PROView - September 2008 - (Page 5) The Search for a Niche Sarah tried it all. She mailed postcards to all homeowners within a 10-mile radius and distributed 10,000 flyers inserted in a local newspaper. She placed ads in a coupon book and she even hired a couple of teenagers to place business cards on cars outside a ballpark at every home game. Result: no transactions in the last 6 months. Sarah’s patience was quickly draining along with her dwindling marketing budget funded by a credit card closing in on its credit limit. Sure, she had received a huge number of leads but none of them bearing fruit. In fact, Sarah was logging 10 hour days just to keep up with returning phone calls and emails to the many who had contacted her from her various campaigns. Still, no promising leads resulted from a year of trying. Exhausted from yet another day of busy work without a single lead, Sarah went to her weekly meeting with a network of single parents, a group she had joined a year earlier for support. During the last year she had learned the hard way what it’s like to reestablish credit (having recently become single again) and buy a home with limited income history. At the meeting Sarah overheard a conversation where a member of the group described difficulties similar to those she had experienced. How helpless she had felt, faced with the prospect of rebuilding her life while being responsible for raising her children. While driving home that night, Sarah thought to herself how thankful she was to have all that beyond her. She thought about how much she would enjoy helping those who were in a situation she so recently had been in. All of a sudden Sarah had an epiphany. “What if I focus my business on helping women who are in the same situation I was in?” Instantly, a niche was born. Niche is a buzzword heard virtually at all marketing seminars. So, what is it? Essentially, a niche is a specialty for which you are especially suited. Your niche market is one with which you have a natural connection and a competitive edge within because of the knowledge and skills you have to help meet the needs of those you want to serve. By serving a narrower target group you’ll use your time more effectively not to mention the more effective use of your marketing dollars. Consider Sarah’s connection with the niche market she now wants to serve. A divorcee herself, she’s familiar with the many challenges that lie ahead for those going through such a difficult transition. Most importantly, she will likely earn the trust of those she comes in contact with as they will find her to be a credible source of information. Based on her past experiences, potential customers will know Sarah can relate to them. Now, the story about Sarah is fictional but reality for many REALTORS® looking to build their businesses. Eager to build success, many probably start out searching for anyone looking to buy or sell a home, but often such mass marketing results in meager results. PINELLAS REALTOR ORGANIZATION ® “If you try to be everything to everybody there is a good chance you will end up providing nothing for nobody.” Sharon Simms of the Simms Team at RE/MAX Metro in downtown St. Petersburg speaks from personal experience: she has built a niche serving international buyers. “Today’s consumers are looking for reliable advice,” she says. Simms points out that today’s consumers want professional guidance from someone they will trust and who can relate to their situation. “Select a niche for which you have a natural connection, and start establishing your credibility as the go-to subject matter expert,” she suggests. How to Create a Niche So where would you start your quest for a niche? Start within yourself. Take a close look at your own interests and passions. What would you like to spend your days working with? What makes you want to go to work each day? Next, is there something you are more knowledgeable about than your competitors? Is there something in your past career you can capitalize on? A former banker with a global lending company may have specific knowledge about lending to foreign nationals. A former mortgage broker working with VA loans may find success working with veterans, especially if the individual is a veteran him or herself. An attorney who previously specialized with bankruptcies may find working with consumers with looming foreclosure threats especially rewarding, not to mention the possibilities of assisting with short sales transactions. Another important question to ask is where you want your business to be five years from now. Following a niche will allow you to more clearly stake out the future of your business. Once you’ve decided on your niche, it’s time for research. Is your niche market sizable enough for you to sustain when focusing your efforts on that specific target group? It’s recommended to have a few parallel niches until you are certain any particular niche actually will provide sufficient business relative to the goals you’ve set up. Where will you find your audience? Search for any associations or clubs it’s likely clients belong to, and look for ways for you to participate. You could attend trade shows, write articles for association newsletters and apply to be a speaker at association events. What is the most important information you will need to best serve your customers? Look for classes and see if there’s a designation you can earn to gain the required knowledge. Consider the tasks involved in working with foreign nationals. Some possible issues for a foreigner buying property here in Pinellas County will probably include taxation, immigration and financing. Simms stresses the importance of learning to ask questions your customers may not think to pose. She also points out how essential it is to be able to identify what you can help with, and when to refer to experts such as attorneys and CPAs. The search for the perfect niche must go a bit deeper than a desire to build business. Before you make your final decision September 2008 (See NICHE, page 21) 5
Table of Contents Feed for the Digital Edition of PROView - September 2008 PROView - September 2008 Contents Chairman’s Notes Feature Story PROActive Brokerage Design Marketplace Analysis Home Sales Report MLS Update Calendar of Events & Programs MLS Mind Your Manners New REALTOR® and Affiliate Members PROView - September 2008 PROView - September 2008 - PROView - September 2008 (Page Cover1) PROView - September 2008 - PROView - September 2008 (Page Cover2) PROView - September 2008 - Contents (Page 1) PROView - September 2008 - Chairman’s Notes (Page 2) PROView - September 2008 - Chairman’s Notes (Page 3) PROView - September 2008 - Feature Story (Page 4) PROView - September 2008 - Feature Story (Page 5) PROView - September 2008 - PROActive (Page 6) PROView - September 2008 - PROActive (Page 7) PROView - September 2008 - Brokerage Design (Page 8) PROView - September 2008 - Brokerage Design (Page 9) PROView - September 2008 - Brokerage Design (Page 10) PROView - September 2008 - Brokerage Design (Page 11) PROView - September 2008 - Marketplace Analysis (Page 12) PROView - September 2008 - Home Sales Report (Page 13) PROView - September 2008 - MLS Update (Page 14) PROView - September 2008 - MLS Update (Page 15) PROView - September 2008 - MLS Update (Page 16) PROView - September 2008 - Calendar of Events & Programs (Page 17) PROView - September 2008 - MLS Mind Your Manners (Page 18) PROView - September 2008 - New REALTOR® and Affiliate Members (Page 19) PROView - September 2008 - New REALTOR® and Affiliate Members (Page 20) PROView - September 2008 - New REALTOR® and Affiliate Members (Page Cover3) PROView - September 2008 - New REALTOR® and Affiliate Members (Page Cover4)
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