Time and again we remind luxury real estate marketing professionals that focus is the name of the game. Becoming an expert in a particular niche and becoming identified with that niche in the minds of your target market equals power.
However, focus is perhaps one of the most widely misunderstood concepts in marketing luxury real estate. It means concentrating your attention and your resources on a specific aspect of your marketplace.
The four categories of focus are as follows:
- A specific geographic area
- A price range
- Property type (e.g., waterfront, ski property, equestrian, etc.)
- Client type (golfers, first time home buyers, etc.)
The narrower you make your niche the faster you can achieve market leadership, providing you select the right niche for you. Focus creates momentum and acceleration. By concentrating not only do you accelerate your progress, you can actually discover more free time.
It is possible to focus on a combination of some of these categories if you need to narrow your niche. For example, you can select a particular price range within a particular neighborhood. A general rule of thumb is to keep your niche as narrow as possible, providing that it has the potential to generate the income that you are striving for. You get to decide the size of your niche.
We have noticed that many luxury real estate marketing professionals are often reluctant to narrow their niche and stay focused. Some believe they have to take whatever business comes their way because there is a scarcity of business and they need to survive. On the other end of the spectrum, others who are approaching market leadership, believe that they are missing out on an abundance of opportunities.
As tempting as is seems to take on business outside your niche as you approach market leadership, the key is to stay focused. After you have secured your market leadership position, that is the time to broaden your scope of business if that is your desire. At that time you are coming from strength when you expand.
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