The Real Estate industry is growing exponentially, with a projected employment growth of 7 percent by 2028. That’s faster than the average of any other occupation! With an endless supply of real estate agents, how can you stand out? Easy: find a niche!
A real estate niche is a specialized sector of the property market. It can be a specific demographic, style, feature, or location. Focusing on a niche may seem like it would restrict your selling opportunities, but when it comes to the real estate market, less is more.
Let’s look at all the ways a niche market can benefit your career as a real estate agent:
- A niche sets you apart from the competition.
Pinpointing a niche will make you stand out from the dozens of other real estate agents in your region. When you focus on a niche, you’re highlighting what makes your services unique, and uniqueness is sellable. Your target audience will immediately turn to you because you specialize in exactly what they’re looking for.
- It makes marketing easy!
Having an area of focus allows you to understand who your audience is. Build up a buyer’s persona detailing your ideal customer. How much money do they make? Where do they live? How old are they? Consider their motivations, goals, and behavior patterns.
When you understand the qualities and characteristics of your target audience, marketing becomes easy! You’re no longer trying to reach all walks of life, but a specific demographic. You now have a template for all marketing methods because they will be geared to a specific group of people.
- Your niche makes you valuable.
If you focus on a niche, you’ll always be in demand. It allows you to learn every aspect of that specific property market, and your expertise will be a huge selling point! Your target audience will flock to you because you’re the agent with all the knowledge. In other words, your niche makes you more valuable than any other realtor.
- It improves your online presence.
Let’s talk about search engines. Think of all the results that will come up when someone Google’s “Los Angeles Real Estate.” Now, imaging Googling “Los Angeles Eco-Friendly Homes.” The search results will decrease drastically, meaning you have a far better chance of getting noticed.
Don’t stop there! Dominate your particular niche by blogging about it. Interview contractors who specialize in green-home technology, write about the benefits of going “green,” engage in relevant social media posts. Actively writing about your niche will ensure you get the attention you deserve!
Choosing your niche
With so many niche markets to choose from, it can be hard to decide which one you want to target. You might be inclined to pick one that sounds fun or exciting, like vacation homes or golf course locations, but it’s important to make an informed decision.
Consider geographic location, local demographics, and even your own personal interests. The real estate agent living in New York City wouldn’t want to specialize in country homes. But penthouses? Now there’s an idea!
Not sure where to start? Check out these niche market ideas:
Geographic Real Estate Niches:
- waterfront homes
- ski homes
- school districts
- downtown homes
Demographic Real Estate Niches:
- growing families
- first time buyers
Stylistic Real Estate Niches:
- new construction
- smart homes
- office buildings