January 17, 2019

The Daily Bean | Choosing a Focus Market for your Real Estate Business

The Daily Bean | Choosing a Focus Market for your Real Estate Business

The Daily Bean | 1.17.19 | Issue 044

Welcome to The Daily Bean! The mission of The Daily Bean is to give you daily tips, resources, and timely information that you can act on to maximize your real estate career at Bean Group.

NEWS / INSIGHTS

One way to strengthen your business is to become the market share leader in a focus market — a defined geographic area or project. Consider setting your sites, for example, on becoming the go-to, dominant agent in one or two condo developments.

Selection of focus markets should be based primarily on absorption rate and market fragmentation. The ideal market has a decent turnover of inventory and also lacks a single dominant agent.

Review the sales for potential focus markets over the last 12 to 18 months to determine if any one agent is the clear leader. If the market is fragmented — i.e., 20 sales involving 15 different listing agents, with no one agent having more than 2 or 3 sales — that market is ripe for you to take over.

Achieving dominance in a defined market takes effort and resources, but very few agents approach our business with the type of long term planning required. Once you have achieved dominant market share in your focus markets, you’ll be rewarded with increased per-hour production and profitably.