Today's most successful agents have a strong, clear position in the market that allows them to leverage business, rather than trying to be all things to all people. Generalists offer little differentiation to the consumer. A specialist establishes a reputation as an expert and can create riches by reducing the time and marketing costs needed, by narrowing the business focus.

Past education, experience and skills are areas ripe for niche building.

Wayne Melton, Impact Realty-Melton & Associates, Inc. in Athens, GA and Nancy Thorsen, RE/MAX Homestead Realty, Idaho Fall, ID both specialize in BPO's and foreclosures. Knowing the needs of the institutions, having the willingness to coordinate and often pay for the repairs and maintenance, and knowing how to fill out the tons of paperwork are part of the specialized skills.

Melton's mortgage background was a strong benefit for him. He earned the AAAR's "Most Creative Sale of the Year" award in 2001 when he helped a family whose home had been foreclosed re-purchase their house. Attention to the details is critical to working well with the foreclosure market.

Thorsen says, "The banks expect regular reports and lots of forms to be completed. You also have to have e-mail and have digital photography access for BPO forms and photos of subject and comparables. It is a good niche if you are willing to work it."

What do you do better than anyone else? Assess your own strengths to logically lead you to ideas of where that expertise could be of benefit to the needs of certain consumers.

Your sphere of influence and your past customer and clients form your most lucrative potential for future business. List a profile of their needs: Such things as price range, area, type of home, type of financing, types of ancillary services, etc. What commonality exists with these people?

Margaret Rome, Coldwell Banker Residential Brokerage in Baltimore, Maryland became so busy, she purposefully focused her business only on people who valued her and the "Nordstrom service" she prides herself on delivering. For the past 13 years she has had a waiting list for clients, receives about 30 percent higher than average listing fees and enjoys frequent spa vacations. She creates a web page for each client and says, "by limiting the clients, I can give full service and not compromise." Margaret's passion is evident when she speaks to freely share her expertise with other agents. "I have been fortunate to become so successful in real estate. And I really love what I do!" It is important, she says, to " Work with people that you like and respect. Find out what the other person needs and meet those needs. Make it easy for the clients to get information."

Differentiate yourself and reap rewards

The riches reaped by niching are usually evident in a better bottomline, but not limited to that.

Satisfaction, accomplishment and increased time are other benefits. Often you can reach your potential clients through personal contact, rather than advertising. Working only with listings, Paula Gaut, Century 21 Best of the Best, Corpus Christi, Texas had production of over $15 Million and she took off over 100 days last year!

Emotional payoffs are riches too. Working in blighted areas with challenging buyers has been the specialty of Fran Marie Perkins, Lady of Vision Premier Realty, Pensacola, FL. "The joys of helping the sincere ones are priceless. It takes a lot of my time to help them clean/clear their credit as well as teach them to maintain it."

Niches increase referral business

Branding yourself and specializing increases your worth in the eyes of the customer. You become indispensable. Levison says, "These clients become customers for life. When they are ready to sell, they call me, because I helped them so much the first time around!"

People like to do business with people who do business with them. By funneling business to other businesses, you establish yourself as their real estate person of choice when they have prospects. The Internet also provides opportunities for you to increase your reach and be well-networked with strategic partners through reciprocal links.

Antoine de Saint-Exupery, author of The Little Prince, expressed this another way saying, "A designer knows that he has achieved perfection not when there is nothing left to add, but when there is nothing left to take away."

Take time every week to work on your business, not just work in it. Going deep and positioning yourself as the Realtor of choice with a specific group will bring business more easily and be more fun! Brainstorm ideas to expand your reach and services and use more of your special magic. You'll be glad you did!

Published: November 6, 2003

Use of this article without permission is a violation of federal copyright laws.

Joeann Fossland GRI, LTG, MCC is a dynamic speaker and business coach. Creator of THE REAL ESTATE GAMETM, she provides coaching solutions enhance your effectiveness and life balance. You can subscribe to her free monthly newsletter, attend free monthly telephone seminars, and find out about classes delivered by email and personal coaching by visiting JoeAnn.com or e-mail her at .