Do YOU suffer from FOMO?

By
Services for Real Estate Pros with Marte Cliff Copywriting

Ron and Alexndra Seigel wrote about FOMO (fear of missing out) with regard to marketing. They were discussing it from the consumer’s point of view.

But in real estate, there’s another side: that of the agent.

FOMO is, I believe, the reason why so many agents resist choosing and developing a niche market or even a geographic territory.

They’re so afraid of missing a buyer or seller that they try to appeal to everyone, everywhere, and thus become a “Jack of all trades.” As you know, the rest of that old saying is “…and master of none.”

Because they don’t focus, they don’t become expert at anything.

Thus, their value – when compared to a specialist – is minimal. When asked a specific question, such as “What school district serves this house?” they have to say “I don’t know, but I’ll find out.”

Now, there’s nothing wrong with saying you don’t know, but you’re more valuable to your clients when you already know the answer to questions like that.

When an agent focuses on a specific type of real estate, a specific type of client, or a narrowly defined geographic area, they CAN become the expert.

In a geographic area, they can learn everything about the taxes, the zoning, the regulations, the services, the schools, the transportation, the employment opportunities, the shopping, and the recreational opportunities.

If they choose to serve first time buyers, they can learn everything about financing programs and possible help that’s available, and they can learn how to best teach first time buyers about the entire home buying process.

If they choose to focus on waterfront properties they can become the expert who knows what’s for sale, what has sold, and for how much. They can also learn all about the regulations that govern use of waterfront properties in a given location.

Choose any niche and there are things that people need to know before they buy or sell. A specialist can learn those things. A generalist simply doesn’t have time.

A second benefit to choosing a niche, especially in a defined area, is that of saving time and money. Instead of spending half the day driving across town (or across the county), some “territorial” agents have all of their listings within a 2 or 3 mile radius. Others confine their activities to 2 or 3 large condominium complexes. Since gasoline isn’t free that saves them money as well as time.

It also allows them to focus their marketing efforts. Trying to write an ad or a letter that appeals to everyone is a tough job. Writing to appeal to a specific market is much easier.

Blogging about a neighborhood or a niche is also easier, and more beneficial, than blogging about real estate in general.

When you write extensively about your specialty, you become known as the expert. You also give yourself a “leg up” with Google in competing with the giant real estate sites. Zillow may have page after page with homes in your territory, but you may be the only one writing about local attractions, stores, events, and even community yard sales. You may also be the only one with a comprehensive market report. You may be the only one who attends City Council meetings and reports on future plans.

When you give your blogging a base of informative static pages on your website, you’ll make yourself even more popular with prospects – and with Google.

You can't serve everyone, even if you try.

You can’t possibly list every house or help every buyer in your city or county, but you CAN become the one who lists most of the houses or helps most of the buyers in your chosen territory or niche, simply because you have become known as the expert.

Don’t let fear of missing out cause you to actually miss out on the success that can be yours if you focus.

Prospecting letters from Copy by Marte can help...

Whether you’re ready to develop a geographic territory or want to appeal to a specific niche, you’ll find the real estate prospecting letters you need at Copy by Marte.

And… if your specialty isn’t there, just get in touch and let me know what you need. Every real estate prospecting letter set on that page is there because one or more agents told me they needed it.

Image courtesy of imagerymajestic at FreeDigitalPhotos.net

This post first appeared at:h ttps://copybymarte.com/do-you-suffer-from-foma/

Comments (23)

Kathy Streib
Cypress, TX
Home Stager/Redesign

                 

                            Thank you Marte Cliff 

 

Jun 10, 2017 05:31 PM
Marte Cliff

Thank you Kathy Streib 

Jun 11, 2017 09:02 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have made peace with myself and the wold around me.  I take  it one day at a time

Jun 10, 2017 05:43 PM
Marte Cliff

That's a good plan William Feela.

Jun 10, 2017 06:30 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Nice blog, Marte.  We cannot be experts in everything. Over time we develop experience which can be applied, but knowing a specific area well can create a business model that can provide us with work for years to come.

Jun 10, 2017 05:48 PM
Marte Cliff

Yes it can Lynnea Miller.

Jun 10, 2017 06:31 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Marte Cliff - we all know, Zig's quote - “If you aim at nothing, you will hit it every time.”

It's the hope that something will stick if we just keep on throwing....

Jun 10, 2017 09:33 PM
Marte Cliff

I think you're right Praful Thakkar - and it's difficult to convince new agents that it isn't a good plan.

Jun 10, 2017 10:21 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Marte, I have to echo Dick Greenberg  having been in the business for over 24+ years, everyone knows I am the greater Los Angeles Land Expert...land man, land king...etc but they also know I am the International Buyer & Seller specialist in Beverly Hills and I could go on and on....Endre

Jun 10, 2017 09:58 PM
Marte Cliff

I do agree with you and Dick, Endre Barath, Jr. - With time and attention you can become an expert in many different niches.


I've also known agents who had been in the business for 20 years and still couldn't properly fill out a purchase and sale agreement. (But that's a whole other subject.)


I would just like to convince new agents to start somewhere and learn it well - then go on to add more.

Jun 10, 2017 10:24 PM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yep, and specialist provide much more value.  BTW, the majority of flooring jobs that are messed up are done by generalists (e..g general contractors and handymen  and/or people that don't do floors all the time).  They make amateur mistakes and don't have right equipment.

Jun 11, 2017 03:46 AM
Marte Cliff

Debbie Gartner - Having lived with the construction business most of my life, I certainly agree that most tasks require a specialist.

Jun 11, 2017 09:04 AM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Oh, and you reminded me about an article I started to draft a few months ago, but I may do that article in 2-3 weeks.  And, you gave me an idea for a series for one of my clients.

Jun 11, 2017 03:47 AM
Marte Cliff

That's wonderful Debbie Gartner. I'm always happy to become a catalyst! 

Jun 11, 2017 09:05 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Marte Cliff ,

An excellent post and glad Kathy Streib feature it i her "Ah-Ha" moments for the week as I missed it. Focusing on a niche is always in the best interest of a Real Estate agent if they are looking for a constant source of business and steady income!

Jun 11, 2017 06:03 AM
Marte Cliff

I think so too Dorie Dillard - In some small communities an agent almost has to be a generalist, because they wouldn't have enough clients to survive in just one niche. But where there's a large population, becoming THE expert in a niche is always more profitable.

Jun 11, 2017 09:07 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

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

Jun 11, 2017 06:26 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Marte,
I am absolutely on the "become an expert" bandwagon.  And, I especially like your comment back to Endre:  "I would just like to convince new agents to start somewhere and learn it well - then go on to add more."

Jun 11, 2017 07:54 AM
Marte Cliff

Carol Williams I suppose it's human nature to want to start at the top, but in most cases, it just doesn't work that way.

Jun 11, 2017 09:08 AM
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Marte ...

Wonderful post and featured to the group:

 

EXPRESS WITH WORDS AT ACTIVERAIN

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Jun 11, 2017 09:23 AM
Marte Cliff

Thank you Robert Vegas Bob Swetz!

Jun 11, 2017 10:14 AM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

When I watched local TV an anchorman retired and said he was going to become a realtor something he always wanted to do.

Two weeks later I stopped at a vacant property left my card. Not interested in the ridiculous steep price.  In five minutes, I got a call the agent (actually that TV anchorman's wife) told me they spent $300K more getting the house on the market and whether I have a buyer. Must bring them there right now. I feel like hanging up my phone.

Jun 11, 2017 09:46 AM
Marte Cliff

Sam Shueh I predict a short and unproductive career in real estate for that anchorman and his wife.

Jun 11, 2017 10:15 AM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Great post Marte - as usual!  You always offer good advice as well as show a path to making things happen.

Jun 11, 2017 10:42 AM
Marte Cliff

Thanks Anna Banana Kruchten, CRS - There's no sense in pointing out a problem without some kind of solution.


I talk to young agents who want to cover several counties. In the East, where states are small, some of them want the entire state to be "their territory."

Jun 11, 2017 11:14 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Marte

I missed Ron and ALexandra's ppost but will take it in, but this perspective is so true of many agents I think. And certainly true in other businesses as well. I liked how you discussed the issue but then offered ways to address it so those in need can learn.

Jeff

Jun 12, 2017 01:57 PM
Marte Cliff

Thanks Jeff Dowler - This is something I wish we could teach every new agent, but many are too afraid of missing something to listen.

Jun 12, 2017 02:45 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Marte -  I love the acronym. It certainly tells why people are all over the place so to speak. Less really in more and niches are very successful. 

Jun 13, 2017 09:23 AM
Marte Cliff

Grant Schneider - Wish I could take credit it for it, but I got it from Ron and Alexndra Seigel.

Jun 13, 2017 09:52 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Marte, great post, and having a solid niche is so important, but adding a couple more doesn't hurt either.

Jun 15, 2017 09:04 AM
Marte Cliff

Right Joan Cox - adding more as you gain knowledge is a good idea.

Jun 15, 2017 01:09 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Marte,

Apologies for not having taken the time to comment, we were on vacation, and I did the bare minimum on AR.  I agree with you, and one can expand their niche.  As we have traveled so much for work accross the US and overseas, we have added businesses outside the real estate field that are in town, as long as we resonate with them.  A

Jun 16, 2017 12:07 PM
Marte Cliff

No need to apologize Ron and Alexandra Seigel. Adding business is an interesting way to expand on your niche. Sounds like fun! 

Jun 17, 2017 10:34 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I agree Marte that agents fear losing business of any type and therefore spread themselves too thin. By focusing on a smaller segment or niche, more business will come their way, but it is hard to convince them of that fact.

Jun 18, 2017 11:28 AM
Marte Cliff

It sure is, Debbie Reynolds. I tell them that creating a niche and focusing their education and their marketing on that niche doesn't mean that they have to say no to someone who wants them to list a house out of the niche. 


 

Jun 18, 2017 12:15 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

It is easier when you don't try to know it all!  Choose niche, educate self, promote self, deliver results...easy peasy (yes, its not a word!).

Jul 10, 2017 10:08 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

OK Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC - that term is used so often that I had to go look. And peasy IS a word. Here's what en.oxforddictionaries.com says:

British
informal

Very simple, easy. Also as interjection Compare "easy-peasy [interjection, adverb]".

It's also lead ore in the form of small grains.

Jul 10, 2017 01:47 PM