Looking at your target market geographically

How are you going to determine your target market area and where you did business? I think this is one of the core fundamentals in real estate and it is something that can determine your success or your failure in real estate. I speak to a lot of agents who are located in metropolitan areas and they come to me with concerns about why they might not be retaining more clients. I’ve made the observation that they aren’t focused in one neighborhood or a designated area within their city.

I think this is a mistake because you have the opportunity to be the person that people go to with questions about certain areas. For example, you’re understanding of the communities, the neighborhoods, the school districts, the lifestyle, the homes, and the people that are living in those homes is of value to your clients. Your dream client could be all over town, but that doesn’t mean that you should try and serve them all over town.

Early on in my sales career, I was working for a company called linear as a supply sales representative. My manager asked me, “well show me where you’ve been the last couple of days.” I got a map out and showed him all the business that I went to. He drew some dots and then connected them, which made a huge star. He said, “you’re a star salesman and thats not a good thing.”  I asked him, “why is that not good?” He responded informing me that I would be more efficient with my time if I stuck to one area within Dallas. The same thing is true in our real estate business. It’s more effective for you to target a market a geographical spot that aligns with your business and your dream client.

If you have multiple listings that are an hour and a half to to two hour away from each other, this becomes problematic because it’s harder to manage those listings with an 110% effort. For instance, you have an advantage if your listings are in the same community. This allows you to earn more listings and it also gives you the time you need to help make sure that the home is looking spotless and getting opened up properly. In my market since most of my clients are second homeowners, it’s common that the home will be vacant. Usually, I like to get to the house before the showing, so I can open the shades, turn on the lights, play some music, and ultimately make the house feel like a home for the potential buyers. For example, this past winter I was so thankful that I had shown up beforehand because there was quite a bit of snow blocking the entryway and if I hadn’t shoveled it, the couple would have had trouble getting up the stairs leading to the door and that’s never a good first impression.

 

If the listing is a high end property, I sometimes have to accompany the showing, so its important that I can make the time to do that. You just never know what’s going on, which is why it’s beneficial for you to be doing business in a community you’re familiar with and one that makes sense geographically in your business. Establish your target market area, so you can be closer to winning over your dream clients!

 

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