Identifying and pursuing a niche offers incredible business benefits. Although you might be inclined to feel a niche (or specialization) could limit your business opportunities, just the opposite is true. Resulting in heightened expertise in property types, locations, or client types, a niche provides the chance to thoroughly meet the needs of a specific group of buyers and sellers. Targeted marketing, increased efficiency, heightened expertise, and exemplary customer service are only some of the benefits of choosing a niche.
Here are only some of the real estate niches you might consider for your business.
Often requiring the chance to present an offer in court, foreclosures require very specific knowledge and experience. Being an expert in foreclosures might include working with buyers in addition to becoming the go-to person for lenders who issue, then facilitate foreclosures.
Choosing a niche property type can be broad to incredibly specific depending on the size of your market and the size of your business. While specializing in condos, or luxury is common, one could further refine expertise into gated communities, lakefront properties, duplexes, sustainable homes, etc.
Buyer & Seller Types
Identifying a buyer and seller need or character trait can be your area of specialization too. Consider specializing in groups like downsizers, investors, first-time buyers, specific age groups, international buyers, military personnel, or retirees. Additional buyer and seller types include divorcing couples, young professionals, singles, newlyweds, growing families, or empty nesters.
Sure, geography could be as broad as a city, but getting more focused, like specific neighbourhoods, will really help you in becoming, not just a property expert, but a neighbourhood expert. Choosing a neighbourhood as your niche offers you the chance to be involved (as a volunteer or through marketing) in community events and festivals.
Increasing your knowledge of development opportunities is a big advantage to developers. Becoming an expert in development opportunities may leave you on the ‘inside track’ of beneficial opportunities for your clients.
With many developers pre-selling their commercial and residential properties, pre-sale expertise is a niche all on its own. Unique for ‘as-is’ built construction, pre-sale sales requires knowledge of the construction process, specialized contract paperwork, and disclosure requirements.
Expired Listings & FSBO
Some agents make a career of securing sales from expired listings and ‘for sale by owner’ properties. Understanding how to mitigate (or eliminate) the overwhelm and frustration common to these groups, experts in the areas have specialized, strategic marketing plans.