Real estate professionals, both green and seasoned, understand the depth of the industry they have decided to work in. That said; there are seemingly endless exit strategies and niches in which to make a living. Some investors have made a very lucrative career off of tax liens. Others have found that a more hands on approach suits their needs, as rehabbing and wholesaling are some of the most popular options out there. However, and this holds more weight for new investors: focusing on one real estate niche is the best way to dominate a respective field. Some of the most successful real estate investors got that way by sticking to one particular niche and running with it.
Focusing all of your efforts on one individual real estate niche may seem a bit constricting, as there are so many ways to make money in this industry. However, you can’t look at it that way. Focusing on one area of the real estate business allows you to master everything associated with it. At that point, you will truly be an expert in your area. Perhaps even more importantly, there are a lot of factors that back up this assertion. With the right educational foundation and a little determination, you can become the go-to expert in your area for anything you want.
In geo-targeting a certain neighborhood and population, you are more inclined to market effectively. Your efforts will be geared towards a specific group of individuals and, therefore, have a bigger impact with less of an investment. Conversely, investors looking to work in a vast area are more susceptible to competitor interference and burnout. By concentrating your efforts in a smaller area, marketing dollars are essentially magnified, in addition to your time.
Those that are seriously considering investing in one niche are likely already aware of its advantages. However, as with anything else, dominating the competition will not come easy. There are things you will need to know, and do along the way to give yourself an advantage. Nevertheless, the following should help you dominate whichever niche you want to control:
Try Writing For A Local Paper
Though a little unorthodox, and possibly time consuming, writing for a local newspaper can increase your brand reach and name recognition in a given area. That said; continue to write for your own blog as well. The point of adding a local source to your arsenal is to gain the trust of the community. Contributing to a trusted news source will place you under their umbrella. Local homeowners and potential buyers will both begin to recognize you from the print you are creating. Subsequently, that attention will transfer over, almost seamlessly, to you your personal site. Before you know it, you will be the trusted voice in your community.
Expand Your Network With Every Chance You Get
If you are reading this article, you are probably already aware that the real estate industry is a people business. The relationships you forge are essential to your current and future success. After all, you can’t expect to buy or sell a property without any sort of human interaction. That said; building relationships increases the chances of either coming across a deal or selling one. There is really no downside to increasing the amount of people you would like to do business. Conversely, if you are not good at working with others, you will find the real estate industry to be extremely difficult.
It is no secret that the best investors in the industry have the most extensive networks. It is not hard to see that their success is directly correlated to the size of their network. Consider the influence a large network could have over a small community, especially one in which you have a niche. It would not take long to become the go–to source for information regarding your specialty. So please do yourself a favor and network responsibly. It can only help your business.
Become The Go-To Source For Your Niche
Each of the previous topics touches on the importance of becoming the go-to source in your area. Leveraging your knowledge of a local area is one of the quickest ways to gain the trust of those you could potentially work with. It doesn’t matter if you work in a large market like Seattle or a smaller one like Raleigh, you can have a large influence. If you are particularly familiar with a neighborhood (perhaps you grew up there) you already have an advantage over the completion, and your network will see it the same way. However, how can you get the word out that you are the trusted source for your niche? Try the following:
- Investors are advised to utilize the internet to their advantage. Try creating a video to introduce yourself on Facebook. In the video, announce what it is you do and why you are good at it. You will want to come across as confident. Make sure they understand that you are the best person to come to for their needs.
- A direct mail campaign may sound like old news, but it is still relevant. In fact, it works very well for those focusing on a particular niche. Small areas are great for a direct mail campaign. Just make sure you continue mailing and follow up with potential leads.
Alone, these three tips can serve you company in a relatively competent manner. However, it is the combination of all three that will really help you stand out from the competition.