Here are five easy-peasy tips for breaking in to a micro-market.
1 – Pick a niche
Find a market you wish to specialize in. Maybe you’ve always loved Vancouver’s Yaletown, or have century-old homes always tickled your fancy? Simply choose a micro-market in which to specialize – no niche is too small.
2 – Arm yourself with knowledge
This might be the most important step in the process. In order to truly add value as the specialist in that market, you need to arm yourself with as much knowledge as possible. Make a point to visit every restaurant and bar in Yaletown, or learn as much as you can about Victorian properties and the challenges they present homeowners.
It’s important to know the answers to every question a potential buyer or seller might ask you – including those related to arms-length topics.
3 – Get out there
Hand-in-hand with Step 2, it’s important to go around the neighbourhood or attend the open houses of the properties you’ve chosen to specialize in. Not only will it give invaluable first-hand experience, but it’s a great way to network and develop your reputation as the go-to agent in that micro-market.
4 – Use newsletters and social media
You can’t be in all places at all times, so use social media to fill the gaps. Tell potential clients about the places you’ve been and why you love that neighbourhood, or showcase a new Victorian home every so often. Sharing your knowledge will help spread news of your value as a specialist.
5 – Build a database
Getting out there and using social media and newsletters to share your experience – and your expertise – will certainly help you build a database of potential clients who are also interested in Yaletown, Victorian homes, or whatever niche you’ve chosen.
You can’t be all agents to all clients, so why not specialize? Narrowing in on a niche market is becoming increasingly common, but actually getting started can seem more daunting than it is.