Have You Mastered a Niche Market?
Remember when you first got into the business? You needed to work with every type of buyer, all property types and every type of financing—just to make ends meet!
However, there is a danger in being a “generalist”. The other day, I got a call from a friend of mine who wanted to buy a new home under construction. The real estate agent they were working with did not have the experience needed in ironing out the details with the buyer and the builder. My friend was frustrated—calling everyone she knew, looking for advice! The agent actually did a disservice to my friend—and himself—by not knowing (learning) how new construction deals work.
In an economy like this, you must consider developing a niche market! When you do that, not only will you stand out from the crowd, but your marketing becomes more focused and you’ll find you get more leads.
Think of your real estate license as an undergraduate degree. A niche market is your “masters degree”. Here are some suggestions:
- 1st time buyers
- 2nd time buyers
- New construction
- Modular Homes
- Gay/Lesbian Community
- Foreign Buyers
- Ethnic Communities
The biggest hurdle is your mindset—fear that you’ll miss out on other real estate transactions. No, you won’t. Those deals will still be there. Setting up a niche gives you the chance to be known as the expert—and consider it as another pillar of your business—where you get additional leads over and above the ones you already get.
One last thought…there’s no reason why you can’t have 2 or 3 different niches—as long as you market them separately and become proficient (think masters degree) in each one of them.
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