Q: Denise, a lot of my colleagues are talking about niche markets they want to work in. I definitely want more business, so I’m trying to figure out if this is for me. If I focus on one group, won’t I actually eliminate business rather than creating it?
A: Think about almost any profession, and then think about specialists in that profession. Do heart surgeons make more money than general practitioners? Assuming they’re competent, do they have an abundance of clients? Is there clarity around the services they provide? The answer in each case is yes! In the same way, a competent agent who has defined a market segment, and is strategic about pursuing that segment (and showing their value to clients in that segment) will reap the rewards. I strongly encourage agents to identify market segments that allow them to specialize in a niche.