Real Estate Customers Are NOT a Dying Breed

By
Real Estate Agent with Florida Supreme Realty SL514814
https://activerain.com/droplet/58Sc

We all want success in our business. To accomplish this you must have enough customers to buy into the service offered. Before you begin, time must be spent identifying who your customers will be. Every associate has a target in mind and like snowflakes, no two are identical. Everyone is a potential customer although evaluating them as your target market will take some effort. You must ask yourself who are my most likely customers? Then tailor your marketing and services to that particular group of customers.

Dodo BirdDefining Customers is an Important Requirement?

Your perception of who those customers are will enhance the chances of your business success. By definition your targeting can create a higher demand for your services. Provide the direction on how to tailor your services to fit the customer's needs. Allow for modification to better suit the desires of the customers. Show your most promising prospects the added value your service brings to them. Market more efficiently and effectively by KNOWING YOUR CUSTOMER. A boiler plate or blanket approach to your marketing may cause confusion for your target. Always make it a point to develop your marketing message which best appeals to your targeted prospects.

Newer associates may resist the benefit of defining a target customer base with thoughts that they are limiting business or reducing the amount of potential customers by doing so. Don't buy into the misconception. Identifying targets does not preclude your business from accepting customers which don't necessarily fit the expected profile. When that customer seeks your expertise you will still be readily available.

Your want should be to focus on those targeted customers who are most inclined to pay for your services in lieu of merely courting those that could become customers. Subscribe to your instincts of marketing efficiency with particular attention to expenses, time management and most important the customer. Without targeting the most inclined to pay your energies will be lost along with your time & money.

How to Define Market

You have the ability to define your target customers in any manner that fits your need. Targeting can be defined through occupation, hobbies, familial status, gender, income, neighborhood, geography or age plus many more. This means identifying specific characteristics of people and / or businesses who you believe are likely to need your service. These commonalities and characteristics are sometimes called a demographic profile. Use of this criteria will help you determine those customers who hold the most potential for your success. Painting your market with too broad of a stroke is a common mistake. In my experience you can't err on the side of being too specific with your target. How narrow you want your field is entirely up to you, however, I don't recommend a pointillist's method. As time moves on you will find your understanding of the art rather than it's science. The more carefully you can define the target the more likely it will be that your marketing efforts will bear fruit.

Yes, a Business Can Be a Customer Too

Selling to businesses can be lucrative due to their general ability to buy more than an individual can. Why limit yourself to one sale when a hundred or more is a possibility. Institutional Buyers can be a target for your efforts also. It's not necessarily an easy starting point but keep it's benefit as an option as you progress. Again, you'll need to define your specific target and how to distinguish your unique value to the customer.

A niche serves as the differentiating and critical function of distinguishing you from your direct competitors. Attempting to be everything for everybody is expensive and inefficient. Developing a strategy which caters to specific needs not fully served by other businesses can be very profitable. This is where the small business can thrive. A builder may use an operational niche while real estate associates benefit through the use of a customer based niche.

It's All in the Knowledge

Be confident that your niche contains enough customers to sustain your business. Find one in an area that displays an unmet demand and fill it with your specialty of service. We've gotten to know our customers, although we must also know the industry and who our competition is. All of these components will be malleable and change over time therefore the process is ongoing. Through continual observation and intuition your research will educate you about your market, its customers and your competition. Subtle adjustments to target the changing habits of these entities will assure your place in the niche. Learning about and constant monitoring of your market will easily identify when adjustments become necessary to remain profitable. After all, isn't that your goal?

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Tony and Suzanne Marriott, Associate Brokers 11/01/2016 11:50 PM
  2. Debbie Reynolds 11/11/2016 04:00 AM
  3. Gabe Sanders 11/18/2016 03:58 PM
  4. Winston Heverly 12/06/2016 09:45 PM
Topic:
Real Estate Sales and Marketing
Tags:
marketing
success
goals
customers
competition
knowledge
effort
efficiency
strategy
niches
effectiveness
adjustment
targeting

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Rainer
238,304
Greg Mona
eXp Realty - Chandler, AZ
Professional Real Estate Representation for YOU!

Wonderful post Kevin J. May.  A couple of points you wrote that resonated with me and that are most definitely true and applicable are as follows... Attempting to be everything for everybody is expensive and inefficient. (No truer words have been spoken!) and Subtle adjustments to target the changing habits of these entities will assure your place in the niche. Learning about and constant monitoring of your market will easily identify when adjustments become necessary to remain profitable. Again, very solid advice here.

Nov 03, 2016 07:25 AM #24
Rainmaker
575,181
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

So many things I have learned over the years and one of them is...you  never know where your next customer will come from!  It's important to stay in touch, do favors for people, work that niche market

Nov 03, 2016 08:45 AM #25
Rainer
582,041
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Awesome advice!!!

Find one in an area that displays an unmet demand and fill it with your specialty of service. 

Nov 03, 2016 09:10 PM #26
Rainmaker
3,251,254
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kevin

Great post . . . . If we want to be successful in real estate we have to have a continuous flow of customers.

Good luck and success.

Lou Ludwig

Nov 05, 2016 02:14 AM #27
Rainmaker
3,251,254
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kevin

Congratulations on receiving the feature on your post.

Good luck and success.

Lou Ludwig

Nov 05, 2016 02:16 AM #28
Rainmaker
4,432,838
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations on the well deserved feature post. Thank you for sharing . 

Nov 05, 2016 09:47 AM #29
Ambassador
4,202,900
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

                           thank you Kevin J. May 

Nov 05, 2016 10:37 AM #30
Rainmaker
1,826,627
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

This is a wonderful post to come back to as the end of the year approaches and we need to redo our business plans. Thanks! 

Nov 05, 2016 10:07 PM #31
Rainmaker
3,829,469
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Kevin. The only thing to do in life or business is to look forward but remember why.

Nov 05, 2016 11:11 PM #32
Rainmaker
3,384,227
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great post! I can see why Kathy chose to highlight it this week!

Nov 05, 2016 11:25 PM #33
Rainmaker
3,251,254
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kevin

Stopped back to bookmark your post.

Good luck and success.

Lou Ludwig

Nov 06, 2016 11:57 AM #34
Ambassador
2,352,280
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Kevin

What a great post, great comments and congrats on the featured from the AR Gods

Nov 07, 2016 11:15 AM #35
Ambassador
3,985,140
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Excellent post Kevin. You have put some deep thought into it and it is a lot to reflect on.  Thank you for sharing with us all. Congrats on the feature, too.

Nov 10, 2016 10:38 AM #37
Rainmaker
4,798,663
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks Kevin.  Some great insights and advice for those in this business.

Nov 10, 2016 07:47 PM #38
Rainmaker
1,384,422
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Congrats on your feature Kevin J. May !  I particularly enjoyed the section of Businesses can be a customer too.

Nov 10, 2016 10:17 PM #39
Ambassador
2,352,280
Robert Vegas Bob Swetz
Las Vegas, NV

Hello again Kevin,

Your very welcome, I really like your post, the comments and how you left replies to the comments

Nov 15, 2016 10:13 AM #40
Rainmaker
3,939,331
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Kevin J. May ,

Excellent advice..so glad I caught this post on Gabe Sanders reblog of your post! Congratulations on a well deserved featured post.

Nov 18, 2016 09:14 PM #41
Rainmaker
5,820,970
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Be confident that your niche contains enough customers to sustain your business.

Those successful in a niche will attract competition.

Dec 17, 2016 05:33 PM #42
Rainmaker
5,820,970
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Monday evening, Kevin. I hope you enjoyed the holiday weekend.

Have a most productive January and an outstanding 2017!

Jan 02, 2017 04:53 PM #43
Rainmaker
2,178,857
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

What a great post! Somehow, even though featured and shared by Kathy I still missed it. Glad I found it today! Congrats on the Feature!

Feb 09, 2017 12:37 PM #44
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Kevin J. May

Serving the Treasure & Paradise Coasts of Florida
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