As you’re hustling to make your real estate business grow, do you ever get the sense that you’re being pulled in too many different directions? In an industry as broad- and deep- as real estate, succeeding as a “jack-of-all-trades” is nearly impossible. At Trustworthy Title, the most successful agents we work with are those who have a clear sense of their strengths and have turned those strengths into a unique real estate services niche.
Why Specialize?
Within each of the three broad categories of real estate: commercial, residential, and property management, each has governing regulations, policies and procedures, and its own vernacular. The branches can be further divided into specializations that can give you a competitive edge over the enormous pool of “generalists” in the real estate profession. Additionally, when you have created a distinct brand for yourself as a niche agent, you can strategically market yourself and your services, expanding your reach and making every marketing dollar count.
How Do I Choose a Real Estate Services Niche?
Many approaches to specialization can work for you. You can choose an area (downtown or a specific neighborhood), a demographic (first-time home buyers or retirees), a property type (investment properties or condos), or a circumstance (military or corporate relocations).
To choose the best fit for you, also consider your own expertise. Perhaps you grew up in a military family and have first-hand knowledge of the unique challenges the children and spouses face as their serviceman is reassigned or deployed. Perhaps you have lived in a charming, historic district for years and you have a solid network of connections with local businesses and valuable services you can enthusiastically recommend..
Next consider your interests. Are you obsessed with luxury properties? Do you see the hidden potential in a fixer-upper? Do you believe every young couple needs to know the joy of home ownership? Turn those interests and your personal skill set into your specialization and build a reputation as the local expert in specific real estate services.
Just as a word of warning, be aware that the Fair Housing Act puts limitations on selecting a niche that favors or dismisses a certain demographic, as well as marketing negative data about other areas to broaden the appeal of the neighborhood you’re selling. Know the regulations and be careful not to violate them.
Can I Earn Credentials to Boost My Expertise?
Absolutely! You can complete continuing education courses and seminars, but to take your training even further, The National Association of Realtors offers an abundance of vetted and reputable courses and certifications to enhance your personal brand and the scope of your business.
Accredited Buyer’s Representative (ABR)- Along with providing a record of five transactions in which you’ve worked exclusively on behalf of buyers, achieving this certification requires a general course and the selection of one elective.
Accredited Land Consultant (ALC)- If you’re interested in specializing in land and development, this certification establishes your expertise. This is an intensive course of 104 hours, and a test to demonstrate mastery, along with two years of experience with land sales.
Certified Commercial Investment Member (CCIM)- This credential is the gold standard for commercial real estate services, and it puts agents in an elite class with invaluable resources to grow your business. Proven commercial experience and extensive coursework are required.
Certified Property Manager (CPM)- Preparing for this complex certification, on average, more than doubles the income of property managers and allows for substantial career advancement. With three years of experience, you can take (and test on) a series of eight courses and become an expert in this specialty.
Certified Real Estate Brokerage Manager (CRB)- Are you an experienced broker who would like to bring your firm to the next level of achievement? CRBs are in a select class of only 3% of brokers worldwide, and best of all, no examination is required upon the completion of paperwork and coursework.
Certified Residential Specialist (CRS)- For high-performing residential property realtors, this designation provides an advantage over the largest pool of real estate agents, those in residential properties. As the industry evolves and marketing strategies shift, CRS agents participate in continuing education that keeps them abreast of the latest industry standards.
Seniors Real Estate Specialist (SRES)- As the baby boomer generation continues to retire and downsize their housing, this season of life presents unique needs and opportunities to provide specialized care. One course and exam, as well as SRES Council membership, are all that is required.
These are only a few of the many nationally recognized certifications upon which you can enhance your real estate services. For a full listing, take a look at NAR’s Education site.
If choosing your niche feels overwhelming, take off some of the pressure by realizing that you are not stuck in one specialty for the rest of your career. Try the one that is most valuable to you and to your local client base, and see how far you can take your expertise. If you don’t love the work, branch out and try something new.
How Else Can I Establish My Niche?
While you are building the experience needed to procure your NAR certifications, take advantage of other resources that will help you develop into the specialist you want to become. Read articles and blogs on the subject and listen to podcasts. Learn all you can from those who have excelled in your niche and seek mentors willing to impart their wisdom. Evaluate your local market and learn what areas/ populations are underserved. Find out what your competition is doing and raise the bar. Join realtor associations at the local and national area and take full advantage of opportunities to network and gain referrals.
What Are the Benefits of Specialization?
The time and energy required to become a niche expert in real estate will pay off in many ways. Not only does the data suggest specialized agents earn significantly more, but the work is much more efficient and cost-effective when you are only trying to reach a select target audience. As you stand out against the competition as an expert, you’ll help clients by taking an enormous industry and making it more digestible. Perhaps, most importantly, you’ll find the work is much more rewarding when you’re doing something you love.
As you find the niche that works for you, remember you’ve got friends in the title business. At Trustworthy Title, we have the pleasure of working with agents in all areas of real estate and a wide variety of specializations. We would love to help you and your clients have the smoothest transaction possible. Give us a call today for all of your title needs.