Don't miss your real estate niche

During the first quarter of this year, 46 percent of the homes sold in San Diego County were distressed properties, making involvement with REO (bank-owned) and short-sale properties an obvious choice for an agent looking to succeed.

"If you're not working in the distressed part of the marketplace, you're perhaps missing a once-in-a-lifetime opportunity," said Rick Sharga, senior vice president of foreclosure data company RealtyTrac, explaining that in San Diego County REO sales and short sales each accounted for 23 percent of all first-quarter sales -- with average discounts of 24 percent to 30 percent per distressed property.

Because of the volume of REOs and short sales in San Diego County, a slew of agents have immersed themselves in the distressed property arena. This large pool of real estate professionals vying for the same property types means an individual agent's ability to create a viable niche and marketing strategy is vital to success, Sharga suggested.

"Are you marketing yourselves in a way that will let people know you can fit that (distressed property) need," Sharga asked attendees at Agent Reboot San Diego, a one-day real estate conference hosted by Inman News, on Aug. 25. A series of other Reboot events, which kicked off in San Francisco last month, are planned across the country through October.

"I can tell you how people market themselves in my neighborhood; they're all 'local market experts.' I don't have a way of choosing one over the other."

Stating in your marketing materials that you're educated and experienced in the foreclosure market, and can help buyers looking for REO properties or sellers trying to avoid foreclosures, is a simple, initial step to setting yourself apart.

"Provide valuable data that's relevant. Positioning yourself as an expert on the topic (foreclosures) is a way to communicate to consumers that you know what you're doing and could be an asset to them," said Reboot attendee Rachel Rusnak of Squared R Consulting, a real estate agent consulting firm.

Beyond this simple step, the majority of agents are utilizing social media sites -- such as Facebook and Twitter -- blog sites, or online property-related products to better market themselves.

Rusnak cautioned agents not to rush into social media marketing without a concise idea of who their audience is and what tools are best to reach that audience. "I'm seeing more agents who are seasoned and started with traditional marketing (now) trying to integrate this new media."

Laura Rosol of Summit Sotheby's International Realty is one of these agents. Rosol said she is using Foursquare, Gowalla, Facebook and location-aware Facebook Places.

"You have clients from all different age groups and they're all communicating at different points," Rosol said. "Last year all my clients were in their 20s. They were surprised I could text."

James Dwiggins, chief strategy officer of Realty World Northern California and Nevada, listed a number of online marketing-related products for attendees, aside from social media sites, that could assist them in standing out.

Animoto can turn an agent's photos and video clips into polished video slideshows, while Issuu is an online publication that can display what an agent has sold -- basically a magazine displaying how an agent marketed and sold properties.

EmailStationary.com provides an alternative to plain text e-mails, by allowing personal, custom-designed e-mail messages that can feature photos, videos and various links. Dwiggins also mentioned TubeMogul.com as a useful video-sharing site.

"I see video as a huge and an untapped resource," Rusnak said. "It can be a personalized thing. You don't need to put a ton of money into it, just know what you want to get through to the client."

Mike Hickman, CEO of Orange County, Calif.-based Seven Gables Real Estate, encouraged the use of videos, blog posts, Twitter and Facebook, and also stressed the need for market education and the ability to knowledgeably answer the question: Why is now a good time to sell or buy real estate?

"You're hearing about all the tools and applications -- which are incredible -- but the one fact remains: If you can't have a face-to-face conversation with a client, then we're failing them," Hickman said. "Be a brand within a brand. Specialize in something."

He said the number of homes in San Diego County with at least 150 percent loan-to-value ratio stands at 61,764.

"If I wanted to work in the short-sale arena, there's a market I could create," Hickman said, adding that in 2011 the first rate adjustment is scheduled for 12,308 local loans. "There are 74,000 opportunities to tell people what's happening in the marketplace." ...CONTINUED

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