Agents: To Specialize or Not to Specialize?

Agents: To Specialize or Not to Specialize? When I first got into real estate in 2003, I'll never forget being told I needed to specialize in selling a particular type of real estate. I even read in some of my real estate magazines that the only way to be successful, is to specialize and become an expert in that specialization. Well, I did just that and now where am I? I specialized myself right out of the market! The types of properties I was selling most were equestrian properties and farms. After the mortgage and real estate downturn, those types properties were no longer selling. I had to quickly adjust to the market - the first time homebuyer market - for which I didn't have much experience or reputation. Even with my quick change of strategy, my income fell right along with the market. What did I learn from this experience? I think the best hedge against market fallout is to either diversify your talent (which I have done) or build a team that represents all aspects of the market. Your thoughts?