Have you ever had a unique situation that required a unique professional? For example:
A medical issue that could only be addressed by a specialist, such as a foot surgeon?
A legal issue that required specialty knowledge, such as a real estate land specialist?
A home remodeling issue that was outside the scope of what a general contractor could do, such as historic siding repair or a unique pest issue?
If you had to call in a specialist, were they available right away? Probably not. Did they cost more? Most likely!
Why? That specialty knowledge is in-demand! If they charged what other non-specialty professionals charged, they would be inundated. Chances are, they were already inundated which is why it takes longer to schedule an appointment.
Let's do the math. According to the National Association of REALTORS®, there are approximately 1.5 million REALTORS in the U.S, and that doesn't include real estate agents who are not REALTORS. With 329.5 million people in the U.S., there is one REALTOR® for every 235 people. About ten years ago, that number was closer to one REALTOR for every 300 people. That is some steep competition that is continuing to grow. Specialization is what you need to compete!
Here are some other things to consider:
When you specialize in a niche and get the word out about your specialty, people will come to you. If you are thinking, “If you build it, they will come,” you are right!
Specialists won't be challenged on their commission as much as generalists.
When you specialize in an area, that can mean less driving time.
Think about the amount of time you spend on research – neighborhoods, rules, regulations, comparables, etc. When you specialize, that research time can be reduced because you KNOW the information.
Referrals increase when you niche – not just past clients, but other professionals will get the word out.
You can focus more on the type of real estate and people you enjoy.
Your book of business has more value which is important for strategizing your exit plan. Hello ongoing referral dollars while you have your toes in the sand!
When I was selling real estate, I had ample opportunities for focusing on a niche market:
I was Greek and the Greek community in Vancouver is a tight-knit community.
I grew up in the restaurant business and could have easily specialized in commercial restaurant properties.
When I was just getting started, I focused on a townhome community called Guilford Mews and became the go-to agent there.
Later in my career, I was able to make a name for myself in the luxury market.
I also had knowledge about investment properties and became a resource for out-of-area owners.
So what niche market should you specialize in? Have you been through a life event that resulted in your learning a lot about something and you want to be a resource for others? Start by making a list like this of your assets. Think about your community connections and your background. Think about your special interests.
All throughout March, we are going to be focused on niche marketing in our Zebra Reports and on our Denise Live! Tuesday trainings. If you have been thinking it is time to find a niche, but aren't sure where to start, join us. You can join Club Zebra FOR FREE which gives you access to all of my niche marketing ideas in March.
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By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.
