Niche-ing is the new Trend! (Or it Should be!)
There comes a time in many agents' careers when they get tired, burned out, and know they can't continue in the business the way they have. It turns to become overwhelming or worse, underwhelming.
Maybe driving miles and miles across town to meet with potential and actual clients is hurting them because they are in the car too much!
Maybe they are finding themselves in situations that they have zero to no knowledge in but feel trapped to help the customer because they don't want to "Lose and miss out on an opportunity".
Although these moments are painful, they are necessary to get agents to take a good hard look at their business and wonder if there is a better way. Sometimes you have to hit bottom to make a change.
There is a better way! But it requires you to make some choices and do some research. I am talking about focusing on a niche market. Why? Focusing on a niche market helps you:
- Generally, work with more sellers which allows you to leverage more of your time.
- Become a go-to expert and resource on a specific type of property which again, helps you to leverage more of your time.
- Concentrate on a type of real estate that you enjoy. For example, if you love historic homes, then why not focus on a niche market that allows you to spend more time in them?
- Engage more with people who are more likely to share your interests. For example, if you love horses and have knowledge of equestrian properties, if you make that your niche you are more likely to work with others who have the same love of horses you do!
A niche market can be:
- An area
- A type of property
- A type of client
- A situation
For example:
AREATYPE OF PROPERTYTYPE OF CLIENTSITUATIONNeighborhoodSingle-storySeniorsRezoningHOACondosFirst-Time HomebuyersTax ArrearsCondo BuildingFarmInvestorsEstateGolf CommunityEquestrianLuxury OwnersDivorceHistoric AreaHistoric HomeProfessionals in a specific field or companyExpired ListingWaterfront AreaMulti-FamilyMilitaryRelocationThe sky is the limit when you think about the different niche markets that are available in your market. You can even combine a few of the above if your market is large enough. For example, you may decide to focus on single-story homes in a golf-course community.
"Jay, this sounds great, but if I focus on one type of property, won't I lose business? What if a potential client assumes that I only work with the type of product or people in my niche and they don't reach out?"
Agents do assume that if they name and claim a niche, they will lose all the other potential business that may have previously come their way. But this is where real estate agent branding and balance come in. Let's take a look at two agents who have strong niche markets and look at how they market to that niche:
Karmin Pincus specializes in a specific type of client and I bet you can tell what it is just by looking at the images. That's right! Karmin's niche market is military relocation. Her brand elements include her insignia house logo and navy blue. There is no question with a brand like this that she understands the complexities of a military relocation, can probably answer questions about VA loans and has VA lender resources, may even have a military background herself (she does!), and is well-equipped to help folks relocating to the area feel welcome and appreciated. This is what I call an all-in niche market.
Her processes are geared toward helping this specific type of client. But does this mean she can't help other buyers and sellers? Of course not! In fact, her military clients are so impressed, she gets referrals for other types of real estate too.
Does Karmin's niche limit her business? No! In fact, because she is a specialist and not a generalist, she attracts more of the type of client that is rewarding for her to work with.
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Now let's take a look at Lin Shih. Lin sells real estate in Seattle and around Lake Washington, but her specialty is Downtown Seattle condos.
Lin's brand elements include her red that indicates good fortune along with some dramatic contrasting black, a luxurious font, her eye-catching signature, and emblematic silver fortune cookie complete with fortune cookie (modeled after her client gifts – a large silver decorative fortune cookie). Notice there is no naming-and-claiming of her niche on her general brand that she uses.
Lin's niche comes to life when she creates content for that specific market. The materials above are samples of what she sends to her niche market with content including stats, market information, sold properties, results, and more. Her general brand is the car body, but the content is the engine that drives this niche market.
Article from: Denise Lones
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I chose my niche to be in the Greater Houston Area. I have lived her all my life and know not only the social aspects but the economic aspects of the area. I specialize in Investors as well! I prove to my clients that I know my stuff when I go above and beyond when it comes to the presentations. I don't just say, " Here's a house. Let's go look!" I present a showing as " Here is a HOME and around it, you have this list of things and places to do, your work is this far and this house has this much potential."
My Niche has grown and changed throughout the my 16+ years in Real Estate! It doesn't ever have to stay the same forever. Your expertise grows throughout the years and so should your Niche!
Find your Niche. It might be the best thing you have ever decided to do!
-Jay Thomas
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