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As all eyes turn to implementation of the terms of the National Association of Realtors settlement, agents and coaches are debating how to define the services they provide and communicate their value.
Taking on the role of an expert – and expressing expertise through effective branding and marketing – can quickly develop professional relationships and convince key market segments that you are the right choice for their highly specialized real estate needs.
Generalists and Specialists
Before the advent of the internet, social media, and IDX solutions, real estate agents had a narrow job scope. You often hear, “Jo Smith ‘owns’ that neighborhood.” Or, “Betty Brown has sewn that apartment building together.”
Once an agent “locks in” on a specific niche, they can own it for their entire career. Repeat and referral business is plentiful, and agents have no need or inclination to step out of their comfortable niche to view or list properties elsewhere. Word of mouth is their best marketing tool.
There are several reasons why this model is so common. First, working any other way is exhausting. The brainpower and time required to understand an entire market segment drains valuable resources. Second, homebuyers rely on agents as their source of information when it comes to specific information about neighborhoods, school systems, and area amenities.
Finally, without the many digital tools we have at our fingertips today, wet signatures would be required at every stage of the negotiation process. This requires a face-to-face meeting. All things considered, selling in a specific geographic area makes good business sense.
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The Internet, Multiple Listing Service (MLS) and IDX solutions have revolutionized the industry, allowing agents to sell and list to virtually anyone, anywhere, anytime. Isn’t it grand?
Or is it? Because of this amazing age of accessibility and information sharing, the real estate industry is now filled with non-experts. Most agents fall into the “jack of all trades, master of none” category. They are typical, ordinary, ordinary, and fungible.
Consumers say the same. They view real estate agents as a commodity. Even with years of experience, many agents wonder why their business remains mediocre and they make mediocre money. This is because they act like regular, mediocre salespeople.
become an expert
Experts in every field are paid more and are in high demand because they are actually special. Choosing a niche and becoming an expert in that niche is how you become unique. This is how you stand out in a mediocre industry.
Here are some signs that a niche may be right for you and your business.
- It comes alive with you. Just thinking about it makes you excited.
- No matter what, you will always find yourself there. It seemed like a natural attraction.
- You are passionate and curious about it, or you are already an expert in it.
If you choose your niche solely based on ROI, status, image, or because your best friend thinks it’s cool, you’re likely to be disappointed. It has to be about you and what works for you, your personality and your area of genius. Otherwise, you may not have enough stamina to complete the walk.
This decision must also take into account common sense. If you’ve decided to focus your niche entirely on oceanfront properties and you only have 2 miles of shoreline within 20 miles of your home or office, you need to think again. Or if you decide to provide housing for seniors (because seniors are the fastest growing population) but hate “seniors”, then go ahead.
Here are five benefits of becoming an expert.
- Stand out from the mediocre crowd. Ordinary people making ordinary money.
- Create more opportunities to have more conversations. Enjoy talking about interesting and relevant topics with like-minded people.
- Expand your network of satisfied customers. Repeat business and referral business come from relationships.
- Gain media attention, speaking engagements, VIP invitations, sponsorship opportunities and exclusive access.
- Give yourself more time and energy. When you put your mind to it, rather than scrambling to create to please everyone, you have more time and energy to focus on your career and the things that matter most in life.
A few words about narrowing your niche. Some categories are too vague to effectively create clear points of difference. If one is focusing on luxury, commercial, seniors, condos, oceanfront, or distressed properties, one needs to dig deeper.
A niche that is too vague will leave consumers asking, “What’s so special about it?” There are countless luxury real estate agents, commercial brokers, and high-end specialists out there. When everyone is an expert, no one is an expert. Carve out your unique niche within a larger niche category.
How to get started
When you’re ready to say, “I’ve chosen my niche. I’m excited, passionate, and already have considerable experience in the field I want to master,” that’s just the beginning. There is still something to be done.
Step 1: Gather information
You are going to study for a Ph.D. peers in your chosen niche. To do that, you need to do anything a PhD would do. What candidates do: Research. a lot of.
Start by visiting those who are buying and selling in your niche. Find out what they liked, didn’t like, and what they would want to get out of their real estate experience if they chose to do it again.
Visit and research all relevant services, community buildings, retailers and landmarks relevant to your niche. Become an expert in all areas. Google keywords relevant to your niche. See what pops up. track. Explore the terrain. Get familiar with it.
Reach out to key people in your niche. Are you a luxury agent specializing in oceanfront properties? Go meet yacht brokers, marina owners and boat mechanics. Plan to attend every boat show in the area.
Learn everything there is to know about every property that appears in your niche service area or property type. It’s your job to know more than other agents. Even the listing agent.
Join online groups, civic organizations, nonprofit boards, and networking groups to become familiar with influencers. Add value to these groups. Be consistent and have fun.
Record notes and sources to inform your database and develop a library of all the information you have accumulated.
Step 2: Add value
Give before you get. This is the law of reciprocity.
Why do you think real estate agents receive such criticism? Because they look greedy. They say “Give me, give me” before giving something of value in return. They start asking for referrals before they have established rapport and established a relationship.
Not sure how to add value? Start some educational and informative blogs, sponsor events, teach classes, volunteer and get involved.
When it comes to connecting with people and building valuable relationships, I highly recommend reading 7 levels of communication Author: Michael Maher, real estate agent in Kansas City, Kansas. It’s a short read and provides great strategies for becoming an icon, no matter what niche you choose.
Step Three: Build and Promote Your Brand
Creating your niche is one thing, but building a brand around it is another. The goal is to make it clear to the world that you are different. You know more and have more to offer than other agents they may know or follow. Your social feeds should reflect your expertise, as well as your website, printed materials, and email signature.
Sometimes agents get nervous about doing things differently. For example, an agent might say, “If I were an oceanfront specialist, I wouldn’t get any inland listings,” or “If I focused on seniors, no young people would call me.” Your well-intentioned agent You may even question your decisions because when you become an expert you will begin to challenge the status quo of most brokerages. Sadly, many of them want you to stay average – it will be easier for you to manage.
Put aside internal reservations and external expectations and trust that, although you may miss out on some potential sales (which is unlikely), you will attract more sales because of differentiation and specialization. Mastering a niche will not only make you more valuable in the eyes of consumers, but it will also make selling real estate a more interesting and enjoyable career.
Dr. Nikki Buckelew is Seniors Real Estate Academyis a coaching training and education organization dedicated to helping real estate agents better serve mature markets. she is “Senior-Centered Real Estate: My Path to Purpose.” Contact her: SeniorsRealEstateInstitute.com or 512-842-6011.
