How to Grow a Big Real Estate Practice by focusing on a small, specific target market

Team management

I have been studying and networking with a lot of the top producers in our industry, and it has become very clear to me that the Agents with the biggest practice, and biggest market share, have the smallest market niche.

As I scroll throught the production of the top 35 Agent/ Teams a few things stand out:

1) They specialize in either only one geographic area or in one type of home ( ie. Luxury etc).

2) They dominate their market

3) They spend more money per client on marketing than on anything else…the more you spend to acquire a client, the more power you have in your marketplace

4) They send the right message at the right time to people who are receptive to hearing it

5) People who like to go fishing, know that different bait and lures target different fish…top teams send the right lure to the right people

6) They don’t want to be everything to everyone

7) They generally charge a premium price and understand that price is just a function of value. Show a bigger value and charge a higher price

The highest paid people in the world are celebrity specialists-
Bill gates- Programming
Walt Disney-Cartooning
Disney today- family entertainment
Oprah Winfrey- interviewing
Paris Hilton or the Kardashian sisters…not sure

So, today, choose to be a specialist. If you think about it, Heart specialist’s get paid more than family Doctors, Oral surgeons charge more than Dentists. Top agents make 20 times more per hour than agents who are just generalists. Pick a market that you would love to spend every day helping people in. Create an Avatar of what your perfect client looks like. Where do they live? Where are they going? What do they need from you right now? What would their next logical step be?

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