Real estate is a competitive business. However, choosing a real estate niche is one of the stratgeies that can help you expand and market your business efficiently and productively. Following up on our previous article on 5 Reasons Why You Should Have A Real Estate Marketing Niche , we now list down the three real estate marketing niche and how to succeed in them!
Before you start choosing a real estate niche, here's a few things to consider:
- How much do you want to make?
- What’s the average sales price?
- What’s the turnover rate?
- How big is the niche?
- How far away is it from your home?
- Does your agency support it?
Remember to keep your answers in mind and think about how each real estate niche is able to help you achieve that.
Geographic Real Estate Niches
Geographic real estate niches focuses on a particluar location such as on a particular neighbourhood, or a development in a city. It's an extremely powerful niche where success lies in being focus and expert.
Start by focusing on a particular neighbourhood and narrow it down, for example, a few streets or a condominium. Once you've narrowed your niche, research on it and be an expert. Remember, the one way you can truly be an expert is when you are passionate enough about it, so do look for a niche that interests you. Once you've become an expert, market your expertise of that area. Gaining your expertise in a particular area will not only instill confidence in your propspecting clients, but it will also assist you in targeting on your niche audience resulting in new businesses.
Furthermore, becoming an expert in your geographic niche is similar to being a leader in your area. A great way to connect and engage with your geographical niche is getting involved in the community. Through joining community activities or participate in their campaigns, it helps to make known of your real estate services and that you are there to lend a helping hand in other ways.
Demographic Real Estate Niches
Choosing demographic real estate niches requires you to understand the needs of your specific demographhics. First, you separate your demograhic population into different categories such as age, marital status, and financial income. Next, narrow down into a specific niches such as newlyweds, young professionals, retired couples and many more.
By segregating them, try and identify their needs at their current state in life. For example, a young professional who has just moved to the city might be looking for a property that is affordable and smaller as oppsoe to newlywed couples who are looking for a home with bigger space to accomodate future family plans.
Your ultimate goal is to empathize, understand and satisfy their needs through your real estate services.
Real Estate Niches
The variety in real estate niches are broad and may be the most lucrative for your business. Potential real estate niches can either be based on style such as bungalows, luxury homes, gated community homes; or based on features such as those according to fung shui, homes that face the east, pet-friendly homes and many more.
It's important to pay detailed attention to your real estate marketing niche. As your clients are specifically interested in your chosen real estate niche, your goal is to make the feel comfortable and confident to ask you questions regarding the real estate.
Now that we've listed out all the three real estate niches, which niche did you pick and why? Let us know in the comments!