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The Importance Of Defining Your Market

“Each man is capable of doing one thing well. If he attempts several, he will fail to achieve distinction in any.” - Plato

Top 3 Reasons:

#1: Position/Placement

Every agent has a position in the market and is in a constant battle to outrank the next agent. While ranks are determined by performance. Most agents find themselves in the middle of the spectrum as it pertains to rank. There are a few tricks of the trade that you can use to increase your rank in your market.

  • Follow-Up: Staying connected and keeping your ear to your farm is one of the easiest ways to increase your rank, and furthermore your authority.

  • Use paid ads: There is an unparalleled effect of how quickly you can scale using ads. If you are looking to build authority quickly(especially in highly-competitive markets) paid ads may be the way to go.

  • Leverage your brokerage: Use your brokerage’s credibility(wins, testimonials) to make a name for yourself.

#2: Authority

Authority is the tool to help agents write their own tickets. When you can showcase your expertise and how you’ll get your ideal clients from their current state to their dream state, your potential is endless. So many agents struggle with building that trustworthiness, and/or authority in the beginning. Here are some tips to help out:

  • Don’t be afraid to get out in your community and talk to people. Speak up!

  • Define your marketplace(who and what you’ll serve)

  • Once you determine who you serve, you can map out a plan of action to acquire those types of clients.

  • Do research on your market. Find out what they value(ex. nightclubs v. golf clubs)

#3: Growth and Scaling

There is nothing an agent wants more than to scale their business and work with their ideal clients. Right? That’s the dream state. In order to truly scale you must build a foundation, otherwise, there will be nothing to scale. Imagine trying to build a business that serves everything and everyone. You’d find yourself having to customize your services with every client, having no proven track record to showcase. Instead, use these tips to help increase your business.

  • Focus on your defined market

  • Leverage things your market values to draw them into your ecosystem(if your market has a lot of foodies, do a video on new/hot restaurants in the area)

  • Maximize your investments and be intentional about your approach

  • Run ads for new listings in exclusive communities

  • Host an event in your market to educate

  • Host Broker Opens

  • Collaborate with other agents

  • Work with your brokerage to sponsor local businesses in community events(local biz mixers, charity events, etc)

Writing your ticket is easier than you think when you have a target market

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