Let's ask this question can a REALTOR be all things to all people? Some agents/brokers may say yes to this question, on the other hand some may realize that it is almost impossible. So, let's take this thought then into the arena of finding your niche? First of all what is a Niche? In real estate it is where an agent/broker specializes or is considered an expert in a particular area, IE: Senior's. Working with first time buyers, Probate, etc. Finding a niche often means finding a part of the market that is underserved and focusing where there is less competition. Three reasons to find a niche:
•· If you succeed, you have strong customer loyalty.
•· You have less competition. .
•· Often marketing to this niche group is less expensive.
So, here are 4 Hot Niches (and how to reach them)
•· Seniors:
People over age 50 represent 28% of the population, but control 75% of the nation's wealth.
•o Hold a free seminar on buying, selling and investing in real estate.
Hire a registered nurse to give weekly free blood pressure checkups to seniors who take morning walks at the local shopping mall, or at the local club house.
Print a chart to record blood pressure readings on the back of your business cards and hand them out at each event.
Get you SRES designations.
•· First Time Homebuyers:
•o New buyers represent 40% of all homes sales, according to the 2003 NAR survey:
•o Hold free home-buying seminars in renter-heavy neighborhoods.
•o Post information about low-down payment mortgages and government sponsored first-time homebuyer programs on your website.
•o Offer a free report on "How to Buy Your First Home" publicized it in your mailings and on your website. Use a fax-back or e-mail auto-responder to distribute it.
Foreign-Born Buyers:
Between 2000 and 2020, the number of U.S. household headed by a minority will grow by more than 15 million, according to the Joint Center for Housing Studies of Harvard University.
To reach them:
Call foreign embassy offices in your area, and let them know that you are available to help people from those companies with their real estate needs.
Advertise your services in local foreign-language publications.
Hire a personal assistant or secretary who speaks the language of major foreign groups in your area
Earn the Certified International Property Specialist designation.
Luxury Home Buyers:
To reach them:
Network with financial advisors, attorneys, interior designers, and other salespeople who cater to wealthy people.
Support and attend high profile charity events.
Purchase mailing lists of people who own pricey cars, donate to local art museums or belong to golf, tennis or other sport clubs.
Place your listing in publications that are must-reads for potential luxury buyers.
Networking with Millionaire is a great book to read by Thomas Stanley
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