Should You Choose a Niche for Your Real Estate Business?

I think so. I do it in my copywriting business and I think its beneficial to you in your real estate business. Here's why...

Choosing a niche may sound at first like limiting your real estate practice, but it's not. Unless you live in a very small community, it is actually a way to expand your business while spending less money on marketing.

Once you’ve chosen a niche you can not only market exclusively to that niche, but you can become the expert that others naturally choose when buying or selling in that niche.

So how do you choose a niche?

First by examining the kind of real estate and the kind of buyers and/or sellers you most enjoy working with. No one should ever choose a niche based on the price of the real estate.

If you choose to deal in high-end waterfront homes but all you feel is jealousy or contempt toward the people who live in them, that is not the right place for you. By the same token, if you have no sympathy for those who are now having to do short sales, you shouldn’t get into that niche.

Part of your success will come from actually liking the people you see every day. You need to be able to throw your efforts whole-heartedly into helping them reach their goals, and its difficult to do that unless you like the people.

It’s also good for your business if you share a connection on other levels – such as family make-up, hobbies, pets, charitable activities, etc. People like doing business with people who are “like them” so your agent bio should always reflect a little of your personal side.

Choose the kind of homes you appreciate and admire and the kind of people you can connect with - then become the expert in that niche.

If you choose a neighborhood – your own or a different one – become knowledgeable about everything that concerns the neighborhood. When someone asks you a question about shopping or public transportation or recreational opportunities, be able to answer it.

Attend your local city council or planning and zoning meetings and know what’s going on – and what’s planned. When someone breaks ground for a new building down on the corner, find out what they’re doing and how it will affect the neighborhood.

If you choose a set of people – such as first time buyers or seniors who are downsizing, learn all about what matters most to them so you can answer any question that arises.

If you choose high-end, make it a point to visit as many homes for sale in your niche as possible so you can make valid comparisons when you complete a market analysis and so you can tell buyers what special amenities are included in each home.

Whatever niche you choose, become the expert who knows more about it than anyone else. The referrals you’ll get will give you instant credibility with new buyers and sellers, and you’ll soon find that you need to spend fewer dollars on marketing.