How to Master a Niche Market in Real Estate or any sales area

wonder technique

Many real estate agents work in every area a client request them. The phone rings and the buyer asks to see a property in an area the agent has no idea about and the agent says ‘Let’s go’. This is a mistake since if you don’t know the area how can you be an expert and show the potential buyer you can give them the service they deserve?

The key to a successful real estate career (in my opinion) is to specialize in a niche by doing so I have been able to increase business in a down market.

Here is some guidance I used to build business the last time the market crashed. Do not hesitate to contact me for more ideas.

One
Pick your Niche
Decide on what you want to be an expert on. Often this is a type of real estate (or product) that already has your interest. Don’t pick multiple niches just pick one that is big enough to generate enough clients but small enough that you can easily master it over time.

Two
Know your Niche
In real estate I visited every property that was for sale in my ‘niche’ area. This meant that when I got a call from a buyer or a seller I could talk to them about what their neighbor’s had for sale or what they just bought.

Three
Know the Terminology
To be an expert in niche you need to know the language. Did you ever go into a computer store and ask about a certain widget and the clerk had no idea what you were talking about since they worked in multiple departments. In real estate, if your focus is apartments in the ‘x’ area of town you need to know all the terminology. If your buyer is an international buyer you need to know what the terminology is in their country so you can bridge the knowledge gap.

Four
Keep Focused
Many salespeople choose a niche and then after a few weeks or months give it up since they don’t have clients ‘banging’ on their door for assistance. Reputation of expertise takes time so remember to give it time.

Five
Test and Re Test
Be willing to assess your success on a quarterly basis. Assess if there is indeed an interest in the niche you are focused on. Market’s change.

Any questions let us get in contact.

Be prosperous, be well,

David