How to Find Your Real Estate Niche — Roomvu Academy

Real Estate Niche and Niche Marketing are frowned upon by some. In these cases, it is viewed as a counterintuitive practice depriving them of a larger chunk of their target market. After all, why would anyone voluntarily decide not to work with certain groups of people and limit the target audience to a very specific and defined audience? Doesn’t a smaller audience equal fewer deals? Not necessarily.

Niche Marketing wouldn’t have lasted for so long, had it not been effective, not only in real estate but in all fields of business. The fact is the practice is quite lucrative. In this article, we will explain what niche marketing is, why you should have it in your marketing efforts, and how you can define and develop your niche target to prosper as a realtor.

What is Meant by Niche Marketing?

Niche marketing requires realtors to create the marketing plan, messaging, and services around the specific needs of a very clear and defined audience. Mass marketing is trying to cover everyone and has nothing to do with niche marketing. In niche marketing agents try to narrow down their target market as much as possible.

Why Should Realtors Focus on Niche Marketing?

The same principle goes in business. People trust realtors who specialize in their specific needs. This in return results in high quality leads with higher conversion rates. It can be a real game-changer for agents who are having a hard time running their business. Imagine leads coming right through your door without you chasing them.

How to Pick a Real Estate Niche

A. Research

Do you like working with this niche?

How is This Niche Doing in Terms of Size? Is it Growing?

Would you make it as a “go-to” agent for this niche?

Can you handle the Competition?

Study your competition and see how they are doing. Are they well-known by others and have they proved themselves as the go-to real estate person? Can you beat them? Or would it require a long and tedious course of trying to get your foot in the door? If odds are against you, you might consider choosing a different niche.

B. Patience

How patience should you be then? It is a relative concept and different people have different ideas. However, a month or two won’t do. An average of 6 months is needed to see the desired results. Your niche market needs time to verify that you are real and can be trusted. And when that happens it will be worth it

Criteria for Finding Your Perfect Niche

On the other hand, there is the blue ocean. An untapped market where there is little competition. There are not enough products and services for people’s needs. Contrary to the red ocean, the blue one offers high chances of success.

Unfortunately, the real estate business is red. Very red in fact. There are a lot of agents doing the same thing and looking the same to the crowds (except a few who have made it). Niche specifications can help you find your bit of blue ocean.

The Perfect Client

1. Their Biggest Challenges

2. Be the Savior

What matters here is how you can help the clients with their problems and what the outcome would be. That would make up your mission statement as well. How fast and easy can you help clients? Highlight that one.

Whatever you do, it must result in your client saying:

“WOW. Finally, someone who knows how to help me. She/he is the one!”

Don’t settle for anything less.

Real Estate Niche Ideas

1. Demographics

2. Location

Takeaway

This is a summary of the full article published on roomvu Academy blog. To read the full article follow the link below.

Originally published at https://www.roomvu.com on July 29, 2020.

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