There are a lot of agents out there competing for a slice of the same real estate pie. As the saying goes, 20% of agents get 80% of the work. Selling real estate can be a tough job and requires an enormous amount of knowledge, skill and people smarts. And if you’re coming onboard as a rookie, the attrition stats go way up: roughly 87% of agents quit within the first five years in business. How to overcome this? Grow your real estate business by specializing.
SPECIALTIES TO CONSIDER – Types of Properties
As you ponder over how to stand out in a crowded business landscape, begin by deep-diving into what really motivates you and makes you want to wake up in the morning. From there, think about how you can apply that to your real estate business. Maybe you are a veteran, and have special insights into working with other veterans to realize the dream of homeownership. Perhaps you have kids in school and want to market your business around working with new arrivals in the school system. Or maybe you have a specific hobby, like horseback riding, that makes you an expert in everything involved with horse ownership and buying the right house for horse folks. And if you can’t quite pinpoint your specialty, here are some to consider:
- Relocation/New Arrivals
- Specific Neighborhoods
- Age Restricted
- Farm and Land
- Equestrian
- Luxury
- Resort/Second Homes
- New Construction
- College Towns
- Short Term Rentals (Airbnb, VRBO)
- Waterfront
- Mountain
- Golf Course/Country Club
- Green or Smart Homes
- Condos/Co-Ops
- Fix and Flips
SPECIALTIES TO CONSIDER – Clientele
In addition to specializing in property types, you can grow your real estate business by specializing in clientele types, too:
- First-time homebuyers
- Divorcing Couples
- Seniors/Downsizing
- Renters
- Military/Veterans
- Distressed Homeowners
- Immigrants/International
- Long-distance relocation
- Specific types of employment (doctors, teachers, first responders)
- Real estate investors
CHANCE, INTERESTS & EXPERTISE
Developing your specialty will likely be a combination of luck, your own personal interests, and areas where you’ve gained expertise. For example, if you are good at investing and understanding the market, you will probably work well with real estate investors who may seek you out for advice. With time and good work, you will become the go-to for investors and will develop a strong referral system for repeat business. This is your goal, and when this happens, you’ve hit the jackpot.
MENTORS, GROUPS, TEAMS & CERTIFICATIONS
Other ways to harness the power of specializing are to focus on relationships or certifications that will lend credibility to your business. Identify experts in the specialty you are focused on and develop a working relationship with them. Look into additional training or certifications in the area you want to specialize in so that you stand out. Join groups that are focused on what you want to specialize in, like the Chamber of Commerce, school committees, 1031 exchanges, and so forth.
MARKETING YOUR SPECIALTY REAL ESTATE BUSINESS
Specialization requires outside-the-box branding. Ditch the “normal” and go for “special.” For example, instead of using a personal brand that uses your name, go with a name and logo that emphasizes the specialty you serve. Don’t worry about losing other business in other areas – specializing requires that you go all-in. Make sure your website and other marketing materials showcase your specialty, and get rid of anything generic. Make a point to rub elbows with others in your specialty so you can get comfortable with “speaking the language” of your chosen specialty. Create content marketing that talks in-depth about your specialty and how you answer those needs.
When you grow you real estate business by specializing, you will tap into a new world that helps you be seen. Working in your specialty world will feel meaningful and bring you clients that are eager to work with you.