I Gotta an Itch to Niche
by Walter Sanford, Speaker, Trainer, Coach
I was always excited to tell my prospective clients why they should consider my services! To elevate my message above the din of numerous competitive agents I constantly sought groups of clients with special needs that were grouped using specific criteria. As the criteria became more unique there was less competition! If the criteria was specific I could custom design services for these special potential clients. For my 26-year career I loved finding groups of people that needed me.
Many niche marketing agents use geographical criteria for grouping their clients and their needs, however these “farmed” clients were easy to research and did not have many special needs except those shared by being within certain geographical boundaries. The competition from other agents was fierce! Therefore, finding groups of prospective clients based upon their use of real estate or their social leanings allowed me to design custom services that really excited them to pick up the phone and call me. Also, rather than telling them how great I thought I was (Feature Selling) I suggested what I could do for them (Benefit Selling). When I discovered their “hot button” my phone button lit up!
My effort in researching special groups and offering them services my competition did not, allowed me to minimize my contact cost because I had less numbers, but increased my closings because I had better quality leads. When I delivered on the needs of my clients, my relationships were more customized and sincere!
Some examples of my niches and the respective benefits I provided are as follows:
- Mature Homeowners in homes over 2000 square feet. I researched them by using a combination of list brokers and the local tax records. Their hot button was buying down into a more secure home, with smaller yards at lower interest rates and freeing up some equity to re-invest.
- Four Plex Owners. Their owners have all the challenges of management and have high values because of preferential financing available on 1-4 units. If I move them to larger sets of units the economies of scale come into effect at lower per unit prices and it is all accomplished via a 1031 tax deferred excharge so that gain is deferred. Easily researched using the tax records.
- Your church or service organization. These potential clients are easy to find, they are familiar with you and are very happy to see that 20% of the commission earned on every transaction goes to a local school project or whatever the organization sponsors as a pet project.
- Attorneys in your town have all been chronicaled in the phone book. They love your free lists of comps, inventory, rental estimates, forms and investment advice for their clients. Contacted with a post card you can also let them know you are available as an expert witness.
- Colleges have housing problems and if they are enlightened enough to sell or give you their student’s parent’s addresses or e-mails you can ease those problems. Suggest to the parents the advantages of buying an inexpensive condo. IE: The tax benefits, appreciation potential, sub-leasing to roommates and the free real life course in ownership 101 to their college bound child.
Whether you choose to phone them, e-mail them, send them to your website, you will be talking to an interested group that needs your assistance. Contacting potential clients with real help to real problems is fun and less tiring than cold calling, door knocking or any shot gun approach. For 26 years I imagined the demographics I could help, made sure it was profitable, perfected the approach and then delegated the system to someone that would work for less than I was earning. I was never able to scratch the itch to help my clients!
Copyright Walter Sanford. All right reserved. Walter Sanford was one of the top real estate agents in North America for 23 years. He now is one of the most requested seminar speakers in the U.S. He is passionate, positive, right on target and provides strategies that can be easily implemented. His programs and products support his teachings and are available on his website. For more information, please visit WalterSanford.com.