Would you hire an auto mechanic to work on your furnace? How about a cardiologist to deliver your baby? Have you ever heard a country artist try to rap? By now, you can probably see where I am going with this… Although there are certain skills and general knowledge that cross between similar disciplines, there is a reason that professionals specialize. Specialization allows an individual to hone core competencies specific to the type of work that they conduct on a daily basis, giving them an advanced understanding in a particular profession as part of a broader field or industry.
Real estate is an interesting industry. Although it is highly competitive, few brokerages actually have a clear brand strategy to set them apart from the rest of the pack. Most agents are willing to list and attempt to sell anything they can get their hands on, even though they may not have any personal experience with that type of property. Simply put, the industry is full of “Jack of All Trades” type agents. The problem though, is that real estate is not really perceived by the consumer as a segmented industry, in which different professionals are better acclimated for different tasks.
Within real estate, there are many different property categories; commercial, urban residential, rural residential, multifamily residential, agricultural, waterfront and recreational properties to name a few. Each category encompasses different nuances that need to be handled with a different set of gloves, and there is no one size fits all strategy when it comes to marketing property. Although some may say that local knowledge trumps all, we would argue that it is better to partner with an agent based on your property category.
If you are considering a working with a real estate brokerage/agent, ask yourself the following:
- Does this agent’s professional experience reflect an understanding of this category?
- Does their sales history reflect these property categories?
- Is their brand strategy clearly defined?
- How do they do things differently than other real estate brokerages/ agents?
It is important to understand that not all real estate professionals are created equal. Although an agent may have a resume full of accolades and awards, real estate professionals can quickly find themselves out of their element when crossing between property categories. Just because you may have had success selling your home in the subdivision with a particular agent, does not mean that they are the best agent to sell your family farm.
No matter if you are buying or selling, finding an agent with a skill set and brand strategy to match your property category, you won’t be sorry.