As the real estate market picks up steam, real estate classes pick up students! Competition among real estate agents is intensifying, and will not slow down for the foreseeable future.
On another front, market gains make home sales look "easy" - giving rise to more sale-by-owner services and discount brokerages.
Meanwhile, technology has become a great equalizer. MLS listings are syndicated; real estate information is ubiquitous.
With all these challenges to your income, how do you get a larger slice of a shrinking pie?
Having a unique value proposition that differentiates you and your services is the first line of defense. Agents often present their markets and services too broadly, in fear of missing potential business. But the fact of the matter is, you cannot be everywhere at once, and not all client types will be profitable for you.
Finding and dominating your market niche is essential. You can do this by focusing on your strengths! Here are 4 suggestions to help you get started:
1. Serve the markets that you know best. Don't spread yourself too thin in your quest for business; your best profitability is close to home.
Claim your territory with targeted keywords in your websites, social media, and printed marketing materials. Make your name synonymous with the markets you serve. There will always be competition; don't make it easy for them by conceding your home turf.
2. Focus on your passion and define your niche. If you love home staging and selling homes, concentrate on that aspect of business, and promote the heck out of it.
If you love helping people flip homes, focus on investors and fixer-uppers. If you are a champion for home buyers, then dedicate yourself to buyer agency. Think of the real estate industry like the medical profession - there are general practitioners, and then there are specialists. Where do you fit best?
3. Remember why you're in this business. This goes with point #2 above. If money is your sole motivator, it won't be enough to sustain you in real estate. You have to honestly care about your clients and their needs. Your clients are going to come to you with their hopes, fears, and problems. They will entrust you with the details of their personal lives and the largest financial transaction of their lives. You have a lot to live up to!
4. Create relationships. If you only focus on the transaction, you'll only get a closing. If you focus on building a genuine relationship, you'll have a client for life - and referrals!
Remember, you never know who your client knows. Their sphere of influence could make (or break) your business. Take no one for granted!
Need a little help defining your message? We're here for you! Contact RealSupport for help with your professional biography, unique value proposition, and personal branding!
Copywriting & Marketing Specialist