If you rely on the same marketing message that your coworkers are using, your competition is an even playing field. The articles in this section include ideas on branding and microspecialization, guiding you to step out of the pack and deliver results that nobody else can. Effective and consistent branding along with a clear idea of differentiation can make your message unique and memorable.
Become a Top Selling Agent Through Microspecialization
Microspecialization means that the more you specialize or cater to a niche area of your market, the less competition you will have. Think of it this way: would you rather eat pasta in a Tuscan restaurant that specializes in unique, handmade pasta or in restaurant with a cosmopolitan menu of Chinese, Italian and seafood?
Apple broke out of the computer market by catering to artists and those seeking a more rich experience in music, photos and apps. Tesla developed a cult following on electronic cars because unlike other car manufactures, they only produce electric vehicles. They are not augmenting vehicles to squeeze electronic components in them – electric cars are their specialty.
When you examine the differences between real estate aggregators like Redfin and Zillow, you will see how Redfin has a consumer focused model of reduced commissions, where Zillow makes money through advertising opportunities to agents and brokers. When you step into any marketing arena without a clear plan of differentiation, you will actually have to work harder for less. On the other hand, your niche can set you apart from all competition.
There are a few things to consider when exploring how you can specialize in a segment of the real estate market:
What is Your Passion?
It is important to consider which aspect of the market is interesting enough to keep you passionate about becoming an expert. Perhaps you have a marketing background and will specialize in helping developers produce marketing materials focused on a specific demographic. You may resonate to luxury buyers and educate sellers on where to find them. Many agents choose specific neighborhoods and establish their community watch programs or become an expert about its history and architecture. You may love sports and cater your marketing message to skiing, golfing or hiking enthusiasts. In order to build a consistent message that makes you the expert, make sure that you are passionate about it.
Look at the Numbers
Does this segment of the market have enough sales activity to support specialization? An agent who focuses on entry level homes for first time homebuyers may be challenged when this part of the market dries up. The ability to talk to sellers about long term cycles of opportunity allows you to entice new sellers and build this listing inventory because you educate seller’s on changing trends. In other words, low inventory makes a seller’s market and is the best time to sell. Becoming an expert on horse properties can be affected by future zoning changes. You might benefit more by specializing in large ranch properties or acreage. The luxury and second home market seems to mirror stock market cycles. An expertise with jumbo loans can offset diminishing cash buyers, and aligning with a luxury brand might also be beneficial. If you place all of your marketing efforts into a single neighborhood that has a low turnover rate, you may be disappointed. Ensure that the numbers support your vision and have a plan of action to offset changes in the market.
Become a Recognized Expert
After breaking down the larger market into a niche you are passionate about, brainstorm on every aspect that affects it. If you are specializing in lakefront properties, learn about coastline, pier or buoy regulations. If you want to become an expert on large ranch properties, the internet allows you to represent properties across your state. Your site can become the ‘go to’ place to find resources about septic, well or other issues affecting land that is off the beaten path. Ensure that the blog on your website has weekly or monthly posts about the specifics of your niche. A luxury agent might write about changing trends or advertise where luxury buyers are shopping. Solicit guest article placements in local and regional newspapers. There are many podcasts looking for experts so explore a good fit and reach out for a guest spot. The most important aspect of specialization is that your message is consistent enough to set you apart as the expert. The second most important aspect is that you peddle your expertise in a way that clients discover you.
We’d love to help you develop your marketing strategy and unique brand. Contact us today!