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Find Your Niche: Becoming a Real Estate Specialist

August 06 2014

niche realtycommander1It is estimated that there are roughly 1.2 million members of the National Association of Realtors®, plus an additional 1 to 1.5 million unlicensed real estate agents in the United States. Based on these figures, there are approximately 2.5 million real estate agents across the country.

Although only about 10 percent of these agents make up more than 90 percent of total real estate sales each year, records indicate one thing; there are too many real estate agents out there! Even though a large portion of these agents may practice real estate as only a hobby or part-time job, competition can be fierce among agents.

With so many real estate agents out there today, it seems that just about anybody can sell a house – or at least they think they can. In order to be able to compete in this market, you have to differentiate yourself from the crowd. If anyone can sell a house, what makes you special?

Being the Go-To Agent

Nature has driven humankind to specialize in certain traits in order to become successful. Being a Renaissance Man is no longer the path to success. These days it pays to specialize in every market – including real estate.

Being a real estate specialist means that instead of being the go-to agent for any property on the market, you set yourself apart from the competition by being the go-to agent for a specific type of property. Some of the top niche markets for real estate specialists include:

  • Condominiums
  • First-Time Buyers
  • Relocation
  • Short Sales
  • Investment Properties
  • Resort & Vacation Homes
  • Luxury Homes

niche realtyCommander2

"Each man is capable of doing one thing well. If he attempts several, he will fail to achieve distinction in any." – Plato

According to a survey by the National Association of Realtors®, 80 percent of home buyers say that they would prefer to work with an agent who is focused on one type of property. However, only about 11 percent of all agents are real estate specialists.

Most real estate agents – especially the new ones – are eager to sell and jump at every opportunity to list a new property. They will drive long distances, work odd hours and go above and beyond all expectations to earn their commission. This does demonstrate hard work and dedication, but it does not set you apart from the scores of other agents that are willing to do the same.

Creating Your Brand

niche RealtyCommander3By becoming a real estate specialist in one specific sector, you are establishing yourself as an expert and creating your brand identity. If you focus all of your efforts on condos, for example, you can become the go-to agent for anyone looking to buy or sell a condominium.

But claiming to be an expert in that sector means you also have to back it up. If you are the "Condo Expert," then you should know everything there is to know about condominiums, especially in your area. You should know the association fees, the requirements, regulations and special amenities of each local condo community, which properties are listed, which are not, and who owns them. You should be connected to each association through intricate networking. If you are going to focus all your efforts on one area of real estate, then you need to truly become the expert.

Getting Clients to Come to You

In doing so, clients will come to you. Through creating your brand identity and establishing yourself as an expert, you are marketing yourself as the go-to real estate specialist niche realtycommander4for that sector. When people in your community hear the word "condo," hopefully they will think of you. You will no longer have to focus on lead generation, your leads will generate themselves as word-of-mouth about your real estate expertise spreads.

In finding your niche, you should identify your special skills, knowledge and passions – and follow them. Maybe you love the beach or water sports – then focus on waterfront properties, and share your passion and knowledge of coastal or lakefront living with your clients. Share in their enthusiasm and get involved in the process.

If you are truly passionate about your area of expertise, chances are you have connections in that area. Maybe you belong to associations or clubs pertaining to your interest – tap into these networks. Each connection is a potential lead or lead source, so use them to broaden your network and make yourself known as the expert.

To view the original article, visit the Realty Commander blogRealty Commander blog.