How To Choose A Niche As A Real Estate Agent

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How To Choose A Niche As A Real Estate Agent
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There is a misconception that real estate agents
cant have a niche. It would seem safer to say
that you target everyone, and that you service
the entire country, or even a specific state.
However, just like in any other industry, a
specialist will always win when competing against
a generalist. Before I go into why you need to
carve out a niche as a real estate agent, lets
talk about what a niche is and what it is not.
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Let's first look at the dictionary definition for
niche

• According to Merriam-Webster, a niche is the
  situation in which a business products or
  services can succeed by being sold to a
  particular kind or group of people.
• So, now that we know what the definition of a
  niche is, lets talk about what makes a good
  niche.
• First of all, a good niche has enough potential
  customers in it for you to make a profit over an
  extended period of time. You do not want to paint
  yourself into a corner choosing a niche that
  focuses on a group that either doesnt have
  enough people within it right now or has a finite
  amount of people in it.
• A good niche is one that you have a connection to
  or passion for. For instance if you are currently
  an empty nester, thats a perfect niche for you
  to get into because you can speak directly to
  your prospective clients fears and desires. You
  know the question theyll ask because youve
  asked those same questions in the past. You can
  offer specific advice about what to do, when to
  do it, and how life will be once the downsize
  happens.

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Choosing a niche

• If youre not from the area originally but youve
  been a resident for a few years, then you might
  be a good person to welcome and give advice to an
  out-of-town prospective home buyer. You can give
  them specific advice about how to move across the
  country, where to go to find information they may
  need, school systems, etc.
• Though there are many ways to choose your niche
  as a real estate agent, our suggestion is to
  choose a niche that speaks directly to you, your
  passions or your life experience. Youre able to
  connect better with people in an authentic way
  when you have things in common with them. Finding
  those commonalities and fostering a relationship
  will definitely lead to more referrals, because
  birds of a feather do indeed flock together.

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How do you choose the niche that is best for you?
Weve got a quick checklist that you can follow
if you are currently looking to hone in on your
desired niche market. Step 1 - Do your
research! The best way to start is to fully
understand your Market. In the DFW, which is
pretty much like most of Texas at this point,
housing prices have skyrocketed leaving folks who
might be interested in selling scared of becoming
a buyer once theyve unloaded their home. With
that being the case, and more and more people
moving further and further away from the city
centers, you may want to focus your energy on
targeting folks looking to sell in the rural
areas. Soon enough rural areas will become
hotspots for development. Its always good to get
ahead of the crowd. Step 2 - Make it personal,
and dont be too broad As stated earlier, its
always best if youre genuinely interested in
working with a specific population if youre
going to do your job well. The passion you have
will certainly show and can make all the
difference for referrals. Lean into your story
and cater to folks who youre able to bond with
in some way. No, you dont have to be wealthy to
sell million dollar listings. BUT, you should
have a sense for luxury, and it helps if you have
a penchant for knowing the details. Whatever you
do, try choosing a niche that wont bore you,
frustrate you, or take you into areas where
youre uncomfortable.
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While we're on the subject of luxury, that is not
a niche. Hear me out. There are so many
different types of luxury homes. Luxury real
estate is tied to a price point, yes. BUT, there
is a major difference between selling a luxury
home in rural Dallas versus Beverly Hills. Each
location has its own flavor, and so the agents
will likely be very different in their
pitch/presentation of the home, attire, etc. So,
dont just call yourself a luxury real estate
agent. Do you specialize in modern luxury? Are
you more focused on ranch-style living? Both of
these can be luxury but it matters which you
prefer (at least it should). When youre known as
the luxury ranch-style living expert, your former
clients will refer you to their friends. and as
weve stated earlierbirds of a feather,
right? Step 3 - Are there enough peeps to be
profitable? Dont get caught up in trying to be
specific and end up niching yourself out of a
living. The niche you choose should have enough
potential buyers and sellers for you and anyone
whos interested to make a living. Step 4 -
Build authority and penetrate market After
youve narrowed down your niche, the fun begins!
You can now start to create content online (and
in person) that speaks directly to your niche.
Learn their language. Figure out what is
important to this group of people. What are their
pain points? How can more information about real
estate buying and/or selling benefit them? Youve
got to make a concerted effort to get in front of
the folks who will find your content useful and
keep you top of mind.
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Quick note Online marketing does not always
offer a quick return on investment, but a
consistent focus on creating great (read
shareable) content will ensure that folks
remember you when theyre ready. In addition to
content marketing for real estate agents, is paid
advertising (notice how I didnt say an
alternative to content marketing). Youre able to
use Google Ads (especially YouTube ads) to
penetrate a market and get more leads in your
pipeline. Paid advertising offers quicker ROI
when compared to content marketing. However, by
using both paid ads and content marketing, youre
ensuring that your pipeline never runs dry and
youre always top of mind. So, whether youre
thinking of focusing on empty nesters looking to
downsize, out of state buyers or first time home
buyers, try your best to tailor what you do
online to that group. Dont try to be everything
to everyone. Its not possible. Find your tribe
and serve them well. Wanna learn more about how
to leverage both content marketing
hello_at_cmcmarketing.co
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