In my business, providing real estate strategies, along with great real estate web design, one of the principles that I focus on to help our clients is choosing the right clients to work with. Choosing the right clients is not something that all realtors do, because they see it from the transaction level. As realtors, who are we to say no to a transaction? However, there is value in choosing your clients ensuring that you are able to deliver specialized and quality services to a few rather than spreading yourself thin.
Real estate agents are typically seen as a commodity. The average consumer thinks that we are a dime a dozen, but more importantly, when we’re seen as a commodity, the agent that wins is typically the agent that’s closest to the bottom. Because at the end of the day, it’s really just a race to the bottom. The reasoning behind this is very simple. When we’re trying to be everything to everyone, we spread ourselves too thin, and in turn, it makes us harder to stand out in a crowded marketplace and build a strong reputation.
So then the question that we really need to be trying to answer here is how can we go from being seen as a commodity to being differentiated or unique?
Simply because when we’re being differentiated or unique, it typically commands a premium for our services. More importantly, it starts attracting people to want to work with us instead of us having to chase potential leads and prospects down. Now the way we’re going to do this, it’s going to be super simple. Real Estate is a broad industry and there are a ton of problems that require solving within that industry. So if we specialize in solving a very specific problem or area, or even better both, then this allows us to become an expert and in turn, allows us to serve the needs of a very specific group of clients.
One of the underlying benefits of specialization is that it allows us to better understand the needs and wants and preferences of the ideal client, in turn, allows us to serve the needs of a very specific, unique group of clients. It allows us to better understand the needs and preferences of our ideal clients so that we can speak more harmoniously about their problems, their fears, their frustrations, their aspirations, and of course, their goals. Doing this actually gives us a unique set of skills, and a competitive advantage to really be able to meet the unique requirements or needs of our ideal clients more effectively.
So let’s take for example, someone out there that’s maybe dealing with probate or distressed properties, the person in either of these examples is more likely going to want to work with the agent that has some experience in either one of these two problems versus just an average Joe Schmo generalist agent.
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5-Step Process To Attract The Right Kind Of Clients
Let’s turn this into something actionable that would really help you start attracting your right kind of client. Here’s my simple five-step process that I highly recommend that you take some time out of your day and really reflect on it.
Step One – All about you.
In this step, identify your interests and your passions. Start thinking about the things that genuinely interest you or you’re very passionate about. The key here is that we want to start doing things that drive us versus things that drain us. Now, for example, let’s say that we like gaming and there is an audience for potential homeowners in that gaming community. Then it would behoove us to surround ourselves with those kind of people. This is extremely important that we align ourselves and our interests and our passions with the right kind of people because it will by default bring us joy in what we do and we’ll have a more sustainable, long-term run in our businesses.
Step Two – Research The Market.
We got to look for gaps in underserved areas in the market that we can potentially fill in with our services. This is as easy as going on a Google search and then searching for other realtors with your interests and a problem that you’ve decided to solve. Consider factors like competition, demand, and profitability when looking at these different searches or potentially these different niches And if you find one where there really isn’t too much competition, then hey, guess what? You’re golden. You found a blue ocean.
Step Three – Testing Ideas.
It would be helpful for us to do some testing to see if there’s actually a market for the thing that we have to offer. This is really easy. It’s just a matter of pitching this idea to a few people inside your community and if you’re getting a good response, then you’re on to something.
Step Four – Validating The Niche.
Once we’ve identified this potential niche, we need to do a little bit more research to validate that this is actually viable and that there is an actual demand for this service. This really involves committing to and honestly creating content to solve this problem for this community, maybe creating content to post consistently for 30 days and then tracking the responses.
Test and collect data, from there you will know either if it is a thumbs up, going in the right direction, or maybe a thumbs down. Think of something else.
Step Five – Specialize and Focus.
Once we’ve identified and validated an underserviced community with a viable problem that we can solve, it’s important to specialize and focus on helping that community. This really involves learning as much as you can about their problems and their frustrations and then building a strong enough brand that revolves around solving those problems or dealing with those frustrations. Lastly, develop what’s called a unique selling proposition or a USP that sets you apart from the competition that really solves that problem.
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Identifying your niche will help you create your unique brand and set yourself apart from other agents. It is important to be specific about what drives you to be the best agent so that you know who you are and why people should buy from you.
Looking for more real estate strategies to grow your business? Join our free Square 1 Facebook Group for similar content that can help you in your Real Estate journey. If you are interested in one-on-one coaching, then schedule a strategy session with me today, and let’s talk about how I can help you move your business forward.