This guest post was written by Larry Easto who is a
best-selling business writer, and publisher of Real Estate Marketing Link

For the past few weeks, the W network, a Canadian cable network, has been running a series featuring real estate agents in their day-to-day activities.  Shortly before the worst of the recession really hit Canada, the intention was to show the dog-eat-dog world of high powered real estate agents. Instead of seeing agents deal with the stress of multiple offers, viewers got to see the stress of agents frantically looking for the next client and whatever new business came their way.

Personally I found the series as it turned out more engaging than what was intended.  What surprised me most was the willingness of so many agents to abandon their niche markets to pursue new business opportunities.

For example, one agent who normally assisted clients with the purchase and sale of high-end homes eagerly undertook a land-assembly project for a would-be developer. She was so far out of her element that she got lost on her way to look at some property.

Another agent who also normally served the high end marketed aggressively promoted herself to a local celebrity who was looking for a short-term condo rental. Even though he told this agent that he really liked a unit that another agent had shown him, she pushed him into seeing another until that was available. The showing was complete fiasco…she too got lost and tried to show the wrong unit. Needless to say, her client was very upset and would be unlikely to speak to her again, let alone hire or recommend her.

While I recognize the urgency to generate new business, I also appreciate the importance of sticking to what you know and do best.  When chasing new business outside of your familiar niche market, instead of the ideal of a win-win scenario, you risk creating a lose-lose situation for you and your clients. By wallowing around in an unfamiliar market, you add more stress and frustration to your already over-stressed life. You also compromise your hard-earned credibility when stumbling around in an unfamiliar market.

Instead of being selflessly focused on clients’ needs wants and expectations, you are more likely to be driven by your self-interest of generating more new business, whatever and wherever it is. Say good bye to professional objectivity.

Instead of chasing new business in unfamiliar markets, these agents—and you—would be better advised to reconnect with past clients. Certainly they would be interested to hear your thoughts on the current status of the real estate market. And who knows…maybe they know some one in your market who would benefit from your services.

Despite the economic situation and a tough real estate market, client referrals remain the best source of new business.  Sometimes you just have to work a little harder to generate the referrals—but it’s well worth the effort.

For a refresher on niche marketing see: http://real-estate-marketing-link.info/target_marketing.html