🩺 Go Where the Money Is
Happy Sunday!
Here is an Idea, an Action, and a Question to consider this week.
Idea
Some agents fear that by aligning themselves with a narrow niche, they will alienate too much of their business––like if they brand themselves as an investor-agent, retail buyers and sellers aren’t going to want to work with them.
In full disclosure, that may happen to a certain extent, but at the same time, focusing on a niche brings you so much more business that it outweighs that little bit of business you might lose.
One of the markets I’ve developed into a niche is the doctor-investor space. By connecting with various groups of physicians who are both practicing medicine and investing in real estate, I've positioned myself as a valuable resource to them.
Early on, I was asked to do a webinar for a group of twenty or thirty doctors. My knowledge and experience in real estate investing caught the attention of one group in particular, and this paved the way for numerous deals, referrals, and other opportunities to blossom.
If you want to unlock the power of professional niche markets in this industry, tap into high net-worth individuals, like attorneys and doctors. Build relationships with them, ask about their investment strategies and group affiliations. Does this require a little work and effort on your end? Of course. But this is how you establish yourself as a valuable, trusted resource. There’s no shortcut here. Networking with these professionals can open doors to new opportunities and boost your brand as a knowledgeable and well-connected real estate agent.
When you begin to establish your niche, one of the most significant benefits you might start to notice is an increase in referrals and repeat-clients. People share referrals all the time in their everyday lives. Often, they just come up casually in conversation. You want to be on their radar so they think of you––and not somebody else––whenever referral opportunities come their way. Working within a well-defined niche will help you be crystal clear on the radar when the time comes.
A couple of years ago, I had a transaction that was going sideways. We got it sorted out, but I had to give up $15k of the $20k commission in order to make the deal happen. Some people might ask, “Why would you give up all that money?” Well, that client knows I treated them well and sacrificed to make the deal happen. This sacrifice resulted in a ton of referrals, leading to a lot more than that single commission. It was a short-term financial loss for a long-term relationship win.
Especially in these niche networks, don’t get nearsighted. Don’t focus on the next commission: focus on the relationships. If someone calls me and needs something that has nothing to do with real estate, I still try to bend over backwards to help them.
Action
Host a webinar for a specific professional group (e.g., doctors, attorneys) to share your expertise in real estate investing.
Steps:
Identify a professional group you want to target (e.g., doctors, attorneys).
Reach out to relevant associations or groups to offer your expertise.
Plan a value-packed webinar focused on their specific needs and investment strategies.
Promote the webinar through social media, email, and professional networks.
Follow up with attendees to build relationships and explore potential opportunities.
By hosting a webinar, you position yourself as a knowledgeable resource and start building valuable connections within your chosen niche.
Question
What professional group or niche are you interested in targeting, and what steps have you taken to connect with them?
See you next week,
Matt “Roar” Gardner
Real estate investor-agent, Author of Supersonic Real Estate: Light Your Afterburner to Accelerate Your Investor-Agent Career (Coming Soon!), and keynote speaker.
