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Carevan Academy

a year ago

With the Real Estate Market Diversifying, Specializing Is Increasingly Necessary

There are multiple pressures hitting the real industry all at once. Some of those pressures come from new technologies. Others come from social changes.

Young people today often prefer to live without a car. They may also be remote workers. Many of them prefer to rent a place temporarily or even use a timeshare rather than purchase a house.

At the same time, people are living longer. Seniors have different needs and interests from Millennials. These are distinct markets, and it may be hard to serve both at the same time.

Increasingly, technology is taking care of basic tasks that once were done only by a real estate agent. For example, people can do an initial search for a home online from the comfort of home.

These trends mean that real estate agents really need to find a niche and develop a specialty in order to survive. The marketplace is diversifying such that it's too much information for a generalist to do everything well. A generalist is in the process of being replaced by technology.

In the future, you will want to be the "go to" person for a particular market segment. You will want to be the person with all the answers to the usual questions for that market segment that no one thinks to ask in another market segment.

You need to establish your reputation as, say, the person who serves established professionals or the person who finds retirement homes. That's the way to survive these ongoing changes.

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