Niche Master: How to Narrow Your Focus and Build Your Business

In some industries, specialization is an obvious requirement. In the medical field, for instance, you have a dentist, an oncologist, and a pediatrician. In fact, under each of these, you have further specialization to even smaller niches. The ironic thing is that in real estate, a massive industry with over 2 million agents, most realtors are generalists. It’s like having everyone in the medical profession as a GP. It’s nuts. But this is the reality of the real estate industry. Differentiation represents a massive opportunity for realtors looking to grow their business and bring in sustained business over time. Want to find out how? Let’s dig in.

Niche marketing works in all industries

This should automatically give you confidence that niching in real estate will work. Why does niching work? Going back to the medical professional example, if you have a toothache, you wouldn’t want to go to a GP. Why? Because they do not have the specialized knowledge and training to treat you. Same goes if you want to by a Ferrari. You won’t go and buy it from the general car dealer down the street. Chances are you will go to a dealer dealing in luxury cars. In real estate, niching tells the market that you have a focus on the specific area you work in. This communicates trustworthiness and specific skills and knowledge in the field you are focusing on.

But burning bridges won’t be easy

If you choose to specialize, you must burn some bridges. That means saying no to customers. Yes, you will have to leave money on the table if you choose to niche your business. However, you can burn bridges and build new ones at the same time. Here’s how you do it. When a customer comes to you and requests you to help them sell/buy a home that isn’t in your niche, do several things: thank them for their offer, inform them you are no longer in that niche and tell them which niche you are focusing on, and then refer them to a fellow realtor in that niche who you personally know and trust. By doing this, you have burnt one bridge and built two other bridges.

Niche marketing makes more money

Without getting into the details, here’s some trivia. Who do you think makes more money? A breast cancer oncologist or a GP? Or, a gourmet chef focused on Oriental cuisine or a deli cook? One outcome of specialization is that it creates a sense of prestige and elite status in those who rise to become masters in their niche. For you, you can be an elite master of condos in your area. Or ranch houses, townhouses, etc. Besides this, you will be effectively competing with fewer agents in your niche than if you were in the big pond fighting it out with everyone else. To illustrate, capturing 10% of a niche market will make you more than capturing 0.0001% of the main market. You get the picture.

Niche marketing creates a virtuous cycle of credibility and status that builds your business over time. Clients remember you, friends will refer to you as the expert, and the market will recognize you as a master in what you do. So, if you have been struggling to build your business being a generalist, maybe it’s time to start burning those bridges and building your profile as a niche master.

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