The concept of targeting a market is where many commercial real estate agents stall. Most are terrified that if they call themselves “retail specialist” they’ll be out of every industrial, office and land deal. The purpose of marketing is to identify exactly who wants your services and advertise to those people, it doesn’t mean you have to turn work away.
When we’re dealing with target markets, the answer “everyone is my target market” is not valid. It’s easier to hit a target when you aim, much harder when you’re shooting blindly.
I want to specialize within an industry. This is the most common and easiest way to identify your target market. The most successful people in commercial real estate choose from the following: office, medical office, retail, industrial, land, or multi-family.
- Retail: store managers and store owners within an area
- Industrial: plant managers and manufacturing business owners within an area
- Office: insurance agencies, law firms, accountants within an area
- Medical Office: doctors, dentists, surgeons, or nursing services within an area
- Land: investors, land acquisition departments for real estate developers, or home builders within an area
- Multi-family: landlords, owners of apartment complexes within an area
I’m sticking with “sales and leasing specialist.” If you insist on being a jack-of-all-trades, consider advertising to a limited area within your city. This doesn’t mean you have to turn down business in other areas, but you should only be focusing your advertising on a small area like a master planned community or within specific areas “Northeast <City>” or similar. This will keep your marketing costs low and your target specific. Most agents that go this route choose an area close to their work or home to lower their travel time and cost.
Why should I target my market? Ideally, your target market is who you want to work with, so why would you stray? However, just because you’re advertising to a certain market it doesn’t mean you have to turn down customers outside of your target. Make money where you can, but advertise to the people you want to work with.
How do I gather information on my target market? Reonomy makes searching for your target market’s information very easy. Here’s a full tutorial on how to pull information and export contact info into a spreadsheet.
How do I advertise to my target market? I have ready-made lead generating packages with content and photos already designed for you.