Like any new career, you can easily get overwhelmed with all of the possibilities and options that career offers. Real estate is no different. Some excellent new real estate agent advice we heard previously was to seek out that one segment – that one niche – that interests you. Then, focus your energy and efforts on being the best you can possibly be at servicing the target market that is in that niche. For example, you may find that you love short sales and helping homeowners avoid foreclosure. You might decide to get extra training in green building and environmentally friendly housing.
By focusing on a niche, you can brand yourself as an expert and grow your business quickly.
Below are a few focus areas that you can find several niches within.
This is one of the most common niche areas there is. Having a focus area that you spend time learning and knowing well is a fundamental element of success. Location based niches can include one or a combination of many of the following list of criteria:
- Zip Code
- School District
- ITP or OTP (Inside the Perimeter, Outside the Perimeter)
- Areas surrounding schools
Type of House:
You may also find it beneficial to become an expert in a particular style of home that’s prevalent in your chosen location or common in your city in general. This level of intimacy with a particular style of home will set you apart from other agents who lack that same knowledge depth.
- General descriptions (condos, Townhomes, high-rises, lofts, luxury homes, etc)
- Architectural style or time period built (Mid-Century modern, bungalow, craftsman, etc)
- Construction technique (manufactured housing, log homes)
- Location specific housing (lake home, ski lodges, Ocean front, golf course)
Type of Buyer and Seller:
Knowing your target client is important to establishing your niche. For example, you may have a desire to work with First-time Homebuyers and help make their dreams come true. You may also have a desire to work with clients who are a bit more hands-off and choose to focus your marketing towards investor clients. Whatever your interests may be, it’s important to align your business interests with those of your clients. Additional examples include:
- First-time homebuyers
- Clients looking to upgrade/downgrade from an existing home
- Distressed properties
- Sellers who have recently withdrawn or expired listings
Or you may choose to get even more specific with the type of buyer/seller’s interests based on their current living situation:
- Single parents
- Young couples
- Growing families
- Rent to Own
Knowledge/Certifications Based Niches:
If you want to not only focus on a niche, but also further set yourself apart then considering a certificate/designation in your niche interest area. Some examples of certificates/designations that you can partake in are as follows:
- Distressed Property Specialist (SFR)
- Negotiation Expert (CNE)
- Representing Buyers (ABR)
Also, knowledge and experience in a specific topic area is desirable for clients in those particular situations. For example:
- Assisting military families with relocation needs
- Veterans assistance
- Relocation Services
- Purchasing homes after Foreclosure/Bankruptcy
- Speaking multiple languages is a nice tool as well
Niches other than Residential Real Estate:
It is important to not only focus your searches in residential real estate, as there are other specialties to consider.
- Commercial real estate (Office Building, Retail facilities)
- Multi-family dwellings
- Empty lots
- New Home Developments
And That’s All for this article!
Hopefully this article was able to point you in a variety of directions so you can start to pinpoint exactly what fits your goals for being a real estate agent!
What is your niche?