EP 287: Simple 5 Step Process to Learning a New NicheJul 19, 2022
They say the riches are in the niches, but we all know that getting into one doesn’t guarantee instant success.
In this minisode, Liz and Andresa talk about how to make the big step into a smaller market. They advise against jumping into a niche without doing some research and having an understanding of the industry. They also emphasize the importance of joining communities and listening to people who have experience in that particular asset class.
If you want to jump into a new niche without making newbie mistakes, then you don’t want to miss this episode!
• “The biggest reason we fear pivoting is because the confidence that we had has dissipated. When you're in a new area, you don't have any confidence and you're a newbie again.” (1:35-1:50)
• “You don't have to build ten relationships. You don't want to talk to everybody in the room, but you want to form relationships with people who have properties in that asset class.” (4:40-4:50)
• “Obviously, the worst thing you can do is not to do anything.” (5:28-5:31)
• “ Take those micro-actions. And that will lead to another.” (5:41-5:43)
• “Don’t do it alone. Do it in a way that quite honestly is manageable. You're not going to become an expert on short-term rentals in a day. Nope. Not going to happen." (6:01-6:11)
• “You don't want mentors who have not done what you're looking to do.” (8:40-8:44)
- Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties by Avery Carl
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