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Some things in life are counter-intuitive.
For instance, in golf you must hit down on the ball for it to go up. However, when learning to swing, it’s instinctual to want to scoop the golf ball from underneath.
For those who have tried, you know it just ends up skittering across the ground for a short distance.
It’s only once you start playing more when you realize your natural instinct is incorrect. I find this is also true in the mortgage business.
I see mortgage brokers all the time who think the wider net they cast, the more clients they’ll attract.
For example, we’ve all seen (or at one point been) a broker who puts something like the following on their website:
I specialize in:
First Time Buyers
Investors
Commercial
Residential
Private Mortgages
Construction Mortgages
Reverse Mortgages
This rarely works.
While it may be true you can do all those things, don’t kid yourself in believing you specialize in any of them. You’re certainly not convincing anyone else.
“Specializing” in too many areas also serves to confuse your audience, making it much more difficult to stand out. I strongly believe the vast majority of brokers would see greater results by narrowing their focus and niche rather than by expanding it.
There is an old saying, “There are riches in niches.”
I just dropped a tactical podcast (12min) on this very topic, with my top 4 reasons why you should strongly consider your niche in the mortgage industry.
I also share the 3 types of niches you can explore. (Yes, there are niches within niches.)
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