Every real estate agent needs to find their niche. Real estate is an extremely competitive business, causing about 87% of new agents to fail in their first five years. Finding a niche, however, helps grow almost every aspect of a business.
- A niche makes it easier to build trust among potential clientele
- Niches create unique opportunities for branding and marketing
- Look for different real estate, social, and geographic niches
Finding a niche is a great way for new real estate agents to focus their efforts on a specific audience, instead of wasting their time trying to reach anyone and everyone. It’s much easier to build trust among potential clientele within an area of specialization. For example, somebody with an equestrian property will always choose the agent that has experience working with equestrian properties and any accompanying complications.
Working within a niche also presents unique opportunities for branding and marketing. Engaging prospects is all about catching their attention and offering something of value. The most successful marketing targets narrow audiences, so cater your marketing and branding efforts towards content relevant to the niche. Eventually, the goal is to become the go-to source for any real estate transactions relevant to your niche.
Here are the three different types of niches:
Real Estate Niches – Establishing yourself as an expert on certain properties can be immensely lucrative for your business. Unique property types usually have specific complications, and those properties’ owners will appreciate an agent that speaks the same language. Some real estate niches include waterfront, new construction, condos, equestrian, and many more.
Social Niches – Looking for niches in close social communities is a great place to start. If you want to market your business within a social niche, however, it’s key to become an integral part of the community.
For example, if your kid is on a sports team, take the extra step and sponsor the team or a local tournament. Afterwards, you’ll find that the other parents will be more open and willing to get to know you – and your business – better.
Geographic Niches – Focusing on a geographic area is another way to find communities full or quality prospects. Gaining reputation within a geographic niche, however, require a high amount of knowledge and expertise in the given area.
For example, when targeting a neighborhood as your potential niche, it’s essential to know as much as possible about the area. Any potential client would be impressed if you could immediately demonstrate your knowledge of that neighborhood’s schools, local associations, neighborhood activities, and more.