YPN Advisory Board member, Paul Dizmang of Dizmang Properties in Springfield, MO has a established a niche in real estate investments and property management. The following is his take on what a niche is and what you should know about it.
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For many years we have all heard “get a niche and get rich.” But few actually do it. Why?
As wikipedia points out, a “niche defines the specific product features aimed at satisfying specific market needs.” Basically, pick an area, a price range, a certain age group, a type of property, and make it yours. Own it. Know everything about that niche and be known as the expert. It won’t come overnight, but it will come.
Lets say you decide to make a subdivision your niche. Make sure it is large enough to work exclusively and then know everything about it. Learn every home, every amenity, and most importantly get to know the owners. Go door-to-door if necessary just to learn about that subdivision. Focus almost all of your attention on your new niche. The leads will come and business will happen. Few REALTORS® ever create a true niche because of the dedication it takes to be established as the expert in an area. You can do it, but it will take planning, determination, and a commitment to stay away from negative people who tell you it can’t be done.
Got a great listing lead in another subdivision across town? Refer it. This is one the hardest steps in developing a niche; sticking with it and just it. If the business leads that come your way don’t fit into your area of specialty then don’t do it. It is very difficult to say no business when you have a mortgage payment staring you in the face, but if you are to succeed take the referral fee and stick to your area of specialty.
In time you will be known for your niche and will dominate the market. Be the expert and you will wear the road out that goes to your bank.
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