Can You Build a Real Estate Market Where One Doesn’t Exist?
During a recent management meeting we discussed some topics for future office meetings. Sometimes a little brainstorming goes a long way. We came up with a handful of really good ideas. One in particular was started by the question….can you find a market where one doesn’t exist? Hey I’m always up for a challenge so at this week’s meeting I put the question to our group. Of course you have to get the ball rolling so I asked people to start throwing out general ideas with the hope of sparking something brilliant. In a matter of a half an hour we had a pretty substantial list. Check it out.
So here are a couple of questions, do you find any of these ideas a bit out there? how many of these ideas would you consider traditional? The truth is that all of these 36 ideas seem rather traditional. Now I suppose one could argue that farming a particular demographic profile on Facebook is thinking outside the box but Facebook has been around for sometime now and we shouldn’t be strangers to their ads. Let’s focus on a few that got the most comments;
First of all, there seemed to be a common theme around being a part of a group. I draw your attention to community BIA’s, business club networks, special interest clubs (like gyms, yacht clubs, etc), getting people together, philanthropy, and working for causes. In each of these suggestions the idea is to build relationships and trust within a group that may be unrelated to real estate.
Second, I loved the idea of leaving your business card everywhere. Okay so you might think this one is a long shot. Consider the local car wash. At the one near my office there is a board absolutely littered with real estate business cards. It’s actually kind of funny. But consider this, someone is looking at that board and maybe recognizes a name on the same day as he (or she) just got a big promotion and is thinking about buying a condo. A stretch? Probably. Impossible? Hey, nothing is impossible but I can guarantee you one thing, just like the lotto….you gotta play to win.
Third, creating your own niche. Whether it is marketing to groups with specific interests or hobbies, being the expert will go a long way. Sometimes the idea for a niche happens by accident. Consider this perfect example. There is a terrific agent in Coburg named Dave Chomitz http://www.cobourgclassic.com/ who is a wiz at video. Every time he lists a house he creates a website using the address. Once he got a listing of a beautiful stone century home but the owner didn’t want a sign on the property so Dave decided that instead of using the address he used www.astonehome.ca . Well he sold the house quickly and since he had the website already he started calling private sellers and putting their homes on his site. Dave tells me that in the last six years he has created a data base of 554 families that get his updates and newsletters and is averaging about 18 sign ups a month. While Dave admits that some are owners just watching what he is doing, the majority are buyers. Oh, and you will love this, for a small fee, other Realtors can advertise on HIS site.
Well, hopefully you have a couple of ideas on how you could create your own market. If you have other ideas and want to share them with me, I would love to hear them.