{2:54 minutes to read} If you want to be successful, it is important to remember the 80/20 rule; you make 80% of your money from 20% of your effort. Smart people try to learn what gives them the 80% and actually focus their energies on that area. That focus will often ensure success.
I spoke to a broker out of Michigan, and his 80% niche was waterfront properties. He has been very successful in this area. If someone brings him a property that is not a waterfront property, he doesn’t walk away, but will find someone that he can work with in order to do the deal. His niche, his game is waterfront properties.
I took a long look at my portfolio and my deals, and there is no question about it, calling myself “Mr. Crown Heights” is not a mistake. The greater Crown Heights area happens to be my niche.
While the legal borders of Crown Heights may be broader, my area of focus is 1 1/2 to 2 square miles, extending East/West from Rochester Avenue to Rogers Avenue and North/South from Atlantic Avenue to Linden Boulevard. I’ve been working this area for many years. I don’t need to travel far, and I know the people. I have had great success dealing in Crown Heights properties, so it is obviously the place I should focus on.
This doesn’t mean that if some kind of amazing deal came along from outside Crown Heights, I would ignore it. An amazing deal is an amazing deal and can only add to my 80%. But it is best to have a focus, and this 2-square-mile expanse is my focus. I was born in this general area, so it’s fairly easy for me to get business done compared to other local neighborhoods. Plus, the area continues to grow; more people—more buyers, sellers, and investors—have an interest in this area. I’ve done plenty of deals outside of Crown Heights, because we are always looking for properties to invest in or broker, but I definitely have a strong interest to invest in the Crown Heights community.
I learned way back from Napoleon Hill that you have to have specialized knowledge, and specialized knowledge can’t be everywhere. For me, that is Crown Heights!
What is your 80% niche?
Mendy Lipsker
Mendy Realty Inc.
822 Montgomery St
Brooklyn, NY 11213
Phone: 646.662.5454
email: info@mendyrealty.com
website: mendyrealty.com
