One of the most important skills you could possibly possess as a luxury real estate marketing professional is the ability to spot an underserved, potentially lucrative market niche that you believe you could serve better than anyone else in your marketplace. This is not typically something that is taught in school. Yet, it can make the difference for you in owning the lion’s share of that market niche and have a significant impact on your bottom line.
Our favorite ways of getting inspired to practice this skill is by watching Shark Tank, the ABC reality show where bright entrepreneurs pitch their ideas to competing venture capitalists including the “diva” of luxury real estate herself, Barbara Corcoran. Check out an episode on You Tube and see for yourself. Here is an example of an uncontested market niche that attracted a “feeding frenzy” of competition between the sharks.
Two gentlemen noticed a tremendous inefficiency in the recruiting process of high school athletes who have talent and show promise. Many major stars, such as Dwayne Wade of the Miami Heat, were completely overlooked in high school because of the current system. These guys came up with an online system whereby parents can take control of the process and market their kid’s talents to appropriate schools and professional teams.
Furthermore, they patented a mobile app that deals directly with the recruiting restrictions. They also created efficiencies that have never existed in this segment of collegiate and professional sports. Both parents and recruiters pay a fee to use the system, which has the potential to generate a significant cash flow.
Keep your eyes and ears open for inefficiencies in your luxury real estate market place and see if you can spot some underserved market segment. Then become known as the one, the brand name that changed things for the better. Your reputation can change for the better just about overnight if you do.
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