I have been happily and loyally working a geographic niche market for the last few years. By “loyally”, I mean I don’t list or show properties outside my predetermined speciality area, which includes Downtown, Midtown and East Memphis (inside I-240).
For years I was a generalist, covering just about any West Tennesse property in the MLS. Let’s look at the areas where most agents in the Memphis Area Association of Realtors can discover potential business: Shelby County (784 sq. miles -including Memphis), Tipton County (475 sq. miles), and Fayette County (706 sq. miles). And that’s just Tennessee licensed agents. Dual or triple state licensed agents can pick up an extra 1000 sq. miles or so in Mississippi and/or Arkansas. A potential coverage area of over 2000 square miles. After years, I tired of all the driving, getting lost, and BS-ing about homes, neighborhoods and amenities I knew nothing about.
The geographic area I cover now is about 50 square miles. I refer business that comes to me from outside my area to highly qualified area specialists. It better serves my clients and customers to work with a neighborhood expert, and sometimes that expert just isn’t me.