My real estate career has been all about niches. When I entered real estate in 1989 it was foreclosures that segued to buyers agency that segued to listings, that shifted to investment real estate, that had to move to short sales, and then back to investment real estate. As The Grateful Dead sang, what a long strange trip it's been. I have always believed in core competence and I have always believed in the power of change. You observe the market, you make the adjustments you need, and then you go all in. I used to think it was about finding your passion but no more. You chose a niche, you develop a core competence where you can say no one does it better, you have success, and that success creates passion. This is not rocket science, this is real estate.
The Present: Why would I change now? I have a highly successful investment real estate sales business, an explosive growth in a property management company, and and have just formed a company that creates and administers HOAs. With this being having a tiger by the tale I have no need to have to change but the issue is I want to change I have grown tired of Oklahoma, I am 70 years old, and I have a second home in Jupiter Florida with investment property there. Call it wanderlust but that is not it. What it is about is a challenge, can I pick up stakes and move to a different location? What would I do if I did?
The Real Estate Guarantee: You want to know what I love most about real estate? It is a profession unlike any other because you are never unemployed and it is not bound by location. You can pick up stakes, move anywhere, and there will be a broker who will gladly take you on. I admit that every market has different niches that may take precedence over others but if you have been a successful entrepreneur you know it is all about connecting the dots. You observe, you commit, you adjust, and Seattle becomes you oyster just like Oklahoma City was. So the reality of this is I am planning with my wife to make the transition to Jupiter Florida so this exercise is not just hypothetical, it's going to happen.
What is my choice: If you have read this far you know the choice is obvious, investment real estate. We already have experience with short term rentals with VRBO and AirBnB so we will choose a niche within a niche. The first step is to get licensed and we are doing that this year. The next step has already been taken in that we have had the pleasure of an AR meet up and met people around us as, and thank you Kathy Strieb for that, as well as REALTORS® we know, contractors we have met but there is so much more to do.
What's next? Yes we know much about the market but we need to get licensed, find a broker, network with agents, and seek out what makes sense to sell and where it is. As someone who has sold investments for 28 years I know the metrics of return on investment and I know how to market it. I would ally myself with investment groups I know about, seek out groups I know exist, and work joint promotions. I would continue my Youtube videos that will inform others that I have changed locations but the goal remains the same, building long term wealth. But the absolute number one is your most precious resource, your database. I hope anyone facing relocation of their business has a complete and sophisticated database. If you have people who have put their trust into you then they will follow you. Without doubt a Mailchimp marketing campaign would be first, even dare I say it though I hate it, a paper campaign, this is about pulling out all the stops.
Final thoughts: I believe that being a master of one is better than being a master of none. I have seen so many agents that spread themselves out without the courage to make choices. I see agents who think that continuing education is about retaining and extending a license versus mastery and that is a HUGE mistake. If you know something cold or maybe even more than one section of real estate cold, you will never go hungry and you choices are endless. For me it is the ocean in Florida, it is a lifestyle I want that can be maintained because there is another type of investment that is universal. It is investment in yourself. of course that involves real estate education but is it so much more. I have worked hard and learned hard for one main thing, choice. I can work or I can quit without guilt or worry. I can move anywhere and I know I will be OK.
Final Final Thought: In Shakespeare's The Tempest Sebastian says, "What's past is prologue". Everything you have done to gain mastery over you niches sets the stage for the next act of your play. I hope that when you get to the final act of your drama, you can say to yourself I left nothing on the table. I feel that is coming for me. Love your niche, live you niche.
Comments (29)Subscribe to CommentsComment