For the longest time now Real Estate Agents have come into the industry and tried to eke out a living by chasing every opportunity that presents itself. They are willing to drive long distances and work crazy hours just for a chance to earn a commission.
They will try to make themselves available to anyone and everyone. Which in turn spreads them quite thin.
What if there was a way to have people come to you? To close the door on all types of Real Estate and concentrate on one particular type. To have them call you because you are considered an authority in one type of Real Estate? To create a Niche Market!
Well this is what some savvy Real Estate Pro's have done and their real estate careers have taken off.
But Marty, wouldn't that Pigeon Hole me to one particular aspect of Real Estate Sales? Well let's look at an example in the real world of this happening.
If we look at the Hollywood Actor Danny Trejo, he is likely the most Pigeon holed actor I can think of in movies. He consistently shows up as the bad guy. He has a rough and tough look about him and usually plays the villain in a lot of movies.
He is not often considered for a leading man role in Hollywood but rather he is relegated to villain roles. Oh and by the way, he starred in 27 television and movies in 2010! Not bad for someone who is Pigeon Holed.
Not to mention his net worth is now more than 8 million dollars!
You see, he created a Niche Market for himself.
Anytime a producer needs someone for a villain role, he gets the call. Wouldn't it be great if every time someone needed to buy or sell a particular type of Real Estate, we got the call?
What I'm talking about is becoming a Real Estate Specialist in a particular sector of Real Estate. Creating a Niche market.
By becoming the "go to" person, you set yourself up as one of very few who are able to provide outstanding service and information that another REALTOR would not be able to provide.
Some examples of Realtors becoming authorities in their fields would be:
- First time Buyer Specialist
- A local Heritage home Agent
- A Real Estate Pro who works only with Investment Properties
- The Condo King!
- A Relocation Specialist
You get the picture.
By setting yourself up as a specialist in one aspect of Real Estate, you are no longer competing with the masses. You are telling the public that this is what I do and I do it better than anyone else!
But Marty, why would I want to Pigeon Hole myself into one box? Why would I want to shy away from other sales? Wouldn't that work against me?
A great point for sure. But think about it this way.
Let's say you have to get an operation, worse still let's say you need brain surgery. Would you let your family doctor perform the surgery or would you look for a specialist like a Neural Surgeon?
I think you can see the value in seeking out the Neural Surgeon. They are going to know how to do one thing, and that's brain surgery. They do it day in and day out. That's what they do. They are seen as the experts.
They make a great living at what they do by providing outstanding service that could not be provided by most doctors.
The same could be said about car mechanics. If you have an European car like a Mercedes, will you be taking it to a local garage or would you seek out a Mercedes specialist that works on their cars night and day?
I think you see where I'm going with this. If it's feasible in your area, then consider becoming a specialist in one type of real estate. Create a Niche market for yourself and excel at that Niche.
Now remember in order to be a specialist or to be perceived as the expert, you will need to back it up. Just telling people you are the expert doesn't make you one. You will need to provide outstanding service and information about your chosen niche of choice.
If we use the Condo King example above, you will need to set yourself apart from other Real Estate Agents by learning everything you can about your local Condo market. Things like pricing and sales are obvious. But what about learning all the condo fees for each building? What and when a new special assessment may be levied against the condo owners. You would need to learn which building are designated for seniors, which buildings allow pets, and so on.
You would need to figure out which buildings have better and more parking or which buildings have local transit to their doorsteps. Which buildings have the better amenities and which buildings have better views.
Any information you can provide to your clients above and beyond what other real estate agents are providing will set you apart. Over time, you will find that people will be seeking you out to represent them in Buying or Selling.
You will also notice other real estate agents will be referring you to their clients knowing that you know more than they do. They should know that you provide outstanding service and more importantly, will keep their clients happy and make them look good as well.
This is a strategy that you may want to think about as an option for your Real Estate Career.
Please do me a favor, if you are already doing this in your Real Estate Career then let us know in the comments below so we can share this with other Real Estate Agents who may be thinking about trying this strategy in their market place.
All the best and good luck!
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