Steve Olson
• 5 min
Ep 002 - Wealth favors the specific
Steve's Private Podcast
Play
PODCAST TRANSCRIPTION
All right, welcome to episode two. If you're doing business planning or maybe you've already finished business planning this year or maybe you went to an event or a conference or maybe even a webinar and you probably heard something in the real estate space that says you need 10 pillars of business to insulate yourself from any change, create consistency, grow the business, all that fun stuff.
And I'm here to tell you after 20 years in this business, 13 of them coaching some of the highest performing real estate agents in the country, running a couple of SaaS ventures, owning a brokerage and now growing a national team, the enemy of your growth is diversity.
And what I mean by that is if you think of all the agents that you are really fond of or that you look up to or maybe you consider them mentors, one of the things that you'll find amongst all of the really good ones that are on the top of the list year over year over year over year is the chances are they are known for something very specific, whether it be a city type of real estate, multifamily, luxury real estate, beachfront real estate, a land, investment real estate, they're known for something specific.
And when you make the commitment to be known for something specific, you make it astronomically easier for your clients to find you, because when they're looking for a very specific solution to their problem, you pop up much quicker.
Now, when you're a generalist, maybe you're like you serve like five cities and you just kind of like take whatever you can get your hands on, which is nothing wrong.
The problem is, is for most people, it's not sustainable. And what I mean by sustainable is the burnout factor is crazy. While I'm not a huge proponent of too many pillars of business, the pillar of business would be like you work investment real estate, then you work residential real estate, then maybe you're doing a couple flips and you kind of have a broad array.
Now, I'm not suggesting if that business comes your way, you turn it down. That's something totally separate in another podcast we'll talk about. What I'm saying is if you're gonna put energy into growing the business, you're gonna get there a lot quicker if you pick one thing and go as deep as you can.
Now, you need to make sure that that one thing, there's enough to sustain what you want out of this business, there's enough legs to it. Maybe that's transactions or sales volume or turnover rate, all that stuff is really important.
But by picking one niche of the market and going as super deep as you can, number one, it's easier because you identify your dream clients assuming you're doing what you wanna do.
And number two, you can handle more of it because we're doing the same thing over and over and over and over again. We're not changing our process because everything is coming in from different angles.
Now, that's part one. Part two is that pillars of business and lead sources are two totally different things.
It's totally okay to have a lot of lead sources that fund one pillar of business. And so what I mean by that is you may have lead sources that are maybe Zillow.
You've got Zillow in a specific area. Could be Facebook ads, could be Instagram ads, could be Google ads, Performamax ads, YouTube ads, organic content. We're doing really well with LinkedIn right now.
That's a big lead source for us. But a lead source is just a marketing channel that gives you the ability to communicate with your ideal customer.
It's not necessarily a pillar. A pillar wouldn't be Facebook. Facebook is nothing more than a tool to put a message out there, whether it be organic or paid, to reach your ideal client.
So if you're a little bit lost right now and you wanna make a change and you're ready to say, okay, hey, how do I actually turn this real estate business into a business and not this weird feeling of me always feeling like I have to ask all of my friends for business, the easiest thing that you can do is pick one niche and just talk about it every single day.
Pick one part of the business and just communicate about it every single day. Create video every single day, whether that's on YouTube, Instagram, LinkedIn, whatever it is.
Because when you talk about the same thing every single day, you're training the algorithms to say, oh, this Steve guy keeps talking about multifamily in San Diego. So we think all these people on Facebook and Instagram and TikTok and all this like multifamily, so why don't we take his content and put it in front of those people?
Whereas if all you do is talk about generic real estate, Instagram, Facebook, TikTok, YouTube, they have no idea how to place that content because it's way too general.
So remember, as niche as possible, as specific as possible, and then over-communicate your value proposition as much as you can.
And what you're gonna find is the business is gonna get astronomically easier, right? Hope this was helpful. I'd be super curious to see what your niche is. Maybe we can help you.
But if you need any advice or anything like that, Maybe we can't, who knows. let us know. MarketMRKT is officially live. That's mrkt.steveolson.co. For a limited time, we have a grandfathered way that you can take advantage of, if you can hear, obviously, we're at the soccer fields right now.
But if you wanna learn how to scale an inbound-based business, the grandfathered rate is 47 bucks a month. I'll honor that forever. Just go to mk, sorry, mrkt.steveolson.co, and we'd love to have you, all right?
Any questions, let me know, and I'll see you on tomorrow's.
