Small markets making big profits

Many of us feel that if you are working in a bigger market, there is a more chance of making large amount of money. The fact is that it’s not always true. If you are comparing it with McDonalds or Walmart, then it’s something different. Well, look at the size and extent of their business. They are seen in almost all local markets. They have expanded in almost all corners. In fact, few stores are in my area only. They are just nailing the local market.

Few years ago, I started to work in the real estate brokerage business in NYC. I started with one big commercial company. They told me on the first day that if I follow their program, I will have more chances to succeed, but if I applied my own way, I would fail.

Since, I didn’t have any experience, so I started doing as they said. They told me to pick something on which I am skilled. They offered me the options of leasing office space, retail space, industrial space or selling investment properties. I chose selling investment properties.

They connected me with two other people who had experiences in selling small to mid sized properties. The program was like you have to work for a 20 block market, take the initiative and know every property owner, provide them with free market info and work exclusively marketing properties for sale.

I was given an area where I had 350 five to six storey buildings. I was supposed to contact each owner by phone every six weeks or eight contacts by phone per day.

Within 9 months, it so happened that I was well aware of the market. After eighteen months, I had a busy schedule and started to dominate my market. Within 36 months, I was in a better situation to control the market I had. I had every lead and in most occasions, I was the listing broker for over 50% of properties for sale.

I realized the fact that those who didn’t follow the program failed fast. I also found out from others experience who had 500 to 600 buildings delivering poor performance. I was working with 350 buildings and I was doing well.

When new agents came in and started to focus on their own market, they started working together on properties outside their specialty. This resulted the sales to go up.

I was going through this feeling that we are working like farmers who worked in a small plot of land. When it was the time of harvest, the wind blew the seeds into the adjoining land and it started to grow there. The plan works in every market, every specialty.

I am now moved on to e-commerce and I am applying the same strategy. I work on a highly focused market, but my specialty is low. I have a very easy chance to expand my product line but I always want to focus on the same thing and sell it more. I am used to selling 4 products.

I have got lots of appreciation from my customers because they feel that I know my business and my market. And that my services offered to them are great.

I also blog and this is helping to bring in positive results. I find other bloggers kind of embracing me because of my specialty.

I am trying to focus on the market of decorative concrete floors. I have started to build up relationships with furniture bloggers, carpet bloggers, concrete countertop blogs, others who focus on hair salon design and others that blog about developing restaurant floor plans or provide cleaning resources. The list goes on.

Business doesn’t matter too much. It’s the individuals only who need to focus on the market and that is the most critical part. Large markets are profitable when there is a collection of individuals working small markets. Concentrate on the small market and that’s how you build up a big company.