After reading a post this morning written by Richard Weisser titled “Have you considered branching out into other fields?” I thought I’d share my thoughts on this topic. There is one thing we can all count on in the real estate business is that nothing ever remains the same.There is constant change in the real estate business.If we are not prepared to meet all of the changes and the new challenges, we’ll be without income.
This is the main reason that I always have more than one niche that I’m marketing for my team.We are listing agents and I market for resale listings every month.If our shelves are stocked, we’ll always have business.Listings are the one niche that will never be eliminated.It’s the product we all market and the product that buyer agents need to make their income.
Along with resale listings, our other niche is new construction.In our area, the banks are working with the builders to finish the subdivisions.They are forgiving debt; providing end loan financing; and being very patient with the slow pace of today’s new construction market.
Since we have both resale and new construction listings, we always have new real estate transactions in place.Niche marketing is easy to provide to our builders and homeowners via the Internet.We replenish our resale inventory with direct mail marketing.No one should rely on any one area for stability and consistency of income.We need to have more than one niche, and as the market changes, we must be flexible and knowledgeable enough about other facets to establish a new niche.
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We all know that when times are tough, real estate becomes a survival game. Some agents have lived their lives because of their ability to survive conditions that were not the easiest. There are agents who have had to fend for themselves at a very early age in life and have never had the path prepared for them to soar.