Owning a Niche

I keep running into this subject. Niche Marketing.

In a changing real estate market with insane stories coming out everyday predicting the downfall of society as we know it (OK I'm embellishing a little bit here) it's more important than ever to create and/or identify, and own and niche. Think about it. Look around and find real estate agents and loan officers that have grown in 2007 over 2006 and will continue to do so in 2008 and you'll find one commonality. They own a niche.

Here are 4 sectors in the real estate space that we've noticed are growing today:

1. Reverse Mortgage
2. Private Banking
3. Real Estate Owned (REO)
4. Preforeclosure Sales (commonly known as "short sales")

Spend some time over the holiday and figure out what niche you're going to own in 2008, create a strategy for how you're going to research it, target the right people, communicate your value to that niche, then work like mad to interview those prospects so you can provide the value based solution that allows you to negotiate a percentage of their business in 2008, not just their next deal.

Happy hunting...