How To Choose A Niche As A Real Estate Agent

1. How To Choose A Niche As A Real Estate Agent

2. There is a misconception that real estate agents can’t 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, let’s talk about what a niche is and what it is not.

3. 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, let’s 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 doesn’t 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, that’s a perfect niche for you to get into because you can speak directly to your prospective client’s fears and desires. You know the question they’ll ask because you’ve 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. Let's first look at the dictionary definition for niche:

4. If you’re not from the area originally but you’ve 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. You’re 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. Choosing a niche

5. How do you choose the niche that is best for you? We’ve 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 they’ve 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. It’s always good to get ahead of the crowd. Step 2 - Make it personal, and don’t be too broad As stated earlier, it’s always best if you’re genuinely interested in working with a specific population if you’re 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 you’re able to bond with in some way. No, you don’t 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 won’t bore you, frustrate you, or take you into areas where you’re uncomfortable.

6. 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, don’t 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 you’re known as the luxury ranch-style living expert, your former clients will refer you to their friends. …and as we’ve stated earlier…birds of a feather, right? Step 3 - Are there enough peeps to be profitable? Don’t 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 who’s interested to make a living. Step 4 - Build authority and penetrate market After you’ve 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? You’ve 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.

7. 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 they’re ready. In addition to content marketing for real estate agents, is paid advertising (notice how I didn’t say an alternative to content marketing). You’re 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, you’re ensuring that your pipeline never runs dry and you’re always top of mind. So, whether you’re 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. Don’t try to be everything to everyone. It’s not possible. Find your tribe and serve them well. Wanna learn more about how to leverage both content marketing hello@cmcmarketing.co

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