Marketing your business can be fraught with many dangers all too often caused by simple mistakes. One of the most frequent mistakes is trying to spread your marketing dollars out over too much of the population. On the other hand, you may do the reverse and not market your business at all. There is a much better way –finding your niche.
Niche marketing allows realtors or any business owner to get the biggest return on their marketing investment. Focus on being the best realtor in the world to the market that makes the most sense. Your marketing dollars will be well spent if you do the following:
● Pick a Niche – Pick something that suits you. Make a list of things that interest you most, things you are passionate about or areas/neighborhoods that interest you. Do you love the feeling of helping first-time homeowners realize the dream of home ownership? Are you intrigued by real estate investors? Do you love boats and anyone who owns them? There are many agents who love to celebrate the heroes in their communities such as police, firefighters, teachers and military personnel. They extend special benefits and services to those demographics and become known as “their realtor”. Find YOUR niche and design your marketing plan to make yourself the ‘go-to agent’ for that target group.
● Think More Creatively About the Niche Markets That Are Out There - There are niches of every conceivable shape and size, all with their own quirks, perks and opportunities. Think outside the “block” and consider some additional groups that represent a whole new avenue for you to travel. How about CPAs? These local number crunchers have clients that very often need to invest in tax friendly solutions (real estate comes to mind) or liquidate assets such as homes.
Don’t forget attorneys! They, too, find themselves with clients who, because of divorce, need to sell a current home and sometimes buy two separate residences. They deal with families needing to successfully close on properties to finalize estates.
Doctors and the tight knit family of medical professionals meet a vast variety of people daily. By nature of their business, they often develop strong, trusted relationships with their patients and colleagues that last not only years but generations. Their referrals go beyond medical advice when they answer questions like, “Do you know a good realtor in the area?”
If you are lucky enough to live in an area that attracts vacationers, or those looking for getaway properties, you have a perfect market niche for those looking for second homes or investment possibilities. Ask yourself where do the vacationers typically come from, why do they come to the area, and what incentives would be important to them. Now you have the basics for a marketing plan.
There are 90 million single Americans. Don’t ignore this group. 55 million households are headed by unmarried individuals, and this group is predominantly made up of women. Consider the needs and wishes of this large group in the housing market.
Baby boomers and seniors have a huge influence on the market. They have different income considerations, and sometimes special housing requirements. If you focus on these considerations and requirements, you can develop marketing and services specifically for them. Look into the Seniors Real Estate Specialist (SRES) designation to position yourself above your peers.
The luxury home market is inviting as it typically generates high commissions, but there are some trade-offs. This market usually requires a larger investment for special marketing, however, with the proper focus and attention to generating a network of contacts in this market, it will pay off.
● Develop a plan of action – Once you have identified your niche market; consistently and repeatedly carry out your marketing tasks. Your ongoing contacts with the targeted group will build the trust and reputation you desire in that market.
There is a niche that makes sense for every agent. If your current challenge is identifying the niche and designing a plan, Best Agent Business can help. We are specialists in helping agents determine their unique talents and interests as well as developing unique marketing strategies. Scheule a call with Best Agent Business president, Steve Kantor, today for a free consultation on your marketing plan: 202-297-2393..
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