to boot:-)

Jeff- You are a great example. I know that if I want to know anything about FHA I can go to your blog and find out. I use my bookmark feature quite often here on Active Rain and I've got at least a few of your posts in there.

The Point is if I think of FHA I think of Jeff Belonger and that is how it should work.

Tim- This sea of opportunity:-)

Tom- Exactly right.

Unicqa- Oh there are soooo many things you can do to market that and make it effective for you.

Benita Ann- To you also, Namaste.

Sally- Your statement seems to contradict itself,

"I disagree wildly Rebecca...everyone needs to understand short sales..."

"...understand it, yes...do it...hope not...let agents do it who have invested the time, money and education in doing it correctly."

I am not sure what part of my post you disagree wildly with. Short sales should be a general study in an area where they are prevalent or on the rise. It appears you agree with me on that. As far as doing short sales, if your market becomes utterly saturated than you need to do them, which means more education if you are not yet educated.

NOW, if your market becomes saturated and everyone starts doing short sales, you need to further break down your area of specialty otherwise your "niche" is now everyone else's niche and is quite ordinary.

I think we can safely say that there are all types of consumers within a short sale:

Divorced homeowners
First time home buyers
Elderly/Retired couples
Troubled investors
Investors looking for a deal
Move up buyers looking for a deal
Single homeowners/buyers

There are also all sorts of lending arms and different processes for each.

Not all r.e. professionals work well with different consumers, some better than others. When times were more plentiful, some r.e. professionals were turning down the less than desirable opportunities for their business needs and their passion.

It should be no different now.

You have got to be savvy and smart and willing to change and willing to go through continuing education.

Back to your comment as I am still unsure of what you wildly disagree with.

Mark- You know it.

Chris- That absolutely could be true.

Teri- So not strange and you know that. I bet you feel that in your gut each and everytime you decide to refer a client out. You are making a business built to last.

Chris- Thank you.

***THoughts- Yikes, commenting back and looking at all of these faces of myself is a little creepy:-)**

Rebecca, I just finished reading your article and it was right on target. I began this year with a new project on a niche in my market. I have begun to work the Senior market and begin to focus on it. Yes, it is slow to get started. I know I can't expect a turn around too quickly. But I have met some great people and I truly believe it is a geat need! I am probably a little too over anxious but I realize if I continue to work in this area it will pay off down the road. No one in our area is applying their SRES training. So I hope I have made a good decision. Thanks again for the article it was very encouraging for me!

Connie- You are welcome and keep at it....networking skills will pay off dividends when you have a focus.

Rebecca --- another outstanding post. You are so right on target. What a great time for agents to become qualified to work with first time home buyers.

Thanks.

Mama Liz's Signature

I created a niche for myself. As a professional home stager and interior designer, I am absolutely passionate about modern or contemporary design, architecture & decor (as opposed to transitional or traditional). Many times I've been frightened during slow business times and wondered if I should just go the route of transitional as so many others do. But any time I do that, I find myself not as excited about the project. Thanks for the encouragement that during slow times, it is a good idea to really go after your niche. Why would someone want to use a "generalist" when I have exactly the right look for their property? Right? I'll be brave.

I think we have openings in WI... ;^ )

FEB

Nice post Rebecca, and to the point. I have a couple of niche's and although I don't particularily want to work with regular home sellers I hadn't thought about referring them out. I will give that serious thought. My propblem, sadly, is I don't know another agent who cares as much about the Clients as I do. Everyone at my office is number oriented instead of people oriented. Sad.