A niche sets you apart, which creates opportunities for branding and marketing (and after all, what good is having a niche if you don’t brand and market it?)
Establishing a target audience in business is one of the essential ways to bring about success, scale a business, and establish expertise in any industry.
87% of new real estate agents fail within the first five years because of how highly competitive it is.
What is Niche Marketing?
Niche Marketing is a tactic that focuses on and is geared toward a very specific target audience. That could be a specific market, a capability, price point, social or by location. This enhances your ability to better serve that target market, effectively scaling your business and building a reputation as an expert in that category.
Real Estate Niche Market:
Focus on what you're good at and go deep, rather than shallow and wide by trying to cater to everyone. For example, if you become an expert on Golf properties and all of the particular issues that surround those type of deals and properties, then owners of golf homes (as well as those looking to buy them) are far more likely to trust your expertise and judgment when it is offered.
Benefits of Niche Marketing by Industry
- Appear as the least risky option when competing for business
- Easier strategies to execute because the work is similar
- Easier to market to your ideal client rather than everyone
- Gain a better understanding of clients needs and delivering proven solutions
Niche Market: Capabilities
This allows your real estate business to be showcased in the public eye as an expert and seen as valued and extremely professional.
Benefits of Niche Marketing by Capabilities
- Do what you do best, and get even better at it
- Streamline your execution for scale-ability
- Create a more predictable business model
- Project financial growth with more certainty
Niche Market: Price
This highly effective strategy focuses on the price of the service. For example, some agents offer a flat fee when working with sellers, instead of the average 3% based off of the homes value. This is one of many great price strategies, because it offers an ultra competitive price. This strategy gains the trust of your seller and in return allows you to represent the seller as a buying agent for their new home for the average 3% commission structure.
Benefits of Niche Marketing by Price
- Creates a more financially predictable business model
- Gives you a competitive advantage
- Customer loyalty and repeat business
- Social niches are those that you create in your non-real estate life.
- Geographic niches — focusing on a particular neighborhood, development or part of town — can be incredibly powerful.
What are some Real Estate Niches?
- Distressed Properties
- Short Sales
- Vacation/Second Homes
- First-Time Homebuyers
- 55+/Active Adult Communities
- Specific Communities
Are you ready to enhance your real estate game? Contact us today!