Don't Be Everything To Everyone!
Today, we’ll continue the discussion about the minimalism in the real estate, with the the topic of selecting your target market.
Please don’t try to be everything to everyone, I was there, traveled 50-60 miles to go and show properties in areas that I did not know very well, selling multi family homes or leasing commercial properties, selling short sales, REO’s, luxury or investment properties, working with first time home buyers w/ down payment assistance, working with move up buyers with 20+% down payment or working with a cash buyer, working with a foreigner's buyer, doing property management….
Believe me, I’ve done it all.
The problem with this strategy is:
First, when you try to be everything to everyone, you fail to address the specific needs of anyone. If you are “targeting” everyone, your message is broad and unfocused, and it’s very unlikely to be compelling and direct enough to draw in your prospect;
Second, you get overwhelmed & frustrated serving people you don’t want to work with;
Third, you spend 5X more time driving around areas that are far away;
Forth, you spend 5X more time learning the new subject;
Fifth, you don’t serve your customer 100% if you don’t know your subject, which will reflect to dissatisfaction and bounce on you in a long term;Sixth, I can continue to give you more reasons why targeting is very important. It’s important because it will determine where and how you should advertise and what you should say.
So, Who do you want to work with?
What these people want?
How are you going to give it to them?
If you still don’t know your target customer and you feel like you are still after anyone and everyone in the hopes of attracting someone who is looking to buy or sell a home, than you should do this in your business right now, today.
It’s a simple 3 steps process.
Who would you like to work with?
What they want?
How to set yourself apart and give it to them?
Today, you’ll decide on your target market.
Who would you like to work with?
Below is a list of options, pick up the ones that will work for you and stick to them.
buyers: move up buyers, first time home buyers, etc.
or sellers: owners with high-end properties, owners of condominiums, builders, seniors, etc.
Or specific geographic areas: waterfront, country properties, specific towns, neighborhoods, etc.
Or specific demographics: People who make over 200K per year, etc.
Or generations: millennial's, baby boomers, etc.
Or Specific professions: doctors, teachers, engineers, etc.
Or Specific hobbies/interests: yoga, pet owners, baseball fans, football fans, etc.
The right answer depends on you and the market you are operating in.
Think, how profitable and enjoyable is to work with each of these groups? How much inventory is there? How much competition? Do you have specialized knowledge and credibility or how you can acquire one? How much money do you need to invest in the required marketing?
If you need NOW Business, first time home buyers are the best easy and quick way. They are easy to attract and there is almost no competition because most agents don’t have systems in place to work with them.
In my experience, there is money to be made in most areas as long as you know what your customers want and how to give it to them.
In my next blog,
we’ll discuss step 2,
how to determine what your prospects want?
make it a great week and thank you for stopping by!
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