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Why Niches Can Fail (And How to Protect Yourself With Toolkits) · The Real Estate Agent Playbook

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  we've been trained and heard over and over and over
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  the riches are the in the niches
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  and I'm not here to squash that in any way however
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  over the last 18 months
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  we've seen a pretty drastic market change
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  and sometimes the niches do dry up
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  and this is where we need to step back
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  and focus on how we're building our business
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  if you have a specific niche
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  and it's still rocking and rolling
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  continue to do that however
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  I have started to step back and realize
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  building toolkits for specialization is a much
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  safer and easier way to not niche yourself
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  into a position where the market shifts
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  and your entire pipeline drives up
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  so stay tuned I'm gonna dive into all that and more
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  what's up guys I'm Jeremy Kane
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  with the Real Estate Agent Playbook and the Wolf Pack
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  I am so excited to dive into this today
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  as I've coached 200 agents
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  I partner with them and coach them for absolutely free
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  through my course through
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  you know personal access
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  to me this is something that I've really dialed in
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  if you are in need of a little bit of a shift
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  some specialization but don't have
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  you know the full confidence to dive all the way in
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  let's have a conversation
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  we can build out specific toolkits for you
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  when you partner with me
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  you get all of that for absolutely free
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  so if you're interested book a call
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  r E agent Wolf
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  pack.com below but let's get rolling
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  so if we really step back and look at this right
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  niching down could be a double edged sword
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  and this was something that everybody
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  kind of thought about as the market was on fire
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  but then everyone's like oh
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  niche down niche down no matter what niche you picked
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  the real estate market was on fire
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  so it didn't really matter right
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  so you could specialize
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  you could really narrow down your focus
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  and I'm not here to say you can't anymore however
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  what I have seen to a large amount of my colleagues
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  businesses as much like the transactions are 40% down
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  their business is usually 40 to 60% down in some cases
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  some people are still on the up and up
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  if they're in the right niches
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  if they're doing that
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  but also if you really step back and think about it
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  there was people that were in the first time
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  home buyer niche right
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  and that was a hard niche
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  but it was a constant pipeline
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  and we worked through the tougher seller markets and
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  and kind of got that rolling still
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  but if you stayed the course
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  once the market changed and interest rates rose
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  and competition fell off
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  then we started getting creative to absolutely
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  drive that niche home
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  and that's what I'm talking about here
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  to have different toolkits
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  different sets just as the
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  when you're building a house right
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  you have you know a whole different
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  toolbox for when you're framing and building walls
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  and then the drywall comes in
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  and that's a whole different toolbox
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  and then you have the paint and the texture
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  and that's a whole different toolbox
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  so if we can build our business in toolkits
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  we can absolutely continue to do the thing
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  and ultimately like if you're a home builder
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  and you have these different toolboxes
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  your unique value proposition
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  your target audience can kind of be very similar
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  and then you have different toolkit
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  for different segments
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  and toolkits also involve other tools
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  other partnerships
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  that you can kind of fit into this box
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  and this is a model that's a lot more
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  easily transitioned
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  when the market does shift so quickly
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  verse 100%
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  niching down on that one unique value proposition
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  and niching down so far in the details
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  that if that dries up you're gonna have to step back
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  and build something completely different well
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  that's not necessarily the case
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  with this toolbox method because you'd say okay
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  well
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  that toolbox is you know in the back of the garage
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  we're not gonna use that for a while
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  but we can take this tools
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  these tools from this toolbox and package it over here
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  and kind slightly change our
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  our trajectory and and focus
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  and really make the best as the market shifts
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  so you don't wanna get too crazy
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  it doesn't wanna be shiny object syndrome
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  but I feel once you have that toolbox and you know
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  everything you need is in that toolbox
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  for that specific Avatar and the Avatar that wants to
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  you know retire on a golf course right
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  that's
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  that's how specific I'm talking with these toolboxes
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  then that's that's up and running and that's there
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  you know what to do you have the team built
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  you have everything built out from there
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  but if you want to you know
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  that's that makes it easier
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  right
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  when you surround yourself with the right professionals
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  and all of that's going on
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  then you can do that right
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  and I talk a ton about industry
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  partner and community partner relationships
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  so that's a lot of what I have in these toolkits
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  is those relationships
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  so once you have those relationships
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  and they're dialed in then we're able to okay
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  when I get this buyer
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  it also makes it easier to partner with multiple people
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  because okay
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  when when that tool kit's needed
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  you're my go to right
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  but when this tool kit's needed
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  it's a little bit different Avatar
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  it's a little bit different personality
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  then I can partner with another title rapper
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  another lender you know
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  that maybe fits that you know
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  specific need more
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  so it allows you to grow those partnerships
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  and like I said industry partnerships are a massive
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  piece of how I built my business
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  if you're interested in that
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  my course has an entire 12 week accelerator
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  and examples of that
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  and you get that for absolutely free
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  when you do partner with me
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  so something to consider there
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  so maybe you're following
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  maybe you're tracking maybe you're not
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  but say for instance
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  that your unique value proposition was to
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  you know help retiring adults or retirees
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  you know make that next move right
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  you might have different toolkit
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  based on that value proposition right
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  you probably have a group that
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  stayed in there as long as they could
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  and now they can't maintain the house anymore
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  maybe they're looking for assisted living
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  or some community senior community living right
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  that's one piece of that
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  but then you also have the retirees who are fresh off
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  they're ready they've always wanted to retire
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  in a golf course that's a completely different toolkit
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  right you can have
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  you know lists of golf clubs
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  lists of homes you know
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  on golf courses you can have golf lessons
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  for the other spouse that doesn't golf
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  you can have club fitters
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  you can have you know
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  country club comparisons
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  you can have all of those things in that toolbox
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  that definitely wouldn't
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  connect to someone who's moving to an assisted living
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  facility but still is
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  you know
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  under the umbrella of your unique value proposition
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  right and then maybe there's
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  you know an ocean front or a waterfront
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  you know
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  group that has always wanted to live in a condo
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  on the beach right
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  what's that look like
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  a completely different thing than the golf course
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  in this
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  you can borrow some tools from the golf course toolkit
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  if that's the niche but you know
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  maybe maybe not
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  so you build these different toolkits and then you can
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  you know do different lead magnets
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  and you can do different educational courses on those
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  to generate leads and you have those specific niche
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  specific lenders and partners
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  that can partner with you on some of that stuff
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  and get excited about it and have direction
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  and then it makes you know
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  some of those home buyer courses or whatever
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  a little bit more exciting because you're specific
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  you have all this value but then again
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  you're still focusing under that ultimate
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  unique value proposition so
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  it's really one leg
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  that you just have these three micro sets
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  or four micro sets or whatever it is that
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  you know could do it and you can do this for any niche
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  right it doesn't have to be the retirees
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  you could have first time home buyers right
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  you could have
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  you know first time home sellers you can have
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  you know people that you know sports
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  you know figures entertainment figures
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  whatever and you can build these toolboxes
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  as those avatars
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  all need something a little bit different
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  so what I would do is
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  when you have a unique value proposition
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  to try and stick to that for
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  until the toolkits built out
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  and you have a toolkit for every single thing right
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  and as you build that it will be very easy to create
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  content around that to do all of those things
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  and I break this down you know
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  so much in you know
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  live trainings and things like that
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  so if you're interested in one on one coaching from me
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  again look into partnering
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  you can book a realtor game playing call
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  where we can kind of dive in on the surface level
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  but obviously past that point
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  you know
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  we we have to talk about partnerships or you know
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  coaching or whatever that looks like
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  but ultimately like if you focus on the toolkit method
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  I think this will really help you kind of
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  omit the overwhelm
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  we know we have to have unique value proposition
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  but we're scared to niche down into one specific piece
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  if it's not you know
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  a continual you know thing like that
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  for instance probate right
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  I have a video coming out this week
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  with Carolyn Castillo
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  uh down the line and she's focused solely on probate
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  well probates never gonna dry up
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  it's a recession proof business
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  and she talks about her amazing systems on that video
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  so make sure you catch that coming out on Friday
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  but as we kind of
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  focus in on all of these different tools and
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  and building these niches
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  I just wanted to throw caution to the wind
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  about the push to niche down into such specific areas
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  where if the you know
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  plane if the pipeline drives up
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  then what do we have we're stuck with that niche
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  we know that you know
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  for instance right now
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  it's kind of that move up buyer right
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  they have a very low interest rate and they're
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  they need to move up
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  because they're bursting at the seams at the house
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  but they struggle to to see the value in moving up
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  having a more expensive home
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  with a much more expensive interest rate
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  and mortgage payment and so they're kind of stuck right
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  so that niche has you know
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  vastly dropped off
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  and they're looking at adding to their homes or
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  you know all kinds of different options there
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  not saying it's completely gone but the move up
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  seller has definitely
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  not been what it was during the pandemic year
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  so um
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  I hope this helps
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  I'm excited to talk to you more about that
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  uh I also have a UVP coach
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  if you comment UVP coach below
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  I'll make sure that I send you that uh
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  custom GPT that'll help work you through this
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  typically if you have a unique value proposition
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  it'll throw out some ideas and help you build that
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  the vendor list and everything involved
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  so let me know if you have any questions
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  thank you so much for watching
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  like comment subscribe
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  and just know it's okay to build toolkits
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  and not 100% niche down into one area
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  we'll see you next time