Masterminds, in general, are a fairly common business practice.
The idea of finding a group of mentors whose wisdom and experience you can draw on to grow as a professional is nothing new—but there is a specialized version of this practice you might not be aware of: the niche mastermind.
Let’s say that you’re trying to break into the first-time homebuyer market. You could simply develop a mastermind group of other agents looking to break into this same market, and that would certainly be better than doing it on your own, but what if you were to take things a step further and connect with professionals outside of the real estate industry who have contact with the same demographic you’re targeting?
You can and should connect with school teachers, daycare providers, apartment managers, and any other professional who might have contact with the demographic you’re trying to reach. Of course, the professionals you reach out to will depend on the niche you’re looking to work with. If you want to target homebuyers who are aged 55 and up, perhaps you should connect with insurance advisors, retirement planners, and medical professionals.
Allow me to give you an example of how powerful the niche mastermind can be. I once knew an agent who had just bought a Mercedes Benz. A couple of days later, he got a call from the salesperson who had sold him the car saying that a very high-profile NBA player had visited the dealership and mentioned that they were looking for a home. So, because this agent had built a luxury niche mastermind, they were able to secure a very prominent public figure as a client. When all was said and done, the result of this was an $8.8 million sale.
It goes without saying that there is a lot of potential to be extracted from building and belonging to a niche mastermind.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.