Summary:
This is a new version of an earlier article with the term ´Realtor´ substituted with ´real estate agent´ in response to a specific request from a client.

Details or Sample:
Helping people buy and sell residential and commercial properties is a rewarding profession for the gifted and skilled. A real estate agent must have expertise in an amazing array of disciplines, ranging from civil engineering to law. Intense physical activity is also involved, for keeping pace with the latest market developments, and coordinating multiple appointments could leave even a professional sports person breathless!

The exceptional qualities which go in to making the best real estate agents do little to keep competition under control. This is a vocation which virtually anyone may profess to follow! Potential customers may not have ways of recognizing the best real estate agents from the also-rans and the amateurs, and it is entirely possible for the best people in the business to remain unnoticed.

The principles of Services Marketing can help every real estate agent put his or her best foot forward. Though this is a subject of top business schools, everyone can follow the key guidelines of Services Marketing, and make a growing success of wherever a realty business is located. Some people like to work things out in their minds, but a written Marketing Plan will become a permanent asset, and help real estate agents expand to new territories.

It all starts with Segmentation and Targeting. The point of this exercise is to define typical customers, and to choose between available alternatives as well. People who are about to retire, and young professionals with high disposable incomes, are the most common business types. Most real estate agents work within tightly defined areas, normally in and around major cities. A segment, in Services Marketing lingo, has to be homogenous, so the 35-45 years age group of people with salaried jobs in and around Las Vegas could be a typical example of segmentation.

It is important to be as creative as possible when segmenting the total market. Women who have just entered the work force, or people who have just returned from military service abroad, are examples of unusual segmentation. The latter tends to be less competitive than the obvious segments, and may suit the particular strengths of a real estate agent. There is a catch though: your business might taper off if you define your segment too narrowly. You do not, for example, want to define your segment as dealers from the gaming tables on the Strip alone!

Clustering, is a technique of putting disparate segments together around a common objective. You could, for example, decide that you want to serve all people, wherever they may live, to invest in high-growth realty projects in and around Las Vegas. This means that you aim to become the Las Vegas expert of everyone in the world who wishes to invest in Las Vegas realty. Such a cluster can include people from all over the United States, and some rich Sheikhs from the Middle East as well.

Why go through all this segmentation trouble? The answer lies in the limits to your resources. You may work alone, or with just a small team. There are limits to how many Multiple Listings you can check, and the numbers of lawyers and banks with who you can build strong working relationships. You do not want to spread your resources too thinly, and this is where clever segmentation helps. You can choose to specialize in one part of the market which suits your strengths and likes best, and become the best in that domain. Targeting a particular segment or a cluster can be a testing time because it is only natural to try and be all things to all people, but the competition will not allow you to succeed with such laxity. You must bite the bullet, and declare, for example, that you will focus exclusively on industrial areas, and put all distractions of other opportunities aside. It can be hard to turn down revenue opportunities but the specialization which comes from targeting a segment or a cluster will pay off in the long run.

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Written by: Dr S Banerji
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Words: 1500