With Halloween just around the corner, a host of scary movies and events come to the forefront to highlight this spooky time of year. Yet, most of us aren’t rushing out the door to search for this years costume or find ourselves headed to the nearest haunted house in hopes of being spooked. We’ve turned our attention to the kids in our lives who can’t wait to go trick-or-treating, or we can’t wait to take pictures of our reluctant pets in their cute costumes.
Yet, while we may not be jumping into the Halloween spirit, there are a few fears that are alive and well when it comes to our business. Whether you recognize your fears or they’re so ingrained into your business practices you don’t even know they exist; facing your fears head on can be just the thing to get your business moving in the right direction.
One of the fears that many real estate agents may have is letting go of their niche market. (I’m sure there’s a collective gasp out there.)
As Real Estate Virtual Assistants, we have always highlighted the benefit of finding your niche market and honing in on a specific customer so that you know the ins and outs of their needs and wants. It’s a great way to market yourself and to become an expert in your field. We’ve worked with clients in niche markets such as empty nesters, first time home owners, golf communities, lakefront properties, vacation homes, the list goes on and on....
So, you may be wondering, if we’ve pushed niche markets in the past, how does today’s post fit? Here’s the deal: some agents are so set on their niche market, they aren’t aware when it’s no longer working in their favor.
The fact of the matter is, the market has changed and as real estate agents, it’s important to keep adapting in order to keep up and stay on your game. While vacation homes may have been a huge market when you first started out, it’s not as high of a priority today and your business could be suffering from trying to make your niche work.
Don’t be afraid to let go and branch out to find a renewed success for you and your company!
Here are three key questions to ask about your niche market.
1. Is it relevant to today’s market? As mentioned previously, a niche for vacation homes may not be as successful in today’s market of tightening belts and downsizing. Or, let’s say you’ve honed in on empty nesters in your community, but the market is booming with families or young professionals that are buying for the first time. If there are fewer and fewer empty nesters in your area, it could be time to let go of your niche.
2. Is my profit consistent or growing year over year? If you’ve found that, after crunching the numbers, your business has become less profitable over the past few years; it’s time for a change. Looking at the bottom line can be sobering, but can be the catalyst to help you take the necessary steps in order for your business to thrive.
3. Is this where my passion lies? Sometimes things that we used to be passionate about can fade over time, and this can happen with our niche market. Twenty years ago, you may have been excited about working with young families, but now that you’re older, you may want to broaden your market so that you’re not boxed in. It’s okay to let your niche go if it’s not something you feel you can get excited about anymore.
The point of all of this is, don’t be afraid to let go of your niche market and expand your client base! Niche markets aren’t for everyone, and while it may have worked for you in the past; it might not be now. As the market continues to change, be willing to embrace it and take on new challenges that can grow your business!
Of course, if you have a niche market and found that after asking yourselves these three questions your niche market is still going strong; that’s great! We are not saying that everyone needs to give up their niche market or that it can’t be completely successful; it’s simply a matter of evaluating and adapting on a regular basis to ensure your business is as successful as it can be.
Still a little fearful of making the change? We’d love to talk with you about how we can help you make the transition! Please contact us today to discuss your specific needs and how we can work with you to reach your goals!
Have a safe and happy Halloween!
Blogging & Copywriting Specialist