Originally Posted by notfarnow
My thoughts, and please keep in mind that this advice is SOLELY based on my experience in my market area. The market dynamics in your area may be significantly different:
Keep up the blog, keep networking with the types who will be drawn to this niche. However, keep in mind that it can be very difficult to crack into this end of the market. It is fiercely competitive, and sellers typically lean towards established agents who have inventory and a portfolio of SOLD homes in that price range.
Your very best approach, is to hook a BUYER asap. Even if they are a looky-loo, they will gain you access to the homes you want to focus on. A couple active, legitimate buyers can allow you to get to know the target inventory of listings. Once you've seen a dozen or so listings, and understand that part of the market, do a mail out to a few dozen similar homes, stating that you have a buyer looking who has been unable to find what they want on MLS. Then, and this is the key part, go knock on their doors about 3 days after they would have recieved the mailout. This shows that you are serious, and that you are working for a legit buyer. Stress the fact that you aren't looking to put their house on MLS, but that you are trying to show homes to ONE buyer. This is non-commital, and it shows you as being hardworking. It may not full MLS listings right away, but it will help you remain top-of mind, provided you stay in touch with them.
Once you manage to get a couple MLS listings, you will have access to MORE buyers for similar homes.
It is a slow process, but that is how I worked my way into the waterfront market. Took me about 3 years before I started to really gain traction, and now I list & sell more waterfront than anyone else in my area.
IMPORTANT:
You will go out of business in 6mths to a year if this is your only focus, so you also need some meat & potatoes business for Subsistence Realty(TM).
Here's what you do: Spend a few days researching the entry-level end of the market, looking for areas that have the highest turnover. Where I live, it was townhouses and pockets of small homes in certain clusters of neighborhoods. Once you identify your neighborhoods, you need to follow the same process as above.
This end of the market typically doesn't have the same attachment to big name or established agents. They just want someone hard working and honest, so it's the easiest to crack into.
In order to find a couple buyers, offer to do some open houses for another agent in your brokerage. If no one will cooperate (they wouldn't for me), then just mail out, and door knock. When you door knock, make sure that you have recent comps, and are familiar with them. They likely will be, and if they are considering selling, they will want to know how their place compares... so KNOW YOUR COMPS.
Rinse, wash, repeat.
Also: When you land a buyer or a seller, work it like your whole business depends on it... because it does. And treat them as though you were helping your mother or best friend buy a house. Don't simply ACT like that is how you are... actually advise and work as though they are family. If you do, they will remember it, and they will WANT their friends and family to use you too.
A caveat: This process WORKS, it got me in the top five (of 225) agents in my area. It also got me divorced. Try to maintain a balance, nomatter how exciting and exhilarating it is.
|