Ron and Alexndra Seigel wrote about FOMO (fear of missing out) with regard to marketing. They were discussing it from the consumer’s point of view.
But in real estate, there’s another side: that of the agent.
Fear of missing out is, I believe, the reason why so many agents resist choosing and developing a niche market or even a geographic territory.
They’re so afraid of missing a buyer or seller that they try to appeal to everyone, everywhere, and thus become a “Jack of all trades.” As you know, the rest of that old saying is “…and master of none.”
Because they don’t focus, they don’t become expert at anything.
In almost anything, a specialist is more valuable – more sought-after – than a generalist.
Thus, their value – when compared to a specialist – is minimal. When asked a specific question, such as “What school district serves this house?” they have to say “I don’t know, but I’ll find out.”
Now, there’s nothing wrong with saying you don’t know, but you’re more valuable to your clients when you already know the answer to questions like that.
Fear of missing out can actually CAUSE you to miss out.
When an agent focuses on a specific type of real estate, a specific type of client, or a narrowly defined geographic area, they CAN become the expert.
In a geographic area, they can learn everything about the taxes, the zoning, the regulations, the services, the schools, the transportation, the employment opportunities, the shopping, and the recreational opportunities.
If they choose to serve first time buyers, they can learn everything about financing programs and possible help that’s available, and they can learn how to best teach first time buyers about the entire home buying process.
If they choose to focus on waterfront properties they can become the expert who knows what’s for sale, what has sold, and for how much. They can also learn all about the regulations that govern use of waterfront properties.
Choose any niche and there are things that people need to know before they buy or sell.
A specialist can learn those things. A generalist simply doesn’t have time.
A second benefit to choosing a niche, especially in a defined area, is that of saving time and money.
Instead of spending half the day driving across town (or across the county), some “territorial” agents have all of their listings within a 2 or 3 mile radius. Others confine their activities to 2 or 3 large condominium complexes. Since gasoline isn’t free that saves them money as well as time.
It also allows them to focus their marketing efforts. Trying to write an ad or a letter that appeals to everyone is a tough job. Writing to appeal to a specific market is much easier.
Fear of missing out can eat both your time and your money.
Blogging about a neighborhood or a niche is also easier, and more beneficial, than blogging about real estate in general.
When you write extensively about your specialty, you become known as the expert. You also give yourself a “leg up” with Google in competing with the giant real estate sites. Zillow may have page after page with homes in your territory, but you may be the only one writing about local attractions, stores, events, and even community yard sales. You may also be the only one with a comprehensive market report. You may be the only one who attends City Council meetings and reports on future plans.
When you give your blogging a base of informative static pages on your website, you’ll make yourself even more popular with prospects – and with Google.
You can’t possibly list every house or help every buyer in your city or county, but you CAN become the one who lists most of the houses or helps most of the buyers in your chosen territory or niche, simply because you have become known as the expert.
Don’t let fear of missing out cause you to actually miss out on the success that can be yours if you focus.
Whether you’re ready to develop a geographic territory or want to appeal to a specific niche, you’ll find the real estate prospecting letters you need at Copy by Marte.
And… if your specialty isn’t there, just get in touch and let me know what you need. Every real estate prospecting letter set on that page is there because one or more agents told me they needed it.
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