Real estate is a highly competitive industry, and it can be challenging for agents to stand out from their peers. One of the most effective ways to differentiate yourself in the real estate market is to find and own a niche in your market. When you choose to focus on a specific area of expertise, agents can offer unique insights, provide better service to those clients in that niche area, and you become an authority and expert in the field. In this article, we will discuss how to find that niche and own it!
What are Agent Tools for Success with a Niche Market?
Before we dive into finding and owning a niche market, let's first define what we mean by Agent Tools For Success. These tools are resources and technologies that can help real estate agents streamline their workflow, manage their clients more effectively, and ultimately be more successful in their business. Some examples of Agent Tools For Success include:
- Customer Relationship Management (CRM) software
- Automated marketing tools
- Communication platforms
- Scheduling tools
- Real estate listing services
These tools are designed to help agents save time, increase efficiency, and provide better service to their clients. When used effectively, these tools can be a game-changer for many agents looking to find and own a niche market.
What you are all here for is How to find the Niche Market
The first step in finding and owning a niche market is to identify an area of expertise that aligns with your interests, strengths, and experience. Here are some strategies to help you find your niche market, although it could be many different things these are just some starting points.
1. Identify your strengths and interests.
Start by identifying your strengths and interests. Do you have experience in a particular type of real estate, such as commercial or residential properties? Do you have a passion for a particular location within your city, state or country, or even a certain style of architecture or era of homes? By identifying your strengths and interests, you can narrow down your key focus and find a niche market that aligns with your ultimate passion.
Such as myself, we are a Military family and I take great pride in helping our military with their moves whether they are still serving or are out of the services. I knew I wanted to be the go-to agent for this type of client. Why was this important to me? When purchasing our own home as a VA loan home buyer, I experienced firsthand how difficult it was and the stereotypes VA loans had. When I got my license, I knew I wanted to focus and help these clients the most because I knew the struggle and they truly needed someone in their corner fighting for them. With this said. I always keep this top of mind when choosing where I spend marketing budgets, what referral programs I sign up for and what programs I sponsor or exert my efforts to help with. I always think how things will relate back to my ultimate tool for success, and that is Owning My Niche!
2. Research your market trends
Researching your market trends in your area and around it is an excellent way to identify emerging or needed niche markets. Look for areas of the real estate market that are experiencing an increasing demand, such as sustainable homes or maybe it is a growth in your Luxury Market. You could also research the different market trends in specific geographic areas or demographics, such as retirees or millennials. Maybe divorces are on the rise in a certain area, finding those referral connections could be crucial in obtaining a Divorce listing niche. How you do this is by strategizing and making the right connections with Divorce attorneys, advertising that you are a Listing Expert with divorce, etc. The more you put it out there the more people will remember when the time comes or know to refer you to a friend or family!
3. Analyze your competition.
Analyzing your competition can help you identify gaps in the market and opportunities to differentiate yourself. Look for areas where your competitors are weak or undeserving their clients and consider how you can fill those gaps. For example, if your competitors are not offering sustainable home services, you can focus on that niche market and become the go-to agent for sustainable homes in your area.
How to Own Your Niche Market
Once you have identified your niche market, the next step is to actually OWN IT. This means walk, talk and BREATH your niche!!! One saying I have always loved is, “Get Comfortable, being UN-comfortable.”
Here are some strategies to help you own your niche market:
1. Become an expert.
Once you decide what you are going to become the expert at you need to figure out how to Own it! You need to do the research to become the expert in that area, research, look up market trends, find where you will make the best connections for this niche, etc. This also means STAYING up to date on the latest trends, news, and developments in your niche market. You always need to STAY the knowledgeable agent when it comes to questions about anything in this area of expertise! Start attending industry events in your market AND outside of your market, read industry publications and news reports that pertain to your niche, and network with other agents in your niche market to stay informed and build your expertise. Build a referral presence with agents in the same niche in different markets so you can mastermind and refer to one another clients with ease. Knowledge is always going to be king if you want to own a niche and the more you know the better you can serve your clients in the long run!
2. Provide exceptional service.
This should honestly really be a given no matter what you are doing in real estate, but providing exceptional service is essential to owning your niche market. You need to gain respect within your industry and your market that you are truly the go to person. Make it known that you will provide the best service because of the expertise you have and the extensive knowledge you are able to provide along the way. By focusing on providing exceptional service, you can build long-lasting relationships with your clients and become the go-to agent in the future for whatever niche market you choose. By providing great service this will include using the tools discussed already such as CRM, Communication platforms, Automated marketing tools and scheduling tools. These systems similar technologies will help streamline your transactions so that it is a smooth process for your clients, and in return Referrals are KING, and you will continue to get them if you provide this exceptional service!
3. Leverage technology
Tech can be used in so many ways. We already discussed the tools that you can use to help provide great service but let’s talk about the technology you can use to get it out to the masses that you ARE the expert in ABC market. Social media is an absolute MUST! If you are not on social media, then I don’t know what you are doing. Get on it, learn to use it, join it and start making connections with people you know, like and trust! You will learn to leverage your social media platforms like they are the core of your business. Within these platforms, Facebook, Instagram, TikTok, twitter, etc. you will need to discuss your niche regularly. Post market updates, new homes that hit the market, training, etc. You will never Own your Niche if you stay in the closet and don’t tell anyone what it is or show anyone that you are indeed the expert! This is hard for many people to do especially if you are just getting into the niche. Getting comfortable being un-comfortable couldn’t ring true more here. The more you do it the more it becomes second nature to you and before you know it you will start becoming known for your Niche market. BOOM!
4. Business Plan with Intent
Business planning with intent, what does that mean? Everything I do in my business I relate back to my Niche, and I ask questions. How does this benefit my business, specifically in my niche area? How can I market it, so it does target my niche market? What can I do more to have a larger focus on my niche market? Whether it is buying leads or signing up for a referral platform, social media marketing posts or stories, events I host, programs I sponsor or am a chair for, they all relate back to my Why! And that is my niche market! For me everything I do I try to make it connect to the core of my business, and that is supporting Veterans within real estate and outside of real estate! They are my bread and butter and I try to make that known in everything I do within my business!
Examples of Real Estate Niche Markets
Here are some examples of niche markets in residential real estate:
- Lake Living
- Oceanfront Properties
- 5+ Living
- Divorce Listings
- Mountain Properties
- Referral Partners
- Specific Locations or Neighborhoods
- Vacation Homes
- Historical Landmarks
- Renovation Properties
- 2nd Homes
- Expired Listings
There are so many more ideas, be creative and find where there is a need in your market! Pave the way and provide the world with your expertise by OWNING YOUR NICHE and using the Agent Tools for Success together!
Meet Mandy Aufenkamp
Mandy was born and raised in Omaha, NE and in 2016 started her journey in the real estate business. Mandy is consistently looking to grow her business and has done so year after year. She grew to be highly respected among her peers with her high level of integrity and positive energy in helping others. She excels at listing properties for sale with her Pricing Strategy Advisor (PSA) Certification and can help you reach your goals, as quickly as possible while using a unique marketing approach to get the job done! Her number one priority is to sell your listing quickly, and for top dollar, careful to not leave a single cent on the table. She accomplishes this by utilizing top-notch and tech-savvy marketing techniques. With a passion for interior design you can count on her eye for design, extensive experience, and demonstrated dedication to her clients makes Mandy the ideal professional to get you to the closing table, and beyond. Mandy takes this knowledge to best help her buyers and to have strong offers in a competitive market!