Ask realtors - successful ones - and they will tell you that in order to be really successful you will need to pick a specialization and market appropriately. There are many reasons for this including getting the most for your marketing dollar. Are you a jack of all trades in the industry, or have you fine tuned your business? Believe it or not, fine tuning can earn you a higher paycheck!
Most people who are new to any business are looking to make money any way they can. This is understandable. I always coach my students to examine what parts of the business they most enjoyed when in class. What were/are they most excited about? Handling both owner occupied and vacant staging can help to balance your bottom line in the beginning but in the long run finding the right nitch can secure the high referral rate you are looking for and keep your marketing budget at a minimum.
To be super successful, you must pack away your fears, box up the desire to get all of the pie, and learn to become a SPECIALIST in your field!
~Melissa Marro, www.StagingAndRedesign.com - become a member today!
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Melissa Marro, a published artist, now turned staging advocate and national speaker speaks her mind about real estate and the home staging industry. In her 'no holds barred' approach, audience members find real answers to the industries pitfalls and learn how to overcome them with tried and true information and guidance. With marketing as her passion, she turned a small home based business into one of the nation's largest home staging and training facilities. She now operates as the CEO of First Impressions Home Staging & Interior ReDesign as well as an instructor for Staging And Resign and regularly speaks at the StagerList Expos and Real Estate Staging Association (RESA)'s trade events.
For more information on having Marro speak at one of your real estate functions, please contact her at 843.822.2622 or email at marro.melissa@gmail.com
If you would like Marro's team to provide information on staging a property in the state of South Carolina, or the Greater Charleston Area, please visit www.WeStageSC.com, email marro.melissa@gmail.com or call 843.822.2622.
Finding a niche is key. Good post Melissa and it is this approach to business that makes you successful.
I used to think I should do everything because there are so few stager in our area, but the more I do this job the more I realize a niche may be best. I love builders models, vacant homes and rehabs. I also love consultations, but do not love sorting through other people's stuff. I know people who do and I'd rather refer to them.
Kimberly & Rhonda - I only take on the business I actually want to do now, everything else I refer to my students. I am busier than I could ever really want to be. When I speak to brokers or agents I often tell them what the company does, what I do and then advise that I specialize in vacant homes. If they need help on an owner occupied property they will probably see one of the other First Impression Design Specialists. This really helps me keep my schedule clean & helps me know where/how to specifically spend my money on inventory and marketing.
The shotgun strategy is a great visual... I may borrow that if it's ok....
A niche or specialty is important - so very true. Otherwise, you know the old saying "Jack of All Trades" ... "Master of None"
I prefer vacants! I love them but my partner loves occuppied(as Val alloco says, shop the house). So when she is in her mode, I just tag along and let her instruct me on what to do! When we do the vacants, she listens to me.
My hats go off to all of you who do this without a partner! I would be lost with Tanya.We truly compliment each other- I dont like to do cold calls and she does. She hates public speaking and that is my niche.
I'm seeing that this concept is really a trend among the more successful agents. I recently read How to Become a Mega-Producer Real Estate Agent in Five Years by Bob Herd, and most if not all of the agents he interviewed were all doing over 10 million a year in sales and were very focused on a narrow and deep approach.
Melissa,
Great Post! It's impossible to be all things to all people. It's always a shot in the dark.
Great post Melissa! What timing! I was just having this conversation with my husband last night. I love the look or gorgeous staged vacants but paying for, housing and tracking all that inventory is not what I want to do. Occupied homes tend to be my niche. For me, it is knowing that I made something great out of all of the clients hodge-podge furniture and often odd decor choices. LOL. Because you don't have a clean slate like vacants, I like the challenge it brings in terms of creativity. So occupieds are my niche.
I may do the odd vacant if things slow down but I instead I started a referral program to refer work to other stagers in my area for work that I don't have time for or simply don't want to take on. This way, they can get work they like and I get a kickback for my marketing efforts that got me the lead in the first place. When it comes time for them to refer, I will do the same. We all get work we wouldn't have known about otherwise. Everyone wins!
Having a specialty is far more fulfilling than chasing every opportunity down because it has dollar signs attached. Over the past few months I have learned what I want to work, if it is worth the time and money and how it fits into my goals.
Some love doing prestigious million-dollar homes and that is all they do. They love the glamour of it all and working with more substantial and richer pieces. Because those homes almost always sell slower, my testimonial stats won't be as appealing, plus I'd have to wait a lot longer to get your inventory back. For these reasons I focus on homes under $500K.
Think about every facet of this business and what gets you most excited! That's when you'll be able to narrow down what works for you.