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I Love my Niches to Pieces

By
Real Estate Agent with The Virtual Real Estate Team 104556

What niche is magic?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)

James Dray
Fathom Realty - Bentonville, AR

Morning Joe.

I love a plan, you sir have a plan that I'm sure will work.  

Jul 29, 2018 02:45 AM
Cathy Criado
Criado Realty - San Antonio, TX
Making Real Estate Profitable

Lots of thougths shared here, thanks!! Thanks for putting so much of yourself out there!! Happy Sunday!

Jul 29, 2018 03:51 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Joe. I like anyone who can quote Shakespeare and make it meaningful. Great job here.

Jul 29, 2018 05:34 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I can tell from your posts that you have done very well with your niches and it has definitely led to a very happy career for you!

Jul 29, 2018 06:59 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 / Prop. Mgr, Wenatchee, WA

Hi Joe,
So much packed into this post.  I love your attitude toward education. I wish you all the best during your transition to Florida. 

Jul 29, 2018 07:36 AM
Roy Kelley
Retired - Gaithersburg, MD

Your model for success is one that many should follow.

There is nothing wrong with having operations in more than one state.

 

Jul 29, 2018 10:01 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

You paved the way for success Joe, I enjoyed reading about your niches! Congrats on your many years in the industry and I wish you the best with your move.

Jul 29, 2018 06:30 PM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Congrats on your success and I know with you action plan you are going to continue to succeed very well in this real estate business.

Jul 30, 2018 06:04 AM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

We entered the real estate business in the same decade, within a year of each other! And our niches evolved as the market changed. Out of necessity is the mother of invention. Best of luck to you and your wife as you transition into your new niche. I admire you for taking the plunge.

Jul 30, 2018 12:12 PM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Joe I would wish you luck - but I think you will make your own "luck" just as you have always.  Another quote from the Grateful Dead, just "keep on truckin" and I wish you all the best in your new niche location!

Jul 30, 2018 07:17 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

You know, loving what you do is really important, Joe. And, your passion shines through in your success. You're truly inspiring!

Jul 30, 2018 08:30 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Joe Pryor - You excel! It wasn't easy in the beginning; yet you persevered. I find you to be simply amazing and I'm sure you have enough material to write a series of real estate investment journals for prospective investors. I especially liked when you shared the secret: 

"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..."

Thank you, Joe. You are an extraordinary man and outstanding business owner too! 

 

Jul 30, 2018 10:32 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Joe Pryor you have a well thought through plan that you are implementing well.  I see a full-time life in Florida in your future!

Jul 31, 2018 08:08 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Joe - that is an inspiration.  I am sure that your nex act will be a meaningful as the last.

Aug 01, 2018 08:02 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

Well said and very inspirational Joe.

being a master of one is better than being a master of none

Aug 01, 2018 02:23 PM
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Hi Joe,  I thoroughly enjoyed your post!  It takes courage to pick up and move.  Good for you!  Follow your dreams.  I did exactly that too.  It was hard in some ways but worth it.

Aug 02, 2018 12:01 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

You have had quite a journey. The foreclosure market offered many opportunities and enabled many investors to get ahead. I did REO's back then and was covered up.

Aug 04, 2018 05:53 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Joe, sounds like you have done it all, and know what niche works for you.  Best of luck on your transition.

Aug 05, 2018 01:25 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck in achieving your goals. I love the post and the quote

Aug 07, 2018 04:52 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

It's an exciting thing to do - pull up stakes and forge a whole new life in a different location.  Best of luck to you and your wife.

Oct 02, 2018 10:43 AM