Many real estate professionals say that narrowing your customer base can actually increase your business pipeline. “A niche creates the ability for you to more easily build trust among potential clientele, which increases the likelihood of you gaining new clientele and therefore closing more deals,” writes Chadwick Ciocci, founder and CEO of Chilton & Chadwick in a recent article for Forbes.com. For example, a real estate professional focused on waterfront properties understands all the issues and complexities surrounding those transactions, thus attracting owners of waterfront homes who want an expert in their corner.
A niche can also create more opportunities for branding and marketing. Staying with the waterfront niche example, you might add to your marketing an explanation of the new FEMA rules and how they could impact the sale of a property. Or, you might provide tips on how to reduce the risk of flooding in the event of a hurricane.
But niches can't just be tacked on; real estate pros have to think deeply about them and cultivate them in a smart way. Here are some niche categories to consider:
- Social niches: Consider who is in your social circle. For example, maybe you coach a Little League team. To move this from a hobby to a niche, you might sponsor a team or tournament. Or, consider a niche farming campaign for your local PTA, yoga class, house of worship, or any group or activity you or your family is involved in.
- Geographic niches: Zoom in on a particular neighborhood, development, or area of town. “Focusing on a town as a whole is not a niche—a town is a town, a niche is a niche,” Ciocci writes. “ A niche is a neighborhood, a few streets, an apartment complex.” Bring in a local leader for an informational meeting about nearby new construction, mail prospects specialized information about the neighborhood, or start a social media group just for neighbors to interact on.
- Real estate niches: Whether it's equestrian-oriented properties, condos, or historic homes, identify something you are passionate about and actively involved in. Then, become an expert in that area and make sure everyone else knows about it. For more inspiration, see the National Association of REALTORS®’ designations and certifications to start building the knowledge you'll need for a niche in everything from green buildings to resort homes.
And remember, just because you have a niche, you can still pursue business outside of it too.
Source: “How to Create a Niche as a Real Estate Agent,” Forbes.com (Dec. 27, 2017)
