Choosing A Real Estate Niche

How To Differentiate Yourself in Real Estate

The general public has the impression that all real estate agents are the same. You have already found this out if you have been in the business even a short time. 

When the public sees you as a commodity, it is difficult to command a premium for your services. According to a study by NAR, this is one of the reasons the average agent sells less than ten houses a year and makes less than $50,000 a year.

Those that thrive in the business are doing things differently to stand out and be noticed.

Why You Need To Specialize and Differentiate 

Have you honestly ever asked the question: How do I stand out in the eyes of those that hold the key to my income? In a sea of "sameness," it is more important than ever to differentiate yourself to capture the attention of prospects.

Especially as there now seems to be a flood of new licensees coming into the business. 

For new and seasoned agents specializing and differentiating yourself and your services can make a tremendous difference in your impact on the market and your income.

3 Things That Worked For Me & Could Potentially Work For You As Well 

There is great news for those looking to take grow their Real Estate business. You do not have to re-invent the wheel. Some have already proven some concepts that work well. Let's review some of those.

Creative Approach To Listings

The established agents in the business often say, "you have to list to last" in Real Estate. Getting listing right now is the one thing that agents endeavor to pursue for a good reason. Listings typically require less time input than a buyer and each listing is also a potential lead generation machine. 

With so many agents pushing the same old methods such as cold calling, circle dialling, etc. It is tough to stand out when so many people are doing the same thing.

The solution is to take a different approach to get sellers' attention. 

Specialize in a geographic or demographic area and go deep. You undoubtedly know at least a few "farmers" who have been doing it for a while. 

They succeed because they focus on one or multiple geographic areas. They differentiate themselves by being experts in that area.

Find a niche that works for you. Maybe you can be the expert on lakeside homes or homes located in golf communities. 

Social Media Strategy

Social media works, period. If you have not used it up to now or just "dabbled in it", it may be time to commit fully.

Social media, in many respects, is the cornerstone of your brand. It’s where your SOI will be following you and where future clients will be observing your approach, personality, and consistency. 

Social media is a scalable and 24/7 networking opportunity for your business. However, it requires consistent action. 

Start by building up a database of questions clients are asking you, then answer those questions on social. This is a great way for those struggling with content ideas. From there, spend 30 minutes a day focusing on posting and interacting with your followers. 

If you want to go a step further, you can spend as little as $5 a day and reach tens of thousands of people in your market area through social media.

You can dominate your Zip Code or city by focusing on an effective and consistent social media strategy while spending just a tiny amount per month.

It is a very inexpensive yet effective way to be in front of your target audience constantly. 

Sphere of Influence Marketing

It has been narrated often that your most valuable asset in real estate is your database. Are you making the most of it?

90% or more of agents operate in a transactional approach to their business. Once the sale is made and closed, there is no follow-up. It’s not because agents don’t want to follow up. Instead, they don’t know what to say and this activity gets pushed further down their to-do list. 

Short-term thinking is one way to always be on that hamster wheel of lead generation. The happiest agents in the business work by referrals and repeat business. 

The most effective tool to market to your database? A CRM. The exciting part is that you can ask 100 agents if they use a CRM, and 90% or more will tell you they don't, or they have one but rarely use it.

In many business areas, standing out can be as simple as doing one or two things nobody else is doing. 

Focus on your database, and stay in constant contact with them. You will reap massive rewards and have a business you love.

How You Can Differentiate Yourself As A Realtor

It is proven that becoming a known brand can lead to substantially higher success than being an "unknown."

There are several elements you can control and focus on to become known for something that matters to your audience. 

Your People 

Starting with the people you serve is a good way, some would say the best way, to develop your brand. Who are your people? Who can you serve best and be their hero?

You may have a built-in affinity with some groups that will respond to you better. You may have intimate knowledge and first-hand experience with their journey, perhaps their struggles. 

Your background may be a key differentiator in your marketplace. If you served in the armed forces, you know what vets go through. You can speak their language. You can directly relate to them.

If you are a passionate golfer, you can find many people with similar interests. More than one agent is making a good living playing golf every day of the week and making meaningful connections simultaneously.

Your Product

What you offer your clients needs to be unique if you want to impact the marketplace. Define what you are selling and present that in all your marketing. 

Your prospects need to know what you do differently and what that differentiation does for them. How do you serve their needs with what you offer?

Find the pain points in the selling and buying process. Tailor your product to alleviate those pain points and watch your business thrive.

Your Personality

One mistake that many agents, and salespeople in general, make is trying to be all things to all people. They dilute their personality not to offend anyone, to be bland and generic so they can appeal to everyone.

The problem with that is a complete lack of authenticity. You have a message; you have a story. And there are thousands of people who share common traits with you. They have similar personalities. 

Find those you align with, those that think as you think, and your business will be the better for it. 

It is also much easier to wake up and know you will be working with people whose company you enjoy. People you actually like talking to without thinking twice about what you are going to say for fear of alienating anyone. 

Your Service

Real Estate services are perceived as being the same across the industry. The general public knows very little about what you do to list and sell a house.

This can be good for you. By being transparent with the public about the details of your service, you can stand out. 

You can also find specific needs in the marketplace that are not being served and include a solution for that problem in your service. 

One practical example to consider: One of the biggest headaches for sellers when moving out is having the house left in a clean, move-in condition. It is also a problem with the buyers as they move in and have to clean up and all the other things they have to do. 

One of the features of your product could be that you have a clean-up crew come in and make sure the house is ready for the buyer to move in. 

An added bonus is that those buyers will remember what you did; they will remember you. When it comes time to sell, their other agent probably won't be around. If you market to them post-close, you are setting yourself up for another listing when the time comes.

TL;DR

Success in Real Estate can be simple, though not necessarily easy. Regardless of whether you are new or have been in the business for a while, you may need to evaluate your approach. 

If you do not have the success you thought you would have in the business, take a hard look at how you and your business are seen from the end user's point of view. 

Are you a specialist they need to hire if they want the best? Or are you a commodity that they can find at the turn of every corner?

Develop a brand with a specialty. Create your unique value proposition. Instill a sense of scarcity through your marketing. These three components, when implemented correctly, can be a successful approach to marketing and growing your Real Estate business.