Are You a Mega-Store Provider or the Specialized, Hometown Favorite? by Marylyn Schwartz
The nice thing about the real estate profession today is that the options for practicing within it are very diverse. While we acknowledge that the Internet is a critical component of an agent's overall marketing initiatives, there are several niche pursuits that suit some folks just fine. Those individuals prefer to specialize within a target market and hone his/her expertise in order to provide that market with exemplary service. While there is nothing wrong with being a jack-of-all-trades service provider, very few people are able to do all things well. When there is a formidable support network working with an agent, such as a franchise one-stop shopping system or a team, it becomes easier to provide multiple-service systems simultaneously. However, when you are a lone ranger or part of a small team, spreading yourself thin might be more problematic than effective. Be cautious of becoming a dilettante. (Look that up in your Funk and Wagnall's …) Some of the more popular niches are: SRES (senior real estate specialist); ABR (accredited buyer representative); commercial; new construction; land development; luxury homes; vacation homes and condo/co-op markets. What does it mean to develop expertise in a niche market? It means you are simply the best. Consider the following musts: - Have acquired all possible accreditations relative to the niche
- Are a member of and active in any groups, societies or organizations, both locally and nationally (internationally,) who cater to the specialty
- Created professional-looking marketing pieces and an Internet presence that articulates your qualifications in the pursuit of choice
- Know the folks in your marketplace who are involved in your niche. For example, if your specialty is SRES, you would introduce yourself to senior centers, assisted living facilities, attorneys that specialize in estate planning, participate in senior activities, offer relative seminars, etc. Cultivate ongoing relationships in all areas.
- Network with other real estate professionals within neighboring communities (not necessarily those served by you) who also pursue your niche. There is nothing more powerful than a committed mastermind group to move all members forward.
If and when you decide to specialize in a niche market, first create the implementation plan: do your homework and learn all there is to know about the niche to ensure it is for you; follow the steps above (it will take upwards of 1-2 years) with initial focus on getting your accreditations sewn up. Without credibility you will not be favorably positioned to succeed. Get some professional assistance when creating your marketing campaign. You are judged by the caliber and professionalism of your marketing. Marketing in building a niche is as important as it is in bringing a property to the attention of prospective purchasers. If no one knows you're out there, you're doomed before you begin. Whether you are taking a broad stroke to your career success or narrowing down the field and specializing, just remember that if the game is scheduled and you're going to play, you may as well win. Be the best! |
