Boise residential real estate firm Mid-Century Homes by Moniker Real Estate specializes in Boise homes designed and built in the 1950’s and 1960’s. Owner TJ Pierce has a serious passion for mid-century architecture and is working to share his passion with other mid-century enthusiasts.
In an industry that already has enough providers to choose from, how is it possible to become a market share leader?
Expertise! Grab a small little segment of your market in your industry and become an expert in it. Make sure it’s an area that you are or can be passionate about. Spend more time learning about it than anyone else does. Write stories. Take pictures. Host events. Bring attention to it. Dissect it. Reconstruct it. Know everything about it. Talk about it regularly. Find other industry leaders that care about that area you love as well, both in market and out of market. Over time you will be able to establish yourself as a leader in that space. Once that happens your ability to capture market share in that small little world that you just created will increase dramatically. Remember, your not building a business plan to take every opportunity in your industry… you are only building a business plan to become a market share leader in the small little segment of your industry.
Mid-Century Homes by Moniker Real Estate is a niche market real estate team in Boise, ID that has been doing just that. They took a small segment of the Boise real estate market and attacked it with a level of passion and expertise that both in market and out of market people have taken notice to. They did not want to take all 10,874 transactions in the Treasure Valley area from 2016 handled by the over 5,000 real estate agents. In fact, they approached the market believing that taking a small percentage of the 1,338 transactions of homes built in the 50’s & 60’s would be enough. In their first year of business in 2016 they focused on building a business around that niche market. They spent the first quarter of 2016 focusing on branding and marketing strategies that would allow them to quickly build awareness and demonstrate their expertise.
Once their brand was finalized with a relevant and iconic logo that identified with their target market, they hit the ground running with mid-century home features and mid-century home tours. The features they published were for the purpose of finding case study like mid-century homes in Boise and telling their stories. Most of these 11 homes they highlighted in 2016 were not for sale. Their idea was to use that feature as a way to inspire other mid-century homeowners. You can find all of those features on their website at www.mid-centuryhomes.com under the Homeowner Features tab.
Once they published a new Homeowner Feature for that month, they followed it up with a Home Tour the following weekend. Their idea was to pick the 3 best mid-century homes that were available for purchase and take whoever wanted to join them to go visit these homes. They met at a coffee shop and then just asked that everyone follow them from one location to the next. TJ Pierce who founded the company recalls,
“They very first home tour I invited 3 friends that could care less about that era of home. They agreed to be my test subjects. We needed to start somewhere. It was pretty humorous. Our last Monthly Mid-Century Home Tour we had 24 mid-century enthusiasts join us! It’s been very fun to see the progression of this event we host. Folks are always welcome to join us regardless of their interest in buying or selling. The purpose is to help people understand what mid-century homes look like in Boise and to raise the level of interest and excitement around this era of home”.
That is exactly what they have done. Through their Mid-Century Home Features, Mid-Century Home Tours, Movie Premiers, and other smaller events…. they have grown their social media following to just over 6,700 people. They have had one of their Mid-Century Home features viewed by more than 21,000 people from all over the world, they have been featured on the front page of the Idaho Business Review, and many other enthusiasts from all over the world clearly understand that there is something worth paying attention to in the mid-century world here in Boise, ID. They have accomplished this in just a short 18 months of doing business.
TJ said, “Just last week we had a mid-century enthusiast who lives in a quintessential mid-century home built by Eichler call us and ask if we could meet up when they come to town next week. We have seen folks from Tennessee, Pennsylvania, Hawaii, Utah, Washington, Chicago, Oregon and California reach out to us and engage us for our expertise in mid-century styled homes. We have also helped raise the awareness locally.”
Mid-Century Homes by Moniker Real Estate does not plan on taking over the Boise real estate market, but they do plan on capturing more of the 1,338 transactions from 2016 that took place with the homes that were built in the 50’s and 60’s. They captured close to 1% of that business in 2016 and are currently tracking just over 3% of that business in 2017. Only two other very large real estate teams take more market share from that segment out of the 5,000 plus agents in the field.
Expertise! It has allowed Mid-Century Homes the small amount of success they have already experienced and it will serve them even greater success in the future.
If you are looking to become a market share leader in your own industry, find a small area that you can focus on becoming the expert in. Make sure you are passionate about it and then go tackle that area of your industry. Over time you might find you are a market share leader yourself!