Some agents hyperventilate at the idea of a specialty, thinking that choosing one causes you to lose market share. To this I ask, “Who cares?” The purpose of specializing is to work for the people you like. Who cares if people you dislike aren’t interested in you? Specializing doesn’t mean you have to turn down work, it means advertising to the people you want to work for.
I have a general services CRE firm. The concept of “specialty” becomes muddied when your business model consists of several different teams that handle a different specialty. Your firm needs to specialize in your city. Your tag line (slogan) should include your city’s name; corporate brochure should have a photo of your city; website should have a photo of your city; all your materials should be screaming “we live and work here!” Being a local specialist will give you an advantage over the faceless conglomerates.
I have a specialized CRE firm. If you are just beginning or have a smaller firm, it’s best to choose a specialty like medical office, retail, industrial, land, or similar. Very simply, people pay more for a specialist. Your specialty should focus on your city + your specialty. IE: Retail space in Houston, TX. Your tag line (slogan) should include your city and specialty. Photos of retail space in Houston should be on your corporate brochure, website, and other materials. Focusing on your local city and a specialty will give you an edge over larger firms.
I am a CRE agent. Who do you want to work for? If the industrial district creeps you out, don’t be an industrial agent. If you enjoy the shopping district, think about specializing in retail. If you always had good experiences working with doctors, choose medical office as a specialty. Don’t want to work alone? Choose a firm or team that focuses on your preferred specialty. Run away from a team that “specializes in buyers and sellers.” This statement by definition means “I don’t know what I’m doing.” Although most of your essential materials will be provided by your firm (ideally), one thing that you can control is your title. Be sure your specialty is plainly stated, “Industrial Specialist.” Don’t get sucked into generalities. When you sell to everyone, you sell to no one.