Finding the Right Niche

RISMEDIA, July 2008-In today’s challenging real estate market, having a niche in is a way to differentiate yourself and reach certain buyers and sellers with greater success. Here, Karen Hoff of Nashville Tennessee explains how this approach is working for her team in the historic and distinctive homes arena.

Karen Hoff
The Karen Hoff Team
Historic & Distinctive Homes
Years in real estate: 23
Years as an agent team: Since 1999
Number of team members: 8. One closing coordinator, five buyer’s agents and two personal assistants
Region Served: Davidson County and other counties surrounding Nashville, Tennessee
I formed an agent team because…I started by first hiring a closing assistant and then a buyer’s assistant. As I got bigger, I realized I could get listings full time and make beautiful brochures and do all the things needed to sell houses if I had help servicing buyers. So basically I started a team so that I could service the clients better than I could as one person. It’s kind of like a football team. One person can’t play football.

When and why did you develop your historic homes’ niche?
I gravitated towards old houses from day one. Old houses are not easy to sell-there are all kinds of issues that need to be addressed by someone like me who knows all about old houses. If you are an agent who sells mostly new houses you don’t understand. Then a few years ago, I took a class from the National Preservation Association and really learned more to appreciate historic homes. Also, I was a history major in college so it all just sort of fell together.

How has this given you a competitive advantage?
There are very few people who really know old houses. When I got started, I was the only one. I was the authority. So it always helps to be the one who people turn to when dealing with antique houses.

Are you still focusing on this niche given the more challenging real estate environment?
When you have a niche like this, you stay with it no matter what. But also in our niche we really didn’t go backwards like the rest of the market. We had a slight bump backwards but that was it. It’s just not as devastating. The fact is, older houses hold their value better than newer ones. They do need lots of love and affection unlike a new house that you can do light maintenance on and be done with.

How do you market this niche?
We market with tons of Internet advertising. I think you should have some print media, too, so I rotate and then I do some television. I also do a lot of good, old-fashioned open houses and old-fashioned brochures so people can grab a brochure in the middle of the night and text message any questions. I think text messaging in this environment is really important.

How does having a team help you target market?
My team is multilingual. Between us we speak Chinese, German, Italian and Spanish so we can handle almost anyone. Nashville is a very cosmopolitan city. We have the largest Kurdish population in the U.S.

Success Strategies

What’s the one thing your team can’t live without? Technology. We are the perfect blend of high-tech service mixed with good, old-fashioned ideas and work habits.

What’s the best way to build a brand? Reputation. Do a good job. You can’t buy good word of mouth.

And what is the average number of hours each team member works? Depends on the team member. I load them down with leads and each person determines how many leads she wants to work on any given week.

What is your philosophy on life in real estate?
Balance. Everybody is always surprised but I tell them that I got into real estate so I could have a family. When I got out of school I saw that companies treated employees like dirt if they wanted to be home with a child. I am one of those lucky mothers who got to be with my children and watch them grow up and work full time. I took my babies with me on showings or to open houses. I have one girl who brings her dog in to work every day. Don’t neglect your family. Schedule your family and appointments you honor. I schedule four hours at the water park with my kids. I love what I do. I love my family. I love my work. At this one little point in time I am very happy.

–Lesley Geary

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