One of the biggest mistakes made by people who have just entered the real estate sector is that they try to catch up with all their real estate portfolios and not have determined a field of expertise for a long time. For real estate consultants and real estate professionals, the deficiencies in determining this area of expertise cost them serious time and money in the future.
When we look at the field of expertise of real estate consultants serving in the real estate sector, 2 different specializations come to the fore.
One of them is domain expertise. Domain expertise is the term that describes which type of real estate you want to specialize in. The second area of expertise is regional expertise. In terms of regional expertise, it means to identify and serve in a region that is more suitable for where you live, where you will work for yourself, where you can be more beneficial to your customers.
When you examine the works of real estate consultants who have been serving in the real estate sector for a long time and have achieved serious success, you can see that the biggest common feature of these people is that they have definitely determined a field of expertise.
One of the biggest advantages of regional experts is that they have more information than other real estate consultants about what types of real estate exist in that region and what price ranges they are. Thanks to regional expertise, real estate consultants have a good grasp of the social and demographic structure of the region. Thus, real estate experts can see the expectations of the people in that region and the needs of the people in that region much more clearly, and they can meet the needs of the customers who come with similar demands in a much shorter time.
When Should the Transition to Area and Region Expertise Begin in Real Estate?
Consider 2 separate consultants working in a real estate office. Both of them may have quickly chosen to become area experts. In fact, if you work with a large team, many real estate agents who are your colleagues may have chosen to be regional experts in the same way. However, it may not be so fast for a real estate agent to say that I have changed to an area and area expert and now I am working for that area and real estate areas.
If we make a simple calculation, if you live in a medium-sized city, 5% of about 100 real estates within your reach change hands within a year. For this reason, the number that can provide a permanent trace for your field expertise in your area of expertise that you have chosen once in that region is approximately 2 thousand. In other words, if we consider that 5 percent of 2 thousand real estates change hands annually, this number makes 2050 real estates. After so many sales, your experience settles. The biggest goal of a newcomer to the sector should first be to create a circle of influence for the transition to field and regional expertise.
It is necessary to have worked in that environment for a long time. Constantly creating circles of influence in different regions can distract the real estate agent from regional expertise. Therefore, if you are a novice consultant, you should ensure that the influence circle you work with knows you as a real estate specialist before a real estate consultant who is an expert in the region and area.
This process can be reduced to about 3 to 6 months with a good working discipline. In this type of work, the tradesmen working in that region should include meeting with people such as the sites in that region and the site duties in that region.
After establishing such a circle of influence, the transition to regional expertise can begin. Intelligence from the influence circle is important. The most important distinguishing feature of the regional experts is that they can get news before the property goes on sale. If you are a regional expert, you have a chance to catch that real estate before it goes on sale.
For the transition to real estate regional consultancy, it is very important for the person to move to an area where he/she will feel happier, his/her previous experience, competence and himself/herself.
Real estate consultants, who will privatize their work as area and regional consultants, should first start from the housing sector.
Since the marketing processes in industrial and commercial real estate in field and regional consultancy are a little more intense and a little longer, 3-month and 6-month periods may be more boring for a beginner consultant.
The real estate housing market, on the other hand, is more active. A house can be sold in approximately 45 days with effective marketing.
Therefore, choosing the housing sector as the field in the transition to regional consultancy makes a significant contribution to the rapid action of the real estate consultant, increasing his motivation.
Real estate consultants who have worked in different sectors before can be a little more advantageous in transitioning to regional consultancy. For example, a consultant who has previously moved from the pharmaceutical industry to the real estate industry can also use the client portfolio he worked in the healthcare community in the real estate business.
Therefore, that consultant can better determine which real estates will be especially appealing to the customer group. It can be a luxury residence, it can be a villa. Especially working in the regions and areas that that audience may prefer, and choosing those regions as his area of expertise will save him much more time.
Based on this example, if a real estate consultant evaluates his previous competencies, previous work experience, and everything else in transition to regional and area expertise, these experiences will contribute a lot to him in his future real estate career days. Having a portfolio in advance will make him aware of all the properties for sale and rental properties in the area.
For a real estate professional, the transition to regional and area expertise becomes mandatory after a point. A real estate agent, who follows a portfolio in different parts of a city, has no chance to catch up with all those portfolios at the same time and to respond to the customers there.
Because each region has a different customer profile that it contains. Therefore, both the real estate consultant gets very tired in the learning process about these processes, and the chance of success decreases as the customer expectations are not met.
Therefore, it is necessary for success for each consultant who creates a circle of influence to choose a region of expertise for himself and to carry out the necessary studies regarding this area of expertise.
