There are many reasons you may choose to make changes to your existing real estate business. Maybe you’re moving to a new city for a family commitment or as a precursor to retirement. Maybe you’re changing up your niche because of diminishing returns in your current business model. Whatever the reason for a shift in your strategy, you’ll need to make some adjustments and adaptations along the way.
For many real estate professionals, change can be intimidating. After all, when you’ve built a career based on tried-and-true methods and an intimate familiarity with your market, you may feel that you’re giving away your most important advantages. However, change can bring new rewards and reinvigorate your enthusiasm for real estate. Here’s how to survive change while embracing the possibilities and opportunities it offers.
Adapting to a new market
Many real estate agents rely on their referral network and name recognition in their current market to keep their real estate business operating from year to year. That’s why it can be intimidating to consider moving to a new city or specializing in a different part of your current geographic area.
However, if you’re moving to a new location, there are many ways that you can establish yourself in your new community and grow your business. Here are a few ideas:
Find a connection with your previous market.
There are many areas of the country that are seeing steady growth with a large number of newcomers arriving from the same geographic centers. If a significant percentage of people are moving from your old hometown to your new one, you may be able to position yourself as a referral partner for agents in your old area. Alternatively, market yourself as a relocation expert who has made the move and can now streamline and facilitate that same move for clients.
Create a systematic circle prospecting or geographic farming strategy.
Many real estate agents take a haphazard approach to marketing, assuming that more is more when it comes to serving buyers and sellers. However, in reality, a focused, geographically specific marketing strategy using direct mail to build name recognition may be far more effective. One of the most effective forms of direct mail marketing are postcards. ReminderMedia offers Print on Demand Postcards you can build from scratch or create using a preset template. There are dozens of designs to choose from, so you can ensure your messaging is perfect for your brand and recipients.
Seek out leadership opportunities in your new market’s association.
Get to know agents and brokers in your area, and get a better handle on the way business is done there, by taking advantage of committee memberships, volunteer roles, and training opportunities in your new local association. This can help you fast-track your success and quickly make you a trusted colleague and networking partner for local agents.
Create content focusing on your new market.
Whether you have a robust social media presence, are a great blog writer, host a podcast, or create video content, you can put the power of your favorite platform to work promoting yourself and your services. Consistent content creation gives you the opportunity to connect with buyers and sellers and share with them while you also get to know your new area better.
Take advantage of opportunities at your new brokerage.
Perhaps your broker offers co-listing or mentorship opportunities that could pair you with an established agent in your new market. Maybe there’s a team that needs your help. Choose your new brokerage with an eye toward how you can launch yourself using its existing resources and networking opportunities.
Adapting to a new niche
There’s an old saying in real estate that “the riches are in the niches.” However, establishing yourself in a new niche is not as easy as simply completing a certification or designation course or changing your logo and business cards.
If you’ve decided to pivot your business to a new niche, you may need to adapt and change many aspects of your existing business strategy as well. Be sure to check out this episode of the Stay Paid podcast with one of Boston’s top real estate investors, Willie Mandrell, about the importance of finding your niche. And as you shift your business, here are some of the things you’ll want to evaluate.
Marketing and Branding
When we talk about marketing and branding for real estate, we’re talking about it in two different ways: the way you market yourself and your services and the way that you market your listings. You need to analyze appropriate marketing strategies for both elements of your business within the context of your new niche.
The type of marketing and branding you’ll need to promote yourself as a luxury real estate agent is very different from the way you’d promote yourself to first-time homebuyers. The ways you’ll market farm and land properties will differ from the way you’d market in-town condos. It’s important for you to pivot and change up your style to reflect the shift and reach your new audience.
To offer value to a luxury client, you may need to develop a network of top-of-the-line interior design and staging providers, event planners, security firms, and legal services. To offer value to an investor, you may need to develop a network of stellar contractors, property managers, and private financiers. Make sure your professional network is relevant and robust so that you can maximize your value to the clients in your new niche.
Your own image may need an overhaul as well when you are shifting to a new real estate niche. If you’ve been working with a suburban Soccer Mom look, you may need to elevate your image for luxury clients. If you’ve been a boots-on-the-ground farm and land agent, you may need to shift to a more professional and polished look for investors. In addition, you’ll want new head-shots and other marketing collateral to match your new image.