Niches|Riches|A Career Set Up to Make Money|Makes Life Easy!
BY BARBARA TODARO
Managing Real Estate Broker with RE/MAX Executive Realty 104763
Share:April 02, 2017 11:48 AM
How often have you heard or read “Niches are Riches?” There’s a reason for it. Real estate agents who have a niche or two or more will always make more money with less effort than agents who take whatever falls into their laps. Niche areas can change.
There was a period of years at the early stage of my 39-year career when I changed my niche whenever the market changed. That was actually a very wise move to make. I was in my early years in the business and needed to be exposed to many different residential phases of real estate.
There was a time when condo conversions were very strong, and that was my niche for a couple of years. I actually participated in that phase myself by buying and converting four family homes. I made a score!
I tested the water with buyers, and that lasted almost 4 months! It didn’t take me long to decide that I had no patience for buyers. I was a listing agent for my first year and will continue to be until I can’t find my way to the office!
My career changed dramatically once I sold my first new home. I made the decision quickly to become more knowledgeable about new homes and land. I enrolled in a Building Construction program at Dean College and within two years completed all of the major courses in that program. I already had a degree in biology, so the purpose was not to secure another degree. It was to absorb as much knowledge of new construction as possible.
After completing the courses, I sat for my Massachusetts Builders License (unrestricted,) and I maintained that license for 20 years. I stopped renewing it several years ago. The college-level courses enabled me to have detailed conversations with other builders about methods and materials.
Hardiplank was a new product at that time, along with engineered wood. To be able to discuss modulus of elasticity of structural flooring members was not a typical conversation between other agents and builders. Those conversations resulted in “big points” in my column!!!! Builders always appreciate another seasoned eye and knowledgeable opinion to confirm their opinion.
New subdivisions became mine. I needed to maintain a relationship with the many builders with whom I represented. To do that, I needed to find land and understand how to evaluate it prior to presenting it to the builders. I found it; evaluated it; sold it to them, and maintained a steady flow of new construction.
My niches, for the last 25 years of actively working as a real estate agent, were land, new construction, and resale listings. They all complement each other. If you sell land, you’ll have the new homes to sell. After you have a new home pending, most new home buyers have a resale home to sell. That’s another listing.
The pieces always fell into place. I found the areas in real estate I loved, and I became very well-versed with all of them. The key to having a successful niche is knowledge. Become well-versed in that niche area, and you’ll make a score.
None of this information is new to ActiveRain members who know me. I have written about land, new homes, and resale listings many times. I encourage agents to take courses to become educated in the niche area, and I always promote sharing information with others. It makes us all stronger.
This is my entry for the April contest on Niches presented by Evelyn Johnston. Hope it doesn’t bore anyone…. It’s not a new story!!