In general, people want to work with others they either like or people they have a strong feeling can get the job done. This is particularly true in the world of real estate investing. With so many different types of investing, it can be difficult to follow who is an expert at what. Between wholesaling, tax lien auctions, note buying, short sales and rehabs, there are many different ways of investing and many different things to know. If you have found an area that you enjoy investing in and have a solid grasp of how it works, why not master it and make it your primary niche? Solidifying a niche in the real estate industry can make you a pro and go-to source in that field.
The first step is to know everything about how and why your niche works. Read everything you can online or in print. Go to events, such as investment meetings, where they are speaking about your niche. Educate yourself on every step of the process and then put that education into action by getting involved. Make notes on what has worked for you and what has not. The more knowledgeable and active you are with your niche, the better positioned you will be to talk or write about it when the time comes.
Once you have the education, you can take the next step and put that education into action. Network with as many people as you can who are directly involved in your niche area. Often times, there are multiple opinions on the best way to get the job done. Listen to the arguments on both sides and follow each step through to completion. There are multiple ways to be successful as an investor. You never know when you will learn something that will cause you to change the way you think on a topic or process.
Once you have the education and have successfully completed multiple transactions in your niche, you may be ready for a promotion. You can do this by changing the header on your website or adding a quote on your business card. You can email your contact list of realtors, attorneys and fellow investors stating that you can help if they come across a deal in your niche area. If you enjoy writing, you can come up with a short eBook detailing the process or contribute articles pertaining to your niche to as many blogs as you can. With social media and the power of the internet, it is easier than ever to get yourself noticed.
Once you start promoting yourself as the “note specialist” or “tax lien authority,” be ready to field any incoming calls, emails or direct questions at local meetings. There are people who will try to test your knowledge or education just to make sure that you are not a fraud. With each well thought out answer, you will begin to gain trust and respect. Slowly people will turn to you when the situation arises.
Your niche should be something that you enjoy doing and talking about if you are willing to make it your “go to” real estate investment strategy. Having a niche that you are known for could limit your options, but it can also make you known for that in your local area. Having a solid niche can define your business and take it to the next level.