It’s tough to be a real estate agent or broker in today’s market. There are too many agents chasing too few buyers. Buyers are reluctant to spend. Credit is tight. And the economy is in a recession.
The problem with the real estate market is that there have always been too many agents trying to sell to the same buyers. Many of these agents are poorly trained part-time amateurs. This is the fault of big brokers who have encouraged everyone to get their license in order to get rich quick. Of course, once they have sold to their friends, neighbors, and relatives, they are soon out the door. Meanwhile, this system makes it harder for the true professionals to make a living.
So you might be on the verge of just giving up. After all there could be better opportunities with banks selling foreclosure property. Or perhaps you could fix up repossessed homes for resale. The debt-consolidation companies seem to be doing ok. Maybe you’ll look into an entirely different field.
But before you throw away all those years of experience and knowledge, why not consider re-inventing yourself by becoming a real estate expert in your own “niche”?
After all, there are still some bright spots. Prices are down. Interest rates are low. Some customers still hold good jobs with biomedical firms, computer companies, and medical organizations. And many baby boomers are looking to downsize, retire, or relocate. So real estate sales haven’t completely stopped.
The real estate agents and brokers who have outlasted the ups and downs of the economy are either the brokers who rely on churning through lots of agents or those who have specialized in a niche.
As a small agent or broker, you need to stop competing with all the part-time, low-paid, amateur real estate sales people. Become an expert in a niche. Specialize. Find a niche type of property that still sells. Get to know niche customers who have money to buy. Locate a niche geographical area that is still growing.
But how?
Start with looking back on your own sales career. What kind of properties have you had the most success with? What kind of buyers can you best sell to? Where are your favorite neighborhoods?
Do some research into the types of properties that are still selling. Where are the buyers with money to spend? What areas are growing?
Below are some lists of geographical areas, property types, and buyers to help you select your niche.
Geographical Area: Can you concentrate in one of these areas?
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Property Types: Could you learn what it takes to sell these properties?
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Buyers: Do you know where these buyers are? Do they know who you are?
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Tips to promote your niche:
Niche buyers: Join their associations (singles clubs, alumni, church, business groups). Participate in Social Media networking. Go to “Meet up”.
Business cards: Consider having multiple business cards that highlight your niche with words like “Downtown Living”, “Affordable Homes for Educators”, “Waterfront Views”, “Se habla español” etc.
Websites: Put up multiple websites with each one dedicated to a single niche.
The reason some new agents were successful in selling to friends, neighbors, and relatives is because people want to deal with someone who understands them – with someone that they are comfortable – with someone they share a “niche”.
While you can’t always become a relative, you can become their friend, neighbor, and real estate “expert”.
