How Do You Determine Target Market as a Realtor (or other related business?)
If you describe your target market using words like ‘everyone’ or describe your demographics by a zip code or region of the country, you might want to read this to the end.
If you like doing business sooner than later this is the article for you. Imagine walking into a room and having each person in the room ready to buy your product or service. We refer to this as doing business sooner than later.
When we want to do business sooner than later (collect a check/provide our product or service) we need to be specific as to what our target market looks like. As a realtor describing your target market as 92008, a zip code in Carlsbad, California does you and the market little good. As your referral partner that could be everyone in my data base. However, when you tell me that you want to sell homes to first time home buyers, I think of a young family who lives in a two bedroom apartment with a three year old and a new born. When a realtor can walk into a room full of first time home buyers knowing that s/he sells only to new home buyers, the chance of making a sale is best!
It is much like going fishing for perch. If you were going fishing for perch, we would go to a lake with perch. Some of us run our businesses by going to a lake that only stocks bass hoping to have someone introduce us to someone else to catch perch. Sounds like one or both are stupid! Yet, many of us run our businesses that way. We join large groups. The more the merrier. When there are 50 or more business persons in a room we think, “There has to be someone here who will buy from me.” Or maybe we say, “There is someone who will know someone that they can refer to me.” This is could be true. However, what are the statistical chances of your meeting that right person in a room of 50 strangers?
I am all about reducing the time statistics for collecting the check in your favor. It is all about getting close to your targeted market DIRECTLY. Remove the middle man when possible. We need to find ways to take control, getting in front of our pure target market. We need to be the ones who take action. This was recently pointed out to me by a business coach that recommends getting rid of all of your business cards. His logic is that when we leave a business card with someone, the onus is on them to call us. When we take someone’s contact information then the onus is on us to make the connection. The logical thinking is that if it is left with us (the owner of the business, who wants to do business sooner than later,) we will take the action to make the call to collect the check.
Therefore, when speaking at a seminar, speak to home buyers (or sellers) who are in your target market – to housebuyers Orlando, etc. One of the current trends in real estate is reverse mortgages. As you will notice all the advertising on radio and television, those who are successful are prequalifying the people who attend the seminars. They make it clear that you must have equity in your home. To attend you have to be 62 or older. These ‘qualifiers’ allow the presenter the opportunity to have a statistically better chance of speaking to his/her pure target market.
We are all looking for the opportunity to invest our time so as to get a greater/quicker return on that time investment. One might say, “It is great to go to the local meet up mixer,” however, would it be better to go to a mixer where you knew that your ‘pure’ target market hung out? When a Realtor is looking for first time home buyers a good place to meet those prospects could be in an apartment complex. It can also be said that, “We go to events to keep our fun meters on maximum.” It is okay to attend as long as we do so with the intention of having fun. Our concern is that many go to mixers with the intention of getting more business. Then, after a year or two passes, they wonder why they are out of business, moaning, “Nothing I did worked!” Our goal is to start you down the path as a Realtor to discover what works in real estate to attract the right business. Then we encourage you to repeat what works to duplicate positive results.
Gerry Rose runs INTEGRITY Networking Solutions in Oceanside, CA. He works with people in business who want to attract the right prospects and generate more referrals. More than 10,000 businesses have been presented the INTEGRITY Networking Solutions system in San Diego, Los Angeles, Riverside, and Orange Counties.
Gerry’s stimulating presentation Unlimited Prospects, Unlimited Referrals is ideally suited for small business owners, home-based businesses, and independent professionals who want clearer direction and want to attract more prospects, develop dynamic systems, and strengthen their companies’ accountability. Gerry does one on one consulting, conducts a range of keynote speeches from thirty minutes to full-day education workshops.
His book series, Unlimited Prospects, Unlimited Referrals, are available on the website, www.integritysd.com.
Gerry has more than 20 years’ experience directing business owners how to grow their businesses. He is a networking dynamo. Those who know him will assure you that he does a great job of bringing people together—which is why he started INTEGRITY.
Involved with networking organizations since 1984, Gerry is a Distinguished Toastmaster, a member of Toastmaster International, and has chaired numerous chambers of commerce and non-profit organizations.
Are you truly committed to attracting the right prospects and generate more referrals? If so then contact INTEGRITY Networking Solutions for availability and information. You can contact Gerry by mail at 1610 Quiet Hills Drive, Oceanside, CA 92056. Direct dial (760) 439-4623; e-mail to gerry@integritysd.com. For more information, go to www.integritysd.com
