How Finding a Niche Market Can Boost Your Real Estate Profile
It’s a basic fact of business: to succeed, you have to stand apart from the pack. So, what makes your real estate practice different than others in your area? Aside from the foundational ideals of great service, steady communication, and follow-through, sometimes you need a little extra something to make your mark. What that in mind, consider the power of a niche market.
In real estate, there are plenty of these niche areas: luxury homes, second homes, senior living, first-time homebuyers, REOs, and the like. While many an agent may identify as a Jack of All Trades—and it certainly helps to have a broad understanding of the market—tapping a niche market exposes you to a host of new clients and opportunities. Below, let’s consider a few reasons why finding a foothold in a niche market can be a game-changer for your business and
- Your niche expertise can be a value-add.
Adding a niche specialty to your repertoire doesn’t have to replace your foundational business model. If you don’t want to commit completely to a niche market—that’s okay. You can simply test the waters, accrue some specialized knowledge and experience, and let your existing sphere know that you also have a proficiency in your chosen niche market. Think of it as gradually building out your arsenal of tools. When the time comes for a past client to venture into that niche arena, you’ll be at the ready to guide them through as their go-to agent.
- Position yourself as an expert.
The advantage of attaching a niche specialty to your name is that you can cut through the noise and connect with a pool of buyers with a specific need. Let’s say you hone in on second-homes as your niche. By building a proven track record in this area, you’ll be an obvious choice when potential clients go digging for an agent. Also, consider joining area networking/business organizations geared toward your niche market. Populate your website and social media feed with relevant information pertaining to your niche market, too. When clients come to you—you’ll be overflowing with useful information that sets you apart from a more broadly focused residential agent.
- Indulge in a passion project.
While building experience in a niche market can be good for business, it also gives you a chance to turn your attention to an area of the industry that you have a particular fondness for. Have a passion for architecture? Breaking into the luxury market may allow you to work with more compelling, out of the ordinary properties. Love the water? Shoreline or lakefront property will allow you to indulge in your favorite natural backdrop. Discovering the right niche market for you is as much about serving your natural interests as it is about bolstering your bottom line.
To grow your business, you must continue to evolve with the industry and grow as an individual and professional. One focused way to push yourself and your enterprise to the next level is by becoming an expert agent in a niche segment of the market. Not only will you challenge yourself, but you’ll round out your professional offerings, meet new faces, and expand your understanding of the real estate world as a whole.
Brandon Doyle – RETI Contributor