by Rainy Hake Austin | Aug 17, 2024 | Industry, News Feed
The new rules are the result of the National Association of Realtors’ major antitrust settlement. They’re poised to change how agents are paid and how real estate consumers search for homes.
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Five months after the National Association of Realtors agreed to a landmark antitrust settlement, the rules resulting from that settlement finally go into effect today.
The rules will determine both how agents will get paid, and how consumers search for homes. In the former case, homesellers and their brokers will no longer be able to offer commissions to buyers’ brokers within NAR-affiliated multiple listing services. And in the latter case, homebuyers will need to have a signed agreement with their broker before they begin touring homes.
READ BRAD INMAN’S TAKE ON THE HISTORIC DAY
Other rules require brokers to disclose that commissions are negotiable, and bar MLSs from helping seller’s agents make offers of compensation via any non-MLS mechanism. Inman has a full write up of the rules changes here.
The settlement and resulting rules are the product of a story that began in 2019 when multiple homesellers sued over the commissions they had to pay to buyer’s agents. These lawsuits claimed that the National Association of Realtors and various major franchisors conspired to keep commissions, and costs to consumers, high. The plaintiffs in these cases believed that the alleged conspiracy violated the Sherman Antitrust Act, among other laws.
The situation finally came to a head in October 2023 when one of those cases, known as Sitzer | Burnett, went to trial. A jury ultimately agreed that NAR and the other defendants engaged in a conspiracy.
The jury verdict had two effects. First, a slew of copycat cases began cropping up all over the country. Some of these cases named the same defendants, but many also identified additional companies, MLSs and Realtor associations as alleged conspirators.
And second, settlements became the norm. The first settlements, involving Anywhere and RE/MAX, actually predate the October Sitzer | Burnett trial. But over the months following the trial companies including Keller Williams, Compass, Redfin and others all hashed out their own settlements as well. Typically, these settlements involved an agreement to both make monetary payments and to change business practices.
However, NAR’s settlement — which was announced in mid-March — was the one that rocked the real estate industry and led to the most sweeping changes. Over the ensuing months, the settlement has also led to a massive and still-unsettled debate in the industry over just how consequential all of this will be.
For instance, Compass CEO Robert Reffkin recently observed that changes had already rolled out over the summer in some cases but that business was mostly continuing as usual. Others, however, have argued that the new status quo could have an array of significant impacts including reducing agent ranks, driving down commissions, or changing the affordability equation (either in positive or negative ways) for homebuyers.
A bevy of other questions remain unanswered as well. Will NAR maintain its powerful position in the industry? Will buyers be willing to pay for agents? Will the U.S. Department of Justice push for even bigger changes?
Only time will tell, but for now, one thing is certain: Aug. 17, the day the new rules kick in, will go down in the history books.
Here are resources to help you navigate the new industry landscape:
Commentary from leaders:
Practical advice from experts and insiders:
Key moments and history:
Initial impacts and early signals:
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by Jason Waugh | Aug 16, 2024 | Industry, News Feed
Vice President Kamala Harris unveiled the housing policy for a Harris-Walz Administration at a campaign stop on Friday. Her first priority? Pulling the reins on institutional investors and rental management platforms.
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In a campaign speech in Raleigh, North Carolina, on Friday, Vice President Kamala Harris unveiled a housing agenda to assist first-generation homebuyers, provide additional federal funding for local affordable housing projects, and crack down on companies and institutional investors hiking up housing costs.
“The housing market can be complicated, but, look, I’m not new to this issue,” she said. “… I know how to fight for people who are being exploited in the housing market, and I know what homeownership means,” she added. “It’s more than a financial transaction. It’s so much more than that. It’s more than a house. Homeownership and what that means — it’s a symbol of the pride that comes with hard work.”
“It’s financial security,” she added. “It represents what you will be able to do for your children.”
Harris called attention to the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act and the Stop Predatory Investing Act, two bills that were introduced to Congress in 2023 to crack down on institutional investors and landlords.
Senator Ron Wyden [D-OR] introduced the Preventing Algorithmic Facilitation of Rental Housing Cartels Act in January 2023. The Act targets rent management platforms that use algorithms to set rental prices and would prevent landlords from using those platforms to determine rents, among several measures to increase housing choice and access for renters. Wyden called out RealPage and Yardi as the biggest examples of the issue, saying both companies coordinate rent hikes that the average American can’t afford.
“Indeed, Realpage boasts that they increase rents for client landlords between 5 percent and 12 percent in every market in which they are coordinating prices,” Wyden said in a bill summary last year. “When rent prices spike in a market, more people become unhoused.”
Sen. Sherrod Brown [D-OH] introduced the Stop Predatory Investing Act in July 2023 to stop investors who acquire 50 or more new single-family rental homes from deducting interest or depreciation on those properties unless they sell one of those properties to a homebuyer or qualified nonprofit. If they sell to a homebuyer or qualified nonprofit, they’ll be able to deduct the interest and depreciation for the year in which the property is sold.
Harris said those bills, if passed, would help “take down barriers and cut red tape” for millions of Americans who struggle to afford housing.
“By the end of my first term, we will end America’s housing shortage by building three million new homes and rentals that are affordable for the middle class, and we will do that together. We will do that together,” she said. “And we will make sure those homes actually go to working- and middle-class Americans — not just investors.”
“Because, you know, some corporate landlords — some of them buy dozens, if not hundreds, of houses and apartments,” she added. “Then they turn them around and rent them out at extremely high prices, and it can make it impossible, then, for regular people to be able to buy or even rent a home.”
“Some corporate landlords collude with each other to set artificially high rental prices, often using algorithms and price-fixing software to do it. It’s anti-competitive, and it drives up costs. I will fight for a law that cracks down on these practices.”
In addition to pushing for the passage of both Acts, Harris proposed $25,000 in down payment assistance for first-generation homebuyers and a $10,000 tax credit for first-time homebuyers. Both measures, she said, would open the door to homeownership for more than 1 million Americans.
“We can do this,” she said to applause from the crowd. “We can do this, all to help more Americans experience the pride of homeownership and the financial security that it represents and brings.”
If elected president in November, Harris said she’d carry over the Biden-Harris innovation fund and double it from $20 billion to $40 billion. The fund would give local governments the dollars they need to build more affordable housing and support homebuilders using “innovative methods” to construct developments. The innovation fund also supports reallocating unused federal lands for housing development.
“Harris will work in partnership with workers and the private sector to build the housing the country needs, both to rent and to buy, and take down barriers that stand in the way of building new housing, including at the state and local level,” a campaign representative told ABC on Friday. “This will make rents and mortgages cheaper.”
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by Jason Waugh | Aug 16, 2024 | Industry, News Feed
The fraudster who once self-identified as “the one who creates trouble” has been unmasked by the Department of Justice as 53-year-old Lisa Jeanine Findley. Prosecutors said Findley has gone by several aliases over the years.
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The Department of Justice has charged a Missouri woman in connection with a scheme to take ownership of Elvis Presley’s former home, Graceland, and extort his descendants for millions of dollars, the department announced on Friday.
The date happened to coincide with the anniversary of Elvis Presley’s death in 1977. Presley was found unresponsive at Graceland that day, 47 years ago, at the age of 42.
The 53-year-old, Lisa Jeanine Findley, was arrested on Friday morning for allegedly coordinating the attempted foreclosure of Graceland by claiming that Presley’s late daughter, Lisa Marie Presley, had put Graceland up as collateral on a loan she failed to repay before she died in 2023.
“The defendant orchestrated a scheme to conduct a fraudulent sale of Graceland, falsely claiming that Elvis Presley’s daughter had pledged the historic landmark as collateral for a loan that she failed to repay before her death,” said Nicole M. Argentieri, principal deputy assistant attorney general at the Justice Department.
Findley has been charged with mail fraud and aggravated identity theft. If convicted, she could spend a mandatory minimum of two years in prison for aggravated identity theft and a maximum of 20 years for mail fraud.
According to prosecutors, she has gone by the aliases Lisa Holden, Lisa Howell, Lisa Jeanine Sullins, Carolyn Williams, Gregory Naussany and Kurt Naussany.
In May, an individual who represented themselves as being associated with a fake private lender company known as Naussany Investments, which had attempted to take over Graceland through foreclosure, responded to an email from The New York Times and allegedly revealed themselves to be a fraudster based in Nigeria.
“I am the one who creates trouble,” the email writer said, suggesting their deep involvement on the dark web and clandestine networks throughout the U.S. “We figure out how to steal. That’s what we do.”
Court documents say that Findley represented herself as various employees of Naussany Investments and claimed that Lisa Marie Presley had borrowed $2.8 million from the company. Prosecutors said the loan never existed.
By filing false foreclosure documents, deeds and claims in court, Findley tried to get the Presley family to hand over $2.85 million to Naussany Investments, or they would auction off the property to the highest bidder.
However, Lisa Marie Presley’s daughter, actor Danielle Riley Keough, sued to retain ownership of the property, which she had inherited on her mother’s death. Keough claimed the loan was not legitimate and that Naussany Investments was “a false entity.” Keough’s lawyers also claimed signatures of Ms. Presley and a notary on some of Naussany’s documents had been forged.
After the foreclosure of Graceland was blocked by a Chancery Court in Tennessee following Keough’s lawsuit, Naussany ceased all attempts at foreclosure. The court had determined that the foreclosure auction would irreparably harm Keough and postponed the foreclosure until it could be determined who maintained rights to the property.
Earlier this summer, the Tennessee attorney general’s office handed over its investigation to the Justice Department.
The Postal Inspection Service also reportedly played a role in the investigation, making a connection between Naussany Investments’ business address at a post office in Hollister, Missouri, near Findley’s home, where she rented P.O. Box 1015. The rental application had been submitted under the name “Lisa Holden,” one of Findley’s aliases.
On Friday, law enforcement officials expressed surprise at the audacity of a fraudster to target such a high-profile property.
U.S. Attorney for the Western District of Tennessee Kevin G. Ritz said in a statement, “As a Memphian, I know that Graceland is a national treasure.”
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by Weichert Real Estate Affiliates Inc. | Aug 16, 2024 | Industry, News Feed
A record 8.5 percent of all U.S. homes are worth $1 million or more, up from 7.6 percent last year and 4 percent before the pandemic, according to a new Redfin analysis. California is adding them faster than other states.
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In some markets, a $1 million home is considered a luxury property — but the number of places in which that still holds true is shrinking all the time.
The number of homes in the U.S. with an estimated value of $1 million or more has hit a new high, with 8.5 percent of all homes hitting that value, according to data from Redfin provided to The Wall Street Journal.
Last year, the share of $1 million homes in the U.S. was 7.6 percent. Before the pandemic, it was just 4 percent.
More homes are commanding that once-lofty price as home prices have soared nationally. The median home sale price was up 4 percent year over year in June to a record $442,525, according to Redfin. Meanwhile, the median sale price for luxury homes, or the top 5 percent of the market, increased 9 percent year over year to a record $1.18 million during the second quarter of 2024.
“Years ago, if you owned a $1 million home, you would have been considered pretty rich,” Redfin economist Chen Zhao told The WSJ. “Now, that’s the entry point for some markets.”
Although homebuying demand has softened in recent quarters because of high mortgage rates, prices continue to rise due to low inventory, which is driving competition, Redfin’s report stated. Inventory has grown in recent months, but is still approximately 30 percent lower than pre-pandemic levels.
The growing share of $1 million homes in the U.S. is a good thing for homeowners and sellers since it means growing equity in their portfolio, but it adds to affordability challenges for homebuyers, especially those purchasing their first home.
“Home prices, insurance and mortgage rates have shot up so much that many people are either priced out of the market or weary of committing to such a high monthly payment,” said Redfin Premier agent Julie Zubiate, who is located in the Bay Area.
“The people who are buying without hesitation are in tech and work at Google, Apple, Facebook or a similar company. Many Bay Area buyers — especially those without tech money — are getting more selective, jumping ship if a small problem comes up in say, the inspection. They’re spending too much money to rationalize not getting everything on their must-have list.”
Recent drops in mortgage rates have helped buyers with affordability, increasing their purchasing power by tens of thousands of dollars, Redfin noted. That drop is bringing some buyers back into the market, Zubiate said.
The share of $1 million homes is also growing in most major metros across the U.S., except for Austin, Texas, where it declined by 0.1 percent year over year and Indianapolis, Indiana, and Houston, Texas, where the share of $1 million homes stayed flat on an annual basis. In Texas, a push on new construction has helped curb prices.
Meanwhile, California, which already had the largest share of homes valued at $1 million or more, continues to gain them at a more rapid clip than anywhere else in the country.
Anaheim saw the greatest increase in $1 million homes year over year, with 58.8 percent of home hitting that threshold, up from 51 percent one year ago. Next, San Diego (42.6 percent up from 36.5 percent) and LA (39.3 percent up from 35 percent) saw the greatest annual gains in $1 million homes year over year. In those markets, the median home price was already around $1 million, which meant that many properties were poised to hit or surpass that mark.
The Golden State also has the metros with the most $1 million homes — in San Francisco and San Jose, about 80 percent of homes are worth at least $1 million, and in Anaheim, 58.8 percent command at least seven figures.
However, there are still a few metros out there that hardly have any $1 million homes, including Detroit, Cleveland, Pittsburgh and Kansas City, Missouri.
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by Zillow | Aug 16, 2024 | Industry, News Feed
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Luxury brands have always looked for ways to expand their influence and diversify their income streams. Real estate, especially the high-end residential market, fits perfectly with their brand image and gives them a chance to cater to their upscale clientele.
Moving into real estate is a natural step for luxury brands, reflecting their core values — exclusivity, quality and a premium lifestyle. By investing in residential projects, these brands can offer a more complete luxury experience to their customers.
Take Miami, for example. It’s become a hotspot for luxury brands wanting to broaden their horizons and provide their customers with an elite lifestyle. The city’s warm weather, stunning beaches and vibrant atmosphere make it the perfect backdrop for these exclusive ventures.
Origins: Where luxury meets prestige
The trend of luxury brands entering the residential real estate market can be traced back to the early 2000s. This move is part of a broader strategy to extend their brand influence beyond fashion and into other aspects of luxury living, providing their clientele with a complete lifestyle experience.
While there is no formal definition, a branded residence is generally recognized as a residential property that is associated with an established brand, such as a hotel operator. The brand provides the property with its branding, services and amenities.
Giorgio Armani was one of the pioneers, launching Armani/Casa in 2004, which focuses on interior design and furnishings for luxury residences around the world. Armani/Casa’s projects include high-end properties in cities such as Dubai, Istanbul, London and New York, showcasing the brand’s commitment to elegant and sophisticated living spaces.
Following Armani’s lead, other fashion houses began to see the potential of merging their brand identity with real estate. Versace launched its first branded residence, Palazzo Versace, on Australia’s Gold Coast in 2000. This success led to subsequent projects in Dubai and Macau, featuring opulent interiors and bespoke furnishings that embody Versace’s bold and glamorous aesthetic.
A look inside the most exclusive developments
Projects like the Estates at Acqualina, designed by Karl Lagerfeld, and the Bentley Residences, reflect how these brands integrate their aesthetic and quality into real estate.
The St. Regis Bal Harbour Resort, soaring 27 stories above the trendy Collins Ave in Miami, graces a stunning white-sand beach. This luxurious hotel sits at the crossroads of art, fashion and design. Its prestigious Forbes Five-Star and AAA Five-Diamond accolades highlight its exceptional service and amenities.
Fendi also entered the real estate market by providing interior design services for high-end residential projects. The Fendi Château Residences in Miami, completed in 2016, is a prime example of how the brand integrates its signature style into real estate. The building features Fendi-designed furnishings and common areas, reflecting the brand’s dedication to craftsmanship and innovation.
Bentley, the British luxury car manufacturer, has teamed up with Dezer Development to create the Bentley Residences in Sunny Isles Beach. The 60-story tower will have 200 luxury condos, and each unit will be designed with Bentley’s signature craftsmanship and attention to detail.
The Waldorf Astoria, a luxury hotel chain, has partnered with developer PMG to create the Waldorf Astoria Hotel and Residences in Downtown Miami. The development will feature a 100-story tower with a five-star hotel and 360 luxury condos.
These branded residential projects are not limited to interior design alone. Many luxury brands collaborate with renowned architects and developers to create buildings that stand out in the skyline. For instance, the Porsche Design Tower in Miami, completed in 2017, offers a unique blend of luxury living and automotive engineering, including car elevators that allow residents to park their vehicles directly in their apartments.
Motivations behind the move
Luxury brands venture into real estate with a clear goal: to integrate their offerings seamlessly and provide a complete luxury lifestyle experience, fostering stronger brand loyalty among their clientele. Branded residences go beyond mere living spaces; they embody prestige and exclusivity, catering to affluent buyers who seek a symbol of status and ensure consistency in their service and attention to detail for their other luxury products.
For luxury brands, developing branded residences is a strategic move to expand their global footprint, especially in emerging markets witnessing a surge in demand for luxury lifestyles.
Branded residences, enriched with concierge services, bespoke interiors, and exclusive amenities, further entice affluent buyers. This trend extends beyond fashion to automotive brands like Aston Martin, evident in their Aston Martin Residences in Miami, showcasing the convergence of luxury and real estate.
Market impact
According to the Knight Frank Wealth Report 2023, there is an expected 12 percent growth each year predicted in the branded residences market sector up to 2026.
Luxury Miami condos with strong branding fetch top dollar, drawing in wealthy buyers who crave exclusivity and prestige. These projects boast a plethora of upscale amenities, such as exclusive dining options, boat experiences, luxurious spa facilities, and personalized concierge services, taking residential living to unparalleled levels of luxury.
Florida is the top U.S. state for luxury branded residences, with 32 live and pipeline projects currently, and Miami contains 80 percent of Florida’s schemes, which currently has 11 operational schemes with 10 more on the way by 2026, according to the Global Branded Residences Report by Knight Frank.
Future trends
Going green has become a major focus in luxury real estate. Brands are all about sustainability now, using eco-friendly materials and practices to catch the eye of buyers who care about the environment. They’re talking about sustainable building materials, energy-efficient designs and tapping into renewable energy sources.
And let’s talk tech — smart homes are the new norm. You’ve got lights that know when to turn on, climate systems that adjust to your liking, and top-notch security with fingerprint entry and high-tech cameras. It’s not just about luxury; it’s about making life easier and safer. Big names, including Amazon and Google, are leading the charge, making homes smarter than ever.
Plus, wellness is a big deal in luxury living. Developers see a growing emphasis on including spas, gyms, yoga spots and wellness centers, all geared toward promoting a healthy lifestyle. It’s about living large and feeling great, catering to the tastes of today’s discerning buyers.
Understanding why luxury brands are moving into real estate is essential for agents to hear about the evolving strategies of these brands and their efforts to create more immersive and comprehensive luxury experiences. Second, it sheds light on the broader economic and cultural trends influencing high-end markets, such as the demand for unique and prestigious living spaces.
Lastly, for potential investors and affluent buyers, this knowledge can provide valuable insights into the growing intersection of luxury branding and real estate, helping them make informed decisions about their investments and lifestyle choices.
The shift into real estate is not just about selling properties; it’s about extending the brand’s reach into every aspect of a luxurious life, creating spaces where the brand’s essence is felt in every corner. This move underscores the brands’ commitment to quality and exclusivity, ensuring that their high standards are met in the homes they help create.
This trend offers a glimpse into the future of luxury living and the continuous innovation that defines the high-end market.
Chad Roffers is the chairman of international luxury real estate company Concierge Auctions. Follow him on Twitter.
by Andy Florance | Aug 16, 2024 | Industry, News Feed
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
As all eyes have turned toward the implementation of the terms of the National Association of Realtor’s settlement, agents and coaches are talking about how to define the service they provide and communicate its value.
Moving into the role of expert — and expressing that expertise through effective branding and marketing — fast-tracks the process of developing professional relationships and convincing a significant market segment that you’re the right option for their highly specialized real estate needs.
Generalist vs. specialist
Before the days of the internet, social media and IDX solutions, real estate agents worked narrowly defined geographic areas. You often heard, “Joe Smith ‘owns’ that neighborhood.” Or, “Betty Brown has that condo building sewn up.”
Once an agent had “locked up” a particular niche, they could own it their entire career. The repeat and referral business was plentiful, and the agent had no need or inclination to step outside their comfy niche to see or list property elsewhere. Word of mouth was their best marketing vehicle.
There were several reasons this model was common. First, it was exhausting to work any other way. The brain power and time it took to learn an entire market area drained valuable resources. Second, homebuyers relied on agents to be their information source when it came to specifics about neighborhoods, school systems and area amenities.
Lastly, without digital tools like the many we have at our fingertips today, wet signatures were necessary at every phase of the negotiation process. This required in-person meetings. All things considered, selling in a defined geographic area just made good business sense.
The age of average
The internet, multiple listing services (MLSs) and IDX solutions have changed the industry entirely, making it possible for agents to sell to anyone and list anywhere at virtually any time. Isn’t it grand?
Or is it? As a result of this amazing accessibility and age of information sharing, the real estate industry is now chock full of non-experts. Most agents fall in the category “jack of all trades, master of none.” They are typical, average, ordinary, replaceable.
Consumers say it, too. They see real estate agents as a commodity. Even with years of experience, many agents wonder why they still have a mediocre business making average money. It’s because they are acting like average, mediocre salespeople.
Becoming an expert
Specialists in every field get paid more and are in high demand because they are, in fact, special. Choosing a niche and becoming an expert in that niche is how you become special. It’s how you differentiate yourself in an industry of mediocrity and average.
Here are a few signs that a niche might be a fit for you and your business.
- It zings with you. You get excited just thinking about it.
- You keep finding yourself there anyway. It seems to be a natural attraction.
- You are passionate and curious about it or are already an expert in it.
If you choose your niche based solely on ROI, status, image or because your best bud thought it would be cool, you are probably in for disappointment. This has to be about you and what works for you, your personality and your zone of genius. Otherwise, you won’t likely have the staying power necessary to go the distance.
Common sense must also be involved in this decision. If you decide to make your niche all about waterfront property, and there are only two miles of shoreline within 20 miles of your home or office, you’ll want to think again. Or, if you decide to go with a niche in housing for seniors (because it’s the fastest-growing population) but have an aversion to “old people,” move on.
Here are five benefits of becoming a specialist.
- Stand out from the oh-so-average crowd. Average people make average money.
- Create more opportunities to have more conversations. Enjoy talking to like-minded people about interesting and relevant topics.
- Expand your network of satisfied clients. Repeat and referral business comes from being in relationships.
- Get media attention, speaking gigs, VIP invitations, sponsorship opportunities and exclusive access.
- Give yourself more time and energy. When you are laser-focused and not running all over creation trying to be all things to all people, you have more time and energy to focus on what’s most important in your business and life.
A few words about narrowing the niche. There are some categories that are way too vague to be effective in creating that distinct point of difference. If someone is specializing in luxury, commercial, seniors, condos, waterfront or distressed properties, this requires drilling down.
A too-vague niche leaves the consumer asking, “What’s special about that?” There are a bazillion luxury home agents, commercial agents and senior specialists out there. When everyone is a specialist, no one is a specialist. Carve out your unique niche within the greater niche category.
How to get started
When you’re ready to say, “I have chosen my niche. I am excited, passionate and already have a fair amount of experience in the area I want to master,” that’s just the beginning. There are still a few things left to do.
Step 1: Gather information
You are going for a Ph.D. equivalent in your chosen niche. To do that, you need to do what any Ph.D. candidate does: Research. A lot of it.
Start by interviewing people who have bought and sold in the niche you are mastering. Find out what they liked, didn’t like and would expect from their real estate experience should they choose to do it again.
Visit and study any and all related services, community buildings, retailers and landmarks related to your niche. Become an expert in all things niche. Google keywords related to your niche. See what pops up. Follow the trail. Explore the terrain. Get acquainted.
Rub elbows with key people in your niche market. Are you a luxury agent who specializes in waterfront property? Go meet the yacht brokers, marina owners and marine mechanics. Plan to be at every boat show in the area.
Learn everything about every property that comes up in your niche service area or property type. Make it your business to know more than every other agent. Even the listing agent.
Join networking groups, civic organizations, nonprofit boards, and social groups to become familiar with the movers and shakers. Add value to these groups. Be consistent, and be fun.
Keep notes and sources of information, feed your database and develop a library of all the information that you amass.
Step 2: Add value
Give before you get. It’s the Law of Reciprocity.
Why do you think real estate agents get such a bum rap? Because they come off as greedy. They say “gimme gimme gimme” before they give one single thing of value in return. They start asking for referrals before they have built rapport and gotten into relationships.
Not sure how to add value? Create some educational and informative blogs, sponsor an event, teach a class, volunteer, and get involved.
When it comes to connecting with people and creating relationships with value, I highly recommend reading The 7 Levels of Communication by Michael Maher, a Realtor in Kansas City, Kansas. It’s a short read and has great strategies for becoming an icon, regardless of your chosen niche market.
Step 3: Establish and promote your brand
Creating your niche is one thing, but building a brand around it is another. The goal is to make it clear to the world that you are different. You know more and have more to offer than other agents they may know or follow. Your social feeds should reflect your specialty, as well as your website, your print materials and your email signature.
Sometimes agents get nervous when it comes to doing things differently. For instance, an agent might say, “If I am a waterfront specialist, I won’t get any inland listings,” or “If I specialize in older adults, no one younger will call me.” Your well-meaning broker may even question your decision because when you become an expert, you’ll begin to challenge the status quo of most brokerages. Sadly, many of them would prefer you stay average — you’re easier to manage that way.
Put aside internal reservations and external expectations and trust that, though you may miss out on a few potential sales (which isn’t likely), you will attract far more as a result of differentiation and specialization. Not only will mastering a niche make you more valuable in the eyes of consumers, but it will also make selling real estate a far more interesting and enjoyable career.
Nikki Buckelew, Ph.D., is the founder of Seniors Real Estate Institute, a coaching training, and educational organization dedicated to equipping real estate agents to better serve the mature market. She is the author of “Senior-Centered Real Estate: My Path to Purpose.” Contact her at SeniorsRealEstateInstitute.com or 512-842-6011.
