Being a generalist Realtor is the quickest way to jump into Real Estate and close a sale. Being a Specialist is the quickest way to make a lot of money and become an expert to many many clients.
I love to go to Networking events and meet new people that are in sales and you can quickly tell the difference between the one just piddling along and the one that is killing it in their field. The “piddler” has a large cache of products and services while at the same time you can ask the “killer” what he sells and he drills through a list of specific products that are tailored to solve the problems of you their particular audience. Try it. Go to an event and as you are making small talk as them “So tell me who your target market is and what you sell them”. One answer will be different then the others. I am blown away by the focus and intention of a really great salesperson because do they not only know how to close a deal, they know how to get you to close yourself. Every type of salesperson can use this strategy and in my case Realtors should be “killers” in a particular field or market.
So how does a Realtor become a “killer” in selling homes or commercial property? They first have to start with a specialty. When I began I latched onto being a SR 32 listing agent in Westfield specializing in Retail and commercial land. Let me just say that to this day, 8 years later, people still call me and ask whats going on along SR 32 and how can their clients get in. But that is not the answer for all Realtors especially selling homes. Realtors that sell homes need to find a niche or a specific product that differentiates them from the other 4 billion Realtors trying to sell to your 9 friends and family. Realtors need to stand out from the norm and leverage their ability to know more and more faster about a particular product then the agent pulling up behind them. So how do you do this? Below is a quick list of ideas and strategies that will help you create that niche market that will make buyers and sellers pick up the phone long after you meet and consider you to be the best option in their current situation.
1. Pick Something – I hear it all the time that Realtors don’t know what to create as their niche. I always say, just pick something. Don’t over think it but act on it. What do you like to sell or what is your favorite part of town to visit? It doesn’t matter as long as you will be ok with focusing on it and not mind making a bunch of money selling it. I picked a busy road in an emerging market but you can pick a price range or neighborhood that has a lot of activity or is needing some serious attention.
2. Tell your story – I hear it all the time that Realtors don’t know how to get a buy-in. Telling your story and explaining to people that you are passionate about your niche is important. Meet with people and talk to them about your niche. People want to know the go to person when their friends ask for a referral. By teaching people about your niche or area of expertise, you in turn give them information to share with their friends and making them the expert. See how many people win?
3. Become the Expert – I hear it all the time that Realtors don’t know how to follow through and become the expert. Sure its not going to be something that you create a FB post, have 2 private meetings and maybe do a mailer in that area and boom you are known as the expert. It takes time and dedication. You must study and not BS your way into knowing what you are talking about. Its a daily task to learn as much as you can and maintain your knowledge of that particular niche. Whether its knowing the current prices or activity in a neighborhood, having the best loan option or being able to guide a first time buyer through the process you have to work hard to keep your skills up. There will always be someone learning a little bit faster or more coming up behind you.
Being an expert is key to long term success in Real Estate I firmly believe. I feel like I live it everyday and have watched people flourish professionally by taking the niche approach. If your sales are inconsistent or you just can’t figure out a good way to create deals, you should consider taking a step back and creating a niche for your business. My favorite quote in sales is “Market Specifically and Sell Generally” and it could not be any more true when selling Real Estate.