Four Keys to Building Your Business and Market Share Fast
August 5, 2020
Vice President, Realty Executives
In last year’s Luxury addition of the ASREB Journal, I wrote about How to Fast Track and Become an Authority and Expert in Luxury Home Sales. In that article, I addressed four key points that will help someone succeed in the Luxury Real Estate Market. Those points were:
- Have Absolute Confidence in the Product Knowledge
- Understand the Lingo of Luxury Market
- Immerse Yourself into the Community
- Become an Authority Figure
Today I want to share a system that will help grow business and market share faster and more effectively, whether your focus is in the luxury market or not. In order words, the system will work for any market you choose.
Diversification is Your Enemy
This is my polite way of saying, “You’ve got to get laser focused if you want to grow your business fast.” Many agents are indiscriminate, some often desperate, when it comes to taking any business they can get. One day that might involve handling a mobile home purchase in Surprise. The next day rushing to the East Valley to list a $400,000 single family home in a neighborhood where they have no familiarity. Then, researching a land opportunity in Rio Verde, never having done a land deal before.
In most cases, agents that operate this way are not working with intention and focus. They are reacting to opportunities as they arise. When a business is built with no specific market focus, it is exceedingly difficult to predict where the next opportunity is going to come from.
Most importantly, one of the keys to earning business is to demonstrate a high level of expertise. Clients need to know that you absolutely know what you are doing in order to have confidence in you. The world of business professionals operates this way. The best doctors, attorney’s, CPA’s, and realtors, as an example, become specialists in their crafts.
Key point: Get specialized.
Pick A Niche
One of the benefits of specialization and picking a niche market is that the learning curve is shortened dramatically. Instead of waiting for years of experience that comes in a random, unintentional way, direct your learning and knowledge development, creating a fast track to becoming an expert. Remember, clients want you to be an expert.
So how do you pick a niche? Start with asking yourself these questions:
What part of real estate are you most interested and passionate about?
What type of consumer do you want to support?
Do you want to focus on a geographic area, type of property or price point?
Key Point: Pick a niche that excites you and serves you financially.
Learn and Act
After identifying your niche, it is time to do a deep dive and go to work. This time, the work is going to be different. Rather than waiting for opportunities to come, set the pace and direction. Begin by learning about the prospects in the market and how you can best serve them. Determine specific messaging for them. Learn about the best way to communicate and connect with them. Learn about the specifics of the real estate you are going to be focusing on. If it is commercial, then learn everything you can about it. Get involved in the trade associations and start networking. If you choose to focus on luxury, then learn about the neighborhoods, the unique amenities within luxury properties, and the language or luxury buyers and sellers.
Now get out there and confidently position yourself as the expert in all your messaging and focus. Becoming the authority will happen very quickly because you are so focused and specific in your specialization.
Key Point: Learn everything you can.
Burn Your Bridges
Burning bridges and learning to say no to opportunities that are not within your niche or area of focus is one of the toughest things to do. Many luxury agents will not list properties under $500,000, as an example. Agents that focus on a geographic area like North Scottsdale will often refer business out when it is in Mesa as another example.
It takes guts to turn potential business away because it represents income.
With a strong plan in place that you work and trust, you’ll find that you’re more in control of where income comes from, and quickly dominate your market as the authority and expert.
Eden Sunshine is an entrepreneur, the creator of The Level 7 System, a speaker, author and Vice President of Operations for Realty Executive in Phoenix Arizona. Eden has coached and consulted with over 300 of the top Real Estate agents and teams throughout the USA and Canada since 2003. Eden specializes in helping businesses become scalable, positioned for exponential growth and productivity while establishing a meaningful, high performing business culture.
Eden developed the Level 7 System, which is a one of a kind, simple and systematic business development approach that guides businesses to become scalable, systems driven with great cultures. He also has developed other ancillary programs like the Systemize Your Business in 90 Days Program. He is in the process of publishing two books: The Book on Building Great Businesses and Woo Hoo: Successfully Transforming Your Business and Your World.