There have been lots of debates in the real estate industry over the last few weeks about the value of ‘local experts’ in relation to home buyers and sellers. There are still reservations as to whether or not a local expert is a viable commodity in the real estate industry. To defuse such a debate, we must first identify the purpose of a local real estate expert. What are the benefits of positioning one’s self as the local authority on property? Only then can we answer this question.
You may be hard pressed to come up with any negative aspects for being known as a local real estate expert. In fact, the only one to note initially is a distinct lack of income diversity. You may essentially pigeonhole yourself by restricting your market. In such a scenario, you are subjected to whatever the market has in store for you at the time.
On the plus side, there are many benefits for real estate agents, commercial brokers and investors. Cost is easily the biggest and probably most important factor in making the decision, especially for those new to the business. Focusing your attention on local efforts, at least at first, provides many monetary advantages. This applies to branding and marketing materials, travel, investment made in research and more. It’s always wise to keep overhead and outlay down. Focus also means a far better ROI on upfront investment, working capital and marketing dollars. Who doesn’t want a better ROI?
More importantly, a lack of focus and targeting, especially when it comes to budget, can mean being spread too thin and reducing the odds of success and effectiveness. Diversity is good, but not when it has the potential to sabotage everything. While this definitely applies to offline real estate marketing and branding, a lot of this also has to do with internet marketing and SEO. Considering the top players splurge millions on domain names and often hundreds of thousands on generic Google Adwords campaigns, the average real estate business or solo investor really must hone in on local trends. Remember you can always expand as the profits and income roll in.
Most get into real estate, not just for the superior income and wealth gains, but also for a better way to make money and being able to put in fewer hours. This business should be as enjoyable as it is financially rewarding. Plus, focusing locally can make it easier to excel, and who doesn’t want that?
So what does it take to be perceived as the local real estate expert?
CT Homes, Inman News and others have weighed in on what it really takes to be a local real estate expert. These conversations have also differentiated between what it takes to actually be an expert and offer superior value as opposed to just being a self professed “expert.”
An article published by Inman recently suggested that writing reports is a good way to up one’s status. Many other online marketing gurus are increasingly pointing to investigating ‘Google Authorship.’ Other factors certainly may include daily blogging, social media, local and long tail keywords, display and outdoor marketing and in person networking at local association, investor and Chamber of Commerce events and meet ups. Regardless of which approach you take, and we recommend as many as you can handle, you want to generate exposure.
