Last week, in my first post on the BiggerPockets Blog, I wrote about how I became the investors’ Realtor by being an investor myself, thinking like an investor, having marketing materials designed for investors, and being in the hottest spots for investor real estate purchases. This week I would like to expand on the idea of traveling to the investment hot spots. Being in the places where people actually want to buy, and are buying, will enhance your chances of becoming a leader in your field. Specializing in a niche within a niche will also help establish your reputation as a leader in your area of expertise.
As you recall from our last article, I was heavily involved in several real estate markets over the 2003 to 2006 period. Where ever the hottest market… I was there. I was in Las Vegas, Phoenix, Albuquerque, and North Carolina just to name a few. I stayed tuned-in to where investors were heading, as I was one of them, and invested in all of these markets myself. Since the summer of 2008 I have specialized once again in the Las Vegas valley, but this time it has been foreclosures and REO properties… not new construction homes. I knew it was time to gear myself back up for sales in the Las Vegas area as I watched the prices of single family homes and condos drop rapidly due to the glut of foreclosures flooding the market. These lower prices created homes that could be purchased and rented for very good cash flow… better than Vegas has seen in decades. I took the opportunity to begin educating myself about this niche in this market, develop my marketing materials, and get ready to welcome the investors that I knew would soon come running into the Las Vegas housing market once again.
Becoming An Expert
I cannot stress enough how important it is to identify a niche and establish yourself as an expert in that particular area.