One of the biggest mistakes a new REALTOR can make, in fact even seasoned veterans make this same mistake, is that they try to be all things to all people with their marketing.
It’s literally like standing on a street corner yelling to the uninterested passing crowd that “I sell houses … please list or buy through me!”
They could care less, in fact I would wager you would have better luck placing a tin cup at your feet. At least this way if you’re lucky … I mean if you’re really lucky, some passerby might take pity and toss a few coins your way! Read more to learn how niche marketing can cut costs, and make sure you’re talking to the right people…and watch my video below!
A generic marketing message to the unwashed masses of the world will do relatively nothing but it will drain you financially, mentally and physically.
On the other hand, if you can identify a specific group and focus on their needs, wants and concerns … well now that’s a completely different story … now you’re addressing a group that may actually want to listen!
The reason is simple, no one cares about you until they know you care about them.
With niche marketing it’s the same thing.
When you know their wants, their fears, what keeps them up at night you can create and write marketing collateral that speaks to that vs. generic babble that no one reads.
When you become recognized by the group as someone that speaks their language then it becomes easier for them to trust you, like you, do business with you and refer business to you.
So what is a niche?
Well let me share with you a real-life example of one niche that I targeted when I first got into real estate.
In my late twenties and early thirties, I was an avid SCUBA diver … and if I wasn’t under water I was heading towards it LOL.
I joined a scuba club via my local dive shop and I took courses, went to their parties, weekend trips etc. even volunteered to help out during pool sessions to train beginners.
People got to know me, they liked me and more importantly … they trusted me.
I never made a point of telling people what I did … BUT … the fact that my sweat shirt had my company logo on it sure helped.
It didn’t take long before people got to know me as the trusted diver/REALTOR.
In fact I even worked out deals with the dive shop to help me with my client appreciation parties.
The shop owner would rent the pool, supply the equipment and instructors and I would host and an evening-try-out-scuba party.
My current and past clients loved it – they got to experience the thrill of diving at no cost and made new friends when we went out for eats and drinks afterwards.
The shop owner loved it because he was getting new people in the pool and a good percentage would ultimately sign up for SCUBA lessons or buy equipment.
The point is by focusing on the needs of others, by helping them first I ultimately received business in return.
And don’t get me started on the amount of referrals that this generated for me – because that came as a complete and welcomed surprise!
Wash, rinse and repeat I did the exactly same thing with skiiers.
You guessed it … I joined a local ski club and did exactly the same things as with the SCUBA club.
I took things that I was passionate about and made those into niche profit centres.
But Michael you say, I don’t ski, I can’t swim, what sort of niche can I go after?
A niche does not have to be recreationally related (but it does make it more fun and social) it can be a specific condo building, homes on a golf course, lakefront properties, vacation properties, divorcees, people with bad credit, first time buyers, down-sizing seniors etc.
There is no end to the list of possibilities and it all starts with picking a group that you are passionate about … and that DOES buy and or sell real estate.
Keep in mind that I am not recommending that you avoid your regular day to day activities for attracting new clients, door knocking, FSBO’s, expired listings, sphere of influence, cold calling etc … BUT … working and developing a niche is a sure fire way to grow a profitable real estate practice of people that actually want to do business with you.