One of the major disruptive shifts that occurred in the field of marketing luxury real estate is the extent of market knowledge that consumers now have because of their access to the same information that was previous the exclusive domain of agents. Previously, this knowledge base was asymmetrical, meaning weighted in favor of agents. Now it is more symmetrical with consumers on equal footing. In fact, sometimes the consumer can know more than the agent if they have been doing extensive research by diligently keeping up with new listings, recent sales and listing status changes.
This is a major challenge to luxury real estate marketing professionals. But, it also is a tremendous opportunity to establish an extraordinary value proposition that can also set yourself apart from your competition. Superior, focused market knowledge can give you the competitive edge. In the corporate culture of Google, they have a mantra, “Focus Drives Results”.
Today, those agents who are generalists, those who do not specialize in a particular niche, are the ones who are most vulnerable to this shift. Trying to keep up with all the changes in all aspects of a given market place is not only a daunting task it is a waste of time. Only by narrowing your focus can you truly become an expert vs. a generalist. Focus is the key!
It should be made clear that narrowing your niche does not mean reducing your income providing that you pick the right niche. Selecting a niche that has the potential of meeting your personal financial goals is essential.
When you let go of the fear of missing out on income because you are focused amazing things begin to happen. Serendipitous encounters with opportunities become the norm. This may seem like magic, but it is actually very logical. The sharper your focus the more you are able to perceive opportunities that are right under your nose. These opportunities are not even on the radar of competitors who are dispersed, trying to be all things to all people and wearing themselves out in the process.
For example, in the top tier of the marketplace we hear time and again that many sales are conducted when top agents put buyers and sellers together, selling homes that were not listed on the MLS. Extensive knowledge of pocket listings, that is gaining information about properties that COULD be available for sale but are not formally listed, can set you apart as a true expert within your niche. This is information that consumers, especially from out of the area, could not possibly know which tilts the scales back to asymmetrical in your favor. It is also knowledge that your generalist competitors would probably not be aware of, or would not have to time to acquire.
In the new information era where consumers and competitors all a have symmetrical knowledge base, focus tips the scale in your favor. Focus drives results!
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