There’s no doubt about it: when there are fewer listings on the market, it means that more real estate agents will be competing for them. Fewer listings mean less business for everyone, but it also means that real estate agents will need to get more specific with their marketing strategies and really prove their value, at least if they want to see more success and win more of those listings.
The key to succeeding in a more competitive market is to first, differentiate yourself from your competitors as much as you can. If you look, sound, and focus on the same things every other agent does, there are fewer reasons why someone would want to reach out to you for their next transaction.
But no matter what the market does, there’s always an opportunity, and right now, those opportunities are in specialization.
Specialization as a real estate agent means differentiating yourself by focusing on something specific and not looking or sounding like everyone else. And in real estate, there are a lot of opportunities for specialization that agents focus on all the time. For example, you could:
- Focus on a specific geographical area, like a neighborhood or smaller location.
- Focus on a type of property, like freehold, condo, townhouse, etc.
- Focus on demographics, like families, young couples, etc.
By focusing on something specific, and marketing you, your brand, and your business towards it, people will see you as an expert in that particular specialization, and they’re more likely to reach out to you when they want to transact.
For example, if someone wants to buy a condo in a specific neighborhood, and you’re the person that specializes in exactly that, they’re much more likely to reach out to you than a generic real estate agent that does a bit of everything.
★ Want to know more about specialization in real estate? Have a look at these posts:
- Carving a Niche to Get Better Real Estate Leads
- Building a Hyper-Local Real Estate Marketing Strategy
- Using Personalized Marketing to Get Better Engagement (and Leads)
- How (and Why) to Build a Real Estate Marketing Segmentation Strategy
But, right now there’s a lot of opportunity in taking that a step further, and not focusing on working with someone when they want to transact, but rather, when they need to transact.
Focusing on the situation when someone needs to transact can work towards making your business market-proof, no matter what happens.
While there are a lot of transaction types that you could focus on, the best ones are the types of transactions that will need to happen, no matter what happens in the market. For example, you could focus on:
- Divorces and separations
- Relocating to a new city in a new state/province
- Downsizing seniors and selling the family home
- Death in the family
Of course, the above situations aren’t easy to deal with, but regardless of how difficult they may be, there’s no question they do have a lot of opportunities right now. For the most part, depending on what real estate market you’re in, you’re probably seeing listings fall into some variation of the above categories.
The key to doing this successfully is to go all in and really be the person that focuses on these situations, and as well, to clearly be able to back it up through your messaging, marketing, and experience.
It’s not enough to say that you work with people in those situations from time to time, but instead, to really focus on it across your marketing strategy. Doing so will make believe you and want to work with you to get help getting through a difficult, stressful time.
- If you’re THE person that deals with divorces in your market, or
- you’re THE person that deals with downsizing seniors in your market, or
- you’re THE person that people from the military use for relocation…
Then you still have a lot of opportunity over and above a real estate agent that doesn’t focus on a particular niche, target audience, or situation. People will naturally want to work with someone that completely understands their needs over someone that has little or no experience in it.
Regardless of what happens in the real estate market, having a specialization, no matter how small of a focus it is in your business, can help you adjust your business to see more success by working with people when they need to transact, rather than when they want to.
Want to get better, more qualified leads and build your authority? Our Inbound Marketing Guide is a walkthrough of the overall philosophy of inbound marketing, why it’s effective, and how you can build it into your own real estate marketing strategy to get better marketing results.