One of the challenges in real estate is that all too many REALTORS® believe they have to be all things to all people. In fact though, the opposite is true and the market rewards specialists.
We see this in sports, medicine, law, and frankly in any field where people are prepared to pay top fees for the services they need. Especially when people expect a certain caliber of expertise to achieve an end.
The same is true in real estate, when you dominate a niche, be it waterfront condos, golf course homes etc., business comes to you. You are the de facto expert and the consumer is prepared to pay you handsomely for it.
A Growing Market
Demographically speaking one of the fastest growing niches is the senior housing market and REALTORS® that are taking the time to master the skills required know it!
Barry Lebow is one such agent, so much so that he created an entire course and designation to help fellow real estate professionals take advantage of this trend.
This is a complicated, multifaceted market segment that requires the real estate professional to be well versed in dealing with family issues, mental health, asset management, family conflict just to name a few.
Oh and did I mention they have to sell the home too!
Work With the Right People
The trap is thinking that you the REALTOR® must have all the answers and this is a folly of ego that will certainly lead to frustration and even worse, litigation.
You don’t need to know all the answers, you NEED to know the right people that do, and not hesitate in recommending their services when required.
For example, many seniors after selling their home have a substantial cash win fall from the sale of that largest single asset most will ever own.
How do you tax plan in advance? What taxes must you pay or can you defer? What about estate planning, inheritance, legal issues, liquidation of furniture etc.?
These are just a few of the things that a competent real estate professional needs to have an elementary knowledge of but avoid giving detailed advise on.
Which Agent Are You?
As I said above you need to know the right professionals to refer to at a moment’s notice to best serve your senior client and their needs.
Understand that within the business of real estate there are four categories of agent:
- The Unknown – generally someone new to the business with no track record or history of success to speak of.
- The Commodity – this is a market generalist, the one that tries to be all things to all people and in no way stand stands from the competition. They are also the first to cut commission because they have no confidence or very little skill.
- The Secret Agent – one that is relatively well established and relies on word of mouth or relationships but has no name recognition in any niche.
- Go To Expert – this is the seasoned professional that has mastered a niche(s) and is synonymise with that niche. When you say luxury condos, waterfront estate homes, horse farms theirs is the first name to come to mind.
Am I saying you have to be a niche specialist or work with seniors to have a prosperous and successful real estate career?
Absolutely not but standing out from all the noise and sameness in the market sure doesn’t hurt either.