Today, we will be discussing the importance of selecting your market and what to do with it.  You may have heard how crucial it is to select your market already, but have you implemented this into your CRM and marketing?

Your market is your “area of domination” within your niche.  Your goal is to be the best-known commercial agent in your niche, in your market, by end of your first year of active marketing.

Make sure that your chosen market is not only small enough for you to dominate and be able to visit prospective sellers, but large enough to make a living. 

How do you find your prospects?

The best way to find a list of properties that fit your needs is by using Reonomy. (This application comes FREE when you partner with me.) Search for a list of properties that align with what you’re looking for, and then expand or contract that search until you get a list that contains the amount you need.

Examples:

• For multi-family in a large metro statistical area, it may be your immediate city, or it may need to be a wider area.  Your goal is to be working on approximately 500 properties in your market that have not been traded in the last 5 to 7 years.

• For smaller niches like self-storage, hotels, industrial, senior living, etc. you may need to have a far broader area – perhaps your entire state. 

• If you pull a list of self-storage in your state and don’t come up with at least 250 – 300 properties to work on, you will need to work in another niche.  The best bet, in this case, would be something that correlates such as searching for development for that niche – markets that need development of self-storage, senior living, etc.

• If, on the other hand, you pull a list and there are 1000 or more properties that meet your criteria (this will be the case with multi-family especially if you include three and four family properties) then narrow down the list to the properties in the best areas with the highest resale value that exist within your comfort level.

Once you have selected a list with emails and phone numbers, they need to be added to your CRM system, so you can begin working and tracking them.  We will be talking about appropriate marketing messages over the next week or so.  These will come from the knowledge you are building by reading and networking with other commercial real estate professionals.

HOA (Hands on Assignment):   By the end of this week, make sure that you have chosen your market and uploaded the list to your CRM.  If you are working multiple niche’s, select and upload those lists but make sure they are separated within the CRM (planet of the obvious but yes, important)!

Have an amazing day!

Ted