Don’t let tunnel vision get you!

We teach our agents to experiance as much of Real Estate as they can and then if they want pick a couple. Most do it all.

I agree with you to a point.  I do think we need to expand our vision, however, I don't think agents should be doing deals on commercial properties (for example) if they have no working knowledge of commercial real estate.  If you are going to specialize in something, learn all you can in that field and project yourself as the professional in that field.

Wow....something to be said for both sides! I think it's valuable to have a specialty, but limiting yourself isn't a good idea. I think they key is education and experience. When I first got my license, I learned a lot by "riding" with more experienced agents, and that's how I train my new ones. I spent days with different agents..including commercial (but that didn't appeal to me). In this way I was able to understand more of what's involved in different types of transactions.

The one who helped me the most was an agent who had a small apartment building at the beach....17 units. It was really great to go through the sale with him. I learned about capitalization rates and gross multipliers....something I would need to know in the future to speak with confidence.

While I can't say my own biz model works for anyone else, it works for me. As a newer agent (only licensed for 7 years to date) I thought it would be important to learn about the industry as a loan officer first, then as a sales agent. Like Karen I've ridden on the coattails of several experienced agents that had different foci. Call it cross training. I feel I've been exposed to many different facets of our biz, yet I've always come back to one focal point residential real estate, 1-4 units representing buyers and sellers - I can almost spit it out verbatim if anyone asks at the drop of a hat. Even within that one area, there are many different subspecialties (many of which are covered in your book). Good book, by the way...

While I agree the multiple streams of income are a bonus for many it might not be feasible for all, especially brand new agents discerning whether or not they should focus on residential AND commercial - 2 different animals.

Very thought provoking post.

Thanks...am off to check out your link.    I agree that the 21st Century is about diversity, and we all need to be paying attention to this.  

That CCIM partner would have survived had he been adaptable.  Change is a given and those that embrace it win out over those who do not.

Awesome post George!!!

You really touched some hot buttons here.  By the way, becoming a CCIM is a tremendous advantage to all of those agents considering getting into the commercial field, I really recommend it.   In fact, I'll be taking one of their core classes in May 11-15, five all day long class just on the subject of commercial real estate.  As all of us know, commercial is a totally different field than residential, if you don't know what you're doing it's very easy to get ourselves in legal trouble.

I do agree on practicing different aspects of the business "provided" we know what we are doing. 

George as you know when you met me I was well on my way to diversifying even more than this! It has saved my in my career and for that I am thankful.

Interesting point sir, I sat down earlier this year and looked at my different income streams.  Thanks for the added push to continue what I have started.

Unfortunately, those brokers are hard to find George!  At least on my area.  Most, if not all of broker owners offer training just on residential property, very few may offer some related to multi-unit (5+) and business opps.

George - That's good advice.  I remember thinking when I got into this business 27 years ago, that I was going to sell houses.  But, my second sale was a poodle grooming shop.  Since then, I've sold just about every kind of real estate available.

George,

I didn't realize that single family residences were a hugely pushed niche..that is something.  I actually don't think enough r.e. professional specialize in niche markets and that ends up being part of the problem.  THey are too fragmented in their business.

From the hundreds of agents I've dealt with in handling real estate PR and marketing, most seem to find a happy middle. Admittedly, the days of specializing in a very limited geographic area are gone (e.g. a town of 25,000 at the exclusion of all other areas). However, I know several who specialize in things like horse farms, land, REOs, townhomes, intown properties, etc. who will still handle other clientele, such as first-time home buyers, investors, etc.