What’s your Property NICHE?

Debt Management Agencies | What’s your Property NICHE?

YPN article – July 2010

What’s your Property NICHE?

Any business strategist will tell you that in order to have a really fabulous business you need to find your own special area within the general profession. Within companies, for example, those who specialise in a particular field will be paid more for having this higher knowledge.  If you have your own business then you know that you need to find your own unique selling potential in order to differentiate yourself from the masses in the same business.

This is what creates increased sales and greater profits.

In the same way we should seek out our own specialism within the property world so that we can create greater knowledge in that area, and also create greater profits.

The processes used to find properties these days, usually centres around motivated sellers rather than seeking out particular buildings to buy.  And that means selling ourselves and our services to people who need them as well as targeting people in particular areas.

10,000 leaflets dropped in a designated area of one town is going to cover everything from 1 bedroom flats to 5 bedroom houses – so what is it you are looking for?  This is not targeted and you won’t know what to do with most of the responses you receive.

It is of course useful to know what sort of property is going to bring you in the biggest profits within the area you are looking, however when you have identified the type of property you would ideally like to invest in then you need to find out where the motivated sellers live.

Is that proving difficult for you?

So, let’s turn this on its head and ask ourselves what we have to offer that other investors don’t.

  • What are you good at?
  • What sort of people do you mix with?
  • Where do the motivated sellers you know live?
  • What contact could you have with new groups of similar people?
  • Who do you know who already has contacts in these groups?

What is it that makes you different?  This is often a difficult question to answer, so it might be better to ask some friends or family for their honest opinion.

–  Are you the type of person who ends up listening to everyone’s sob stories?  Do people confide in you when things aren’t going well?  In which case you may well be a great person to network with those who are facing financial struggles.

  • Get yourself involved with some groups that suit you – is it weightwatchers; Pilates groups; kick boxing; bowling; mums and tots; football supporters – the list is endless
    • Just be yourself, listen to their issues and if there are any you may be able to help by referring them on to a company that can help them** then take their details and give them your card – eventually you will find deals amongst these people

–  Perhaps you just like socialising and often find yourself in the pub in the evenings or weekends.  Do you end up talking to people who are there?  Perhaps talk turns to the pressure people are feeling about financial pressures and the impact of Government cuts on their household.

  • Make sure you have a card on you that you can give to them to let them know there are ways they can help their family.  If they are concerned about mortgage payments then perhaps you can refer them to a financial advisor (have a number available).
    • Eventually you will find people who really do need to sell their house, or get it rented out and the fact that you have helped them will mean that your word of mouth business increases.

–  What if you don’t get out and about because your current job takes up all your time.  In this case you need to think about how your company operates, and who within the organisation might be in need of your help.

  • If the problems exist in your own company then they are certain to exist in other companies too.  Make sure your friends know how you can help and get them to take your cards with them to your place of employment.
    • If you are known for buying properties then sooner or later someone will approach you if they need to sell their house fast, they’re getting divorced and need to sell, or if they are moving overseas.  Perhaps a parent has died and they need to get rid of a property without having to deal with estate agents.
      • Be known for what you do, and if it’s a bit embarrassing to do this in your own place of work, then make sure you are doing it where your friends work instead.

The simple question is…Where do you go, that other people go too?

Believe that wherever you are there are always people who have overstretched themselves financially and will need your help at some time.

Alternatively if you are targeting those who are moving for new jobs or overseas on secondment then they may not be in financial difficulty but may have issues renting out property – do you think they may make good candidates for a purchase lease option?

The trick with any trade is to know your business.  If you don’t know how to go about putting a lease option in place, or buying with a discount, working with agents or buying repossessions then the first thing you need to do is to get yourself educated to the level you your confidence.  Lack of confidence is usually due to a lack of knowledge in an area that could otherwise be your area of expertise.

Watch the experts – they are continually learning and working out how to manage the next projects.  Make sure that you are keeping on top of the learning.  Get signed up to education programmes, sign up to links where you can get free information and education.  Read the books that are going to give you the fastest knowledge in your chosen niche.

Most importantly work out what your niche is and work on your expertise in that area.  How can you help those around you in order to make sure your property portfolio is expanding and your profits are increased?

Call now on 01733 689567 to find out more about Property Achievement Groups from Yvonne Emery Coaching which are starting in Birmingham in February and London in March.  Boost your profits by finding your niche and making it work for you.

Happy Investing

Yvonne

** Call 01733 689567 for information on debt management agencies

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