Q: I read what you said a couple of weeks ago about having a niche market, and I’m interested in what you mean when you say that agents make the mistake of working as “generalists”. I definitely want to make more money in 2012.
A: Think about any profession … doctors, for example. Do plastic surgeons or cardiac specialists make more than general practitioners? Absolutely! I know real estate isn’t medicine, but the premise is the same. Some of the most successful agents I know are the ones who carve out a niche for themselves. Obvious examples are waterfront specialists, or luxury home specialists. And yes, these agents make more money because those properties typically command a higher price point. But what about specializing in working with clients who are divorcing, clients who are musicians, or clients who are in MENSA? Find that niche, and market the heck out of it. There are lots of possibilities – you just have to open your mind to them!