Why should a REALTOR® Choose a Niche Market
What does niche mean?
The dictionary definition for niche is this: a distinct segment of a market.
Who do you want to work with?
By setting yourself up as a specialist in one aspect of Real Estate, you are no longer competing with the masses. Being a REALTOR® who Buyers & Sellers can identify with is the surest way to secure the trust and openness required to get that contract signed and listing SOLD. You are telling the public that this is what I do and I do it better than anyone else! But, be wary... Make sure your niche fits your idea of a dream business or you may find that path to success crumbling at your feet.
Some examples of REALTORS® becoming authorities in their fields would be:
Downtown Condo Sellers & Buyers (Executives)
Union Worker Specialist
First Time Buyer Specialist
Land buyers, looking for five or more acres.
A Local (Community) Home Agent
Helping Single Moms
A Real Estate Pro who works only with Investment Properties
Luxury Homes Specialist
The Corporate King!
Specializing in Divorce (Attorneys)
A Relocation Specialist
Listing and Marketing Specialist
Specializing in Helping Teachers Buy Homes
Senior Home Sellers/Buyers
Military Home Buyers Specialist
Celebrating the Heroes in Your Community (Military, Police, Fire, Medical, Teacher)
Make a list of all the niches that come to mind.
Here are a few examples you might want to consider:
Types of properties: farms, ranches, luxury estates, condos, townhouses, commercial, historic, mobile homes and distressed.
Types of clients: first-time buyers, distressed homeowners, seniors, relocation, veterans, second-home buyers, single moms, boaters, teachers, law enforcement types, medical professionals, horse owners/farmers, local or international investors, or immigrants.
Location: neighborhood, subdivision, master-planned community, downtown area, vacation area, beach or lakefront, or golf course community.
There is an endless supply of opportunities to let your ability lead you to become the recognized ex-pert in your area in a few categories. Your success in your real estate career must be built from the ground up. Pour a solid foundation of daily disciplined activities and watch it set you on a path to success you never thought possible.
Review and analyze your progress daily.
Do not be afraid to adopt a Plan B, C, D, E, if needed.
Create a few areas of specialty.
Decide what you enjoy doing and do well.
Zero in and take dead aim for the target of being the recognized expert in your area.
Start Touring Newly Listed Properties
One of the most valuable things we can do in order to improve our local market expertise is regularly tour new properties that come on the market. Although you will not tour every property available, we do suggest that you tour the newly listed active properties in the market you will be focusing in on the most. For most real estate agents, this is the area where they L-I-V-E.
We have spent hundreds of hours touring properties, wondering why someone would “ever pay for a pile like this?” The information we have gotten out of those experiences has been invaluable in our decision making during the listing and buying process. With regular touring, you will begin to see what style of homes sell for a premium, and what features buyers go crazy over! Especially if you double down on being the "Go-to" Local REALTOR®, after all, specializing in your neighborhood is definitely a NICHE!
So today, your assignment is to find at least 4 properties to tour in your local market! We always suggest that you use the MLS to find properties that are similar in characteristics, number of beds/baths, etc. Make sure that you do not mislead the listing agents with the promise of qualified buyers ready to go. We suggest that you simply explain that you are touring properties on behalf of your buyer and you plan to FaceTime or video call with them briefly while inside the property. TAKE GOOD NOTES of the differences between the properties. Doing this over time allows you to build a database of local housing, trends, & human connections within a specific niche.
Now go list some houses.