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A Niche Will Solve Your Growth Problems
a saturday morning riff
Welcome to the CRE Broker Playbook.
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"As great as 'being the only person nationwide in your niche' sounds, it's still just as hard, if not harder, to find quality clients. There's no way you're building a nationwide niched practice."
I saw someone put this on LinkedIn this week.
And they couldn't be more wrong.
My LinkedIn profile says: “I help CRE Brokers with their taxes, accounting and investments.”
That’s it. I strongly believe that if you’ll do work for everyone, you can’t do great work for anyone.
We provide a premium service for brokers who place a premium on quality, communication and their own time.
We limit our focus and have been able to generate 250 intro calls from social media while spending pretty much $0 on marketing budget (not counting time, but very small).
Why Niches Work: What the Brokers Told Us
Here's what the brokers we've interviewed have learned about specialization:
Carson Baird sells industrial in Southwest Florida:
"Being a specialist is definitely the way you're going to make real significant gains in income and become that thought leader. I can't say I can do anything industrial in the state of Florida with 25 million people here, but I can say that I cover industrial and storage properties in southwest Florida in these specific counties. That's going to be a lot stronger of a message that's going to resonate with any players that I'm trying to speak with."
Tyler Bindi sells triple net fast food restaurants:
When COVID hit and deals stopped flowing, Tyler made a calculated bet: "At that time really the only properties that were selling were some of these recession-proof net lease properties, you know, like the fast food restaurants with drive throughs that were staying open. And so I was like, okay, kind of stupid, but let me just call those because people are buying and selling those right now."
Five years later? "My goal every year is to sell 100 of them.”
David Perlleshi specializes in self storage:
"Become great at your niche, then go everywhere."
There’s really no risk to going to narrow. If you go too narrow and start losing business, you'll naturally expand. The market will tell you to broaden your scope. But most people never get close to that line because they don’t ever attempt to narrow.
They stay generalists and wonder why they can't break through.
Thanks for reading!
Jake