I meet with many Residential and Commercial Real Estate Brokers monthly and our conversation always leads to our area of expertise. The main reason is that I go there hoping to find something to trigger my interest and memory to be able to utilize them in the future. The niche marketing technique is as important in Real Estate as with any profession, but I tend to think it means more. We work in an industry that pushes for general practice but with terrible results. Locally we have a rumored 3% success rate in Residential Real Estate and I strongly believe that a big part of it is the lack of expertise or specialization. But whether you are working a niche or not, your clients are looking for just that. They want someone to be the best at what they are looking for. We go to shoe stores, car stores and grocery stores for just those items. So think about what you may want or know a lot about and make that your niche. Be it and own it, as your clients will reward you with referrals and leads for years to come. Below are a few of the niche markets I am surprised don’t get more play:
1. Great Schools – People buy homes because of a great school system, so why do Realtors not say “I am a Zionsville Schools Realtor” ? Its seems like that would be an awesome and sellable product.
2. Tech – I think a young hip broker could make a killing being the ‘Tech Startup Office Space” broker in a hot city like Indianapolis. Ya they like shared or public space but eventually they need to house developers and call centers. I might chase that one…..
3. Downsizers – Sure a few Realtors say they do homes for this group but I never hear someone say “I sell empty nesters current home and then relocate them to the perfect smaller home to fit their new active lifestyle”. This group has MONEY and equity and are smart. They also buy quickly when they find something they like.
4. Westfield – Seriously this might be one of the most annoying to me. I sell Westfield personally but from a commercial standpoint. Very few residential Realtors actually stick to this market. It is the ideal place to find buyers since it is affordable, great schools and new. Seems like an easy sell.
The challenge of owning a niche is understanding that you have to commit to it. You don’t get to go make an announcement at a networking event and then wait for the phone to ring. You have to strategize on where those leads come from and take the slow steady road to earning that reputation. In the end its fun to be the go to person for a particular market and its a lot more efficient from a sales standpoint. Good luck