29 Apr “Niching Down”
Welcome to This weeks Tip
In Real Estate (and business in general) it's best to NICHE DOWN.
Maybe you're a fresh new agent and that sounds like a dumb idea - Why would you risk losing business because you are focused on only one?
That's not what "niching down" means.
Niching down means having a clear focus on who your ideal target customer is and aligning your marketing to match.
If you’re new or old - what better time to establish that you’re the BOMB in a specific area.
Having a niche is important because if you try to cater to everyone your overall marketing and message won't speak to anyone. Your niche can also be linked to who your ideal client is. So, it's important you have a targeted niche market and speak to a customer or client in a certain way which they can really relate to.
Heres an Example:
Let’s say I sell luxury. Anyone who isn’t luxury, will still want to use me because they believe I will provide them luxury service. Or they’ll think I’m really good with numbers, financing, or understanding market value. For any doubters, you would look like a rock. For anyone frugal, you would look like a low risk investment.
See how that works?
Here's another one:
Let’s say I want to specialize in military. Well, people who move a lot are similar to military, people with bad credit are similar to military, a lot of first time home buyers are similar to military. You specialize in relocation but you also specialize in knowing what’s best for young families and old! Like retirees. You know where people can live to get the most out of life!
Sounds like you didn’t really cut yourself off from anything. See how that works?
“Niched down” means you've found your specialization and this specialization gives you further knowledge in a plethora of related areas.
We trust people who look like they have a passion for something.
Try this: “I have a passion for real estate” now try this “I have a passion for military personnel and relocation services within the real estate industry”
Who would you hire?
WHY DO THIS?
It’s much easier and smarter to deal with promoting to your neighborhood, to one city, to one price range, than the ENTIRE FREAKING WORLD.
Great article on niching:
There are tons of great resources for the cagillion niches you can focus on. Some basic examples assuming you are mainly doing residential sales are:
Your neighborhood, Luxury, Assisted living, Student housing, Military, Your church, Gated communities, Beachfront, Lake front
Before you decide, really think about not only what you WANT to do the most but also what your current experience leans the most towards.
If you lived in a certain midrange area your whole life but you want to do luxury in your area, you may want to start in your area, build some reputation and then move to luxury.
A good exercise is to stop and write a list of everything you want your real estate career to be and everything you currently enjoy doing / are involved with.
Once you create a list of these things, take the time to find out where these things intersect.