As a property owner, throwing a wide net and marketing your property to anyone and everyone can be tempting.
The more potential renters or buyers, the better, right?
While this approach might seem logical, it can be a big mistake. You must specialize in a type of property or market to avoid missed opportunities, confusion, and frustration for both you and your potential customers.
Who doesn’t want to be an expert in their field and easily find deals?
The Importance of Specialization
Now, what does this mean? It means turning your attention towards a specific niche. This can be done by marketing your property to a specific demographic, a certain geographic area, or specializing in a particular type of property- luxury apartments, distressed properties, vacation homes, multi-family properties, fixer-uppers, etc.
Narrowing your focus, allows you to tailor your marketing efforts to the specific needs and desires of your target market, rather than appealing to everyone.
The Benefits of Specialization
1. Better Targeting
Specializing allows you to create targeted marketing campaigns that are focused directly on your ideal customer. This, in turn, increases your chances of attracting high-quality leads, increasing the likelihood of interested parties in your property.
2. Increased Authority
Honing in on a specific type of property or market helps establish yourself as an expert in that area. Which helps to establish your credibility and build trust with any potential customers. Again, making it more likely that your property will be chosen over your competitors.
3. More Referrals
Specializing can also award you with more referrals from satisfied customers. With a reputation of being the go-to property owner for a particular market or property type, equals your customers are more likely to recommend you to others. Which is great for your notoriety, name, popularity, recognition, and more.
The Risks of Specialization
As a property owner, most likely your primary goals are to have recognition, trust, and of course profit. Making it extremely important to be as flawless as possible during your journey, specializing is one of them and not doing so does bring a plethora of risks, the most important being:
1. Confusion
It can be challenging to communicate your selling points to potential customers without marketing your specialty. This then confuses your audience, as it will be increasingly difficult for people to understand what sets your property apart from the rest.
2. Missed Opportunity
No specialty means missing out on opportunities specific to particular markets and property types. For example, if you don’t specialize in distressed properties, you run the risk of missing out on high-paying flippers or interested wholesalers specifically eyeing properties like that.
3. Increased Competition
When you market your property to everyone, you’re entering this knowing that you are competing with almost every other property owner in the area. Therefore, specializing helps you stand out from the crowd and reduce the amount of competition you face, by narrowing down the number of people who do what you do. For example, as a luxury apartment specialist, you would likely be only competing with other luxury apartment sellers.
The Next Steps
Focusing your efforts on a specific niche, allows you to tailor your campaigns, establish yourself as an authority, and attract high-quality leads. Now is the time to identify your ideal customer and specialize and direct your property and marketing efforts accordingly.
Maybe the thought of specializing has entered your mind every now and then but you don’t even know what to specialize in. Sites like KeyGlee are here to take the time spent thinking about that and direct it all toward what you want to specialize in.
KeyGlee has multiple specialties for you to choose from: wholesale real estate, commercial properties, selling land, residential properties, distressed properties, the list goes on!
If you’re still in the stage of figuring out your niche, come to our Investor meet-up on March 15th from 6-8 pm and speak with, meet, collaborate, and network with other franchise owners, business owners, investors, flippers, wholesalers, property owners, and more to discover your specialty.
If the time doesn’t work out for you, then give us a call and attend our Virtual Discovery Day to find your interests and learn what we do and can do for you.