Find your Real Estate Niche and Grow your Business
A career in the Real Estate business is one of the most sought-after professions in the world. The competition is so cut throat that most new real estate agents end up failing in the first 5 years of their career.
As alarming as that sounds, there’s a way you can maneuver around it — finding a Niche that works best for you. Taking your interests, past experience, and your expertise into account, you can crusade through the Real Estate business by carefully strategizing a game plan that can help acquire more business.
If you’re a real estate agent trying to make a go, you ought to consider developing a niche for yourself.
Why developing a niche will work in your favor
1. Better Real Estate Sales
Developing a niche helps establish a trust factor amongst potential clients, facilitating the chances of you increasing a new demographic, and in turn, closing more deals. There’s a legion of real estate niches you could choose from to help you stand out from the hundred and thousands of real estate agents in the market, opening doors for superior branding and marketing.
Just because you develop a niche doesn’t mean you need to box yourself up, you can most definitely serve beyond it. However, building expertise in one niche will enable you to more readily market yourself so you can kickstart your business in another niche, as well!
2. Targeted Marketing
A niche encourages you to better distinguish the most fitting sort of customers, paving ways to showcase your business in a much ambitious manner. This helps you understand your client’s priorities and necessities, which takes a load off of your marketing strategies. A niche will definitely come in handy especially for online marketing — social media platforms have targeted marketing methods that help find leads with almost no effort.
3. Gain Expertise
Focusing on a particular niche allows you to plunge into that particular area of the real estate business, furnishing you with profound knowledge and better judgment. As you close more deals in your niche, you become an expert, which aids in bringing in leads that can potentially convert into a sale. You can especially impress clients who may ask you for real estate advice, and your expertise will not go unnoticed.
4. Higher Value
Without a niche, you’re a generalist catering to all areas of real estate, which is common. For you to attract more clients, specializing in one helps because specialists get noticed more than generalists. Also, an “expert” title sounds way better.
Picking the right Real Estate Niche
Like we mentioned earlier, there’s a huge number of niches you can choose from. And choosing one can be challenging.
Categorized broadly, you can pick your niche based on –
- Geography (cities, neighborhoods, counties)
- Style (condos, custom homes, luxury homes)
- Demography (growing families, first time buyers, celebrities)
- Feature (pet-friendly homes, smart homes, Feng Shui)
What you should consider
1. How big is the niche?
Seeing how prevalent the niche is, being aware of your competitors have a tremendous effect when you’re picking your claim to fame. Picking an extremely mainstream one may drive you out of the opposition, and choosing a least popular one may not even include you in the game.
2. How much money do you want to make?
Choosing a niche geographically also impacts the money you make because certain neighborhoods are priced higher than the others.
3. Do you have any experience?
It gives you an added advantage if you’ve done business in the area of your niche as you’d already have an exposure of what the business is going to be like.