How To Find Your Real Estate Niche To Get Rich

By
Services for Real Estate Pros with Best Real Estate Writer, a Layton Media brand

Would you want to go to a dentist to have your heart treated?

 

Of course not!

 

This is how I ask real estate agents to think about choosing their niche or ideal client, as I call them.

 

Although many real estate agents think a niche is a buyer or seller in a certain geographical area it is actually a small, specific, and extremely well-defined segment of the market or population. I encourage you to actually think of it as a specialization as a cardiologist specializes in medicine.

 

Identifying your ideal client does NOT mean that you won’t still receive other leads. It simply means you will gain more credibility and spend more time working with people you actually enjoy spending time with.

 

As they say "There are riches in the niches" so today I am going to explain how to find your own niche or ideal client.

 

Major Benefits Of Having A Real Estate Niche

 

The more specific you become with your real estate niche, the more opportunity you have to be seen as an expert. Unlike those that try to chase after anyone willing to give them a chance, when you choose your narrow niche you will have the chance to develop and demonstrate your wealth of knowledge to the people you most enjoy working with.

 

As if that wasn’t enough, check out these big benefits to choosing your real estate niche:

 

  • Stand out from the competition

  • Focus your networking

  • Better ROI on your marketing efforts

  • You become seen as THE expert

  • Your branding and messaging becomes clear

 

Reverse-Engineer Yourself

 

One of the biggest reasons that I chose to be a real estate copywriter (rather than any other industry) is that I wanted to help as many agents as possible realize that they can have complete power in this business. In other words, you have the right as a real estate business owner to work with people that you actually enjoy working with.

 

When I am coaching my clients to help them find their real estate niche, I always encourage them to start by thinking about themselves first.

 

Take a hard and truthful look at yourself, your personality, the people you surround yourself within your personal life, and your personal preferences.

 

For example, if you are easy-going and prefer to be around people that are also easy-going it would not make any sense for you to target the luxury market because those clients are typically very high-maintenance and demanding.

 

Real Estate Niche Marketing | Profitable Real Estate Niches | Sarah Layton

Forget The Past

 

The biggest mistake that most real estate agents make when choosing their real estate niche is to look back at the people that have hired them in the past.

 

Remember, this is about choosing who you want to work with, not who choose to hire you in the past.

 

It is very important that you are critically careful when you design your ideal client or real estate niche that you are only thinking about the people that you would kill to work with, not anyone else.

 

The only time that it is okay to look at your past clients is if they are in alignment with your new niche because that will help you get into their mindset and identify the pain points you will need to address to attract more people like that.

 

Go With Your Gut

 

For some people, narrowing your ideal client down so much can be very challenging because they are so agreeable that they enjoy working with everyone. Often in these cases, I encourage people to go with their gut to narrow it down.

 

Let’s pretend for a minute that you MUST choose between three different people to marry. Let’s also assume that you know and enjoy spending time with all of them. However, you are being forced to choose just one of them to spend the rest of your life with. Wouldn’t you go with your gut feeling about who will offer the best possible future?

 

If you are someone that knows how to listen to their gut and trust themselves, I encourage you to do so in this exercise.

 

7 [not so] Crazy Ways To Stand Out As A Real Estate Agent | Convert More Clients | Sarah Layton

 

Ask Yourself Why

 

Before you decide definitively on your niche, I want to urge you to ask yourself why you are choosing that person or demographic as your ideal client.

 

Often in real estate, agents will choose a niche purely because someone else told them it would be profitable or because they think it will be the easiest way to make money.

 

Let me tell you right now that if money is the sole motivator for why you have chosen your niche you will end up being far less successful than if you select your niche based on passion and compatibility.

 

Think about it, if three years from now you can’t stand the majority of your client base, you will be far less motivated to lead gen, follow-up and deliver the best possible customer service. On the other hand, if you are in love with the majority of your clients you will leap out of bed each day energized and excited to go be the best you can be at your job. That passion will be what leads to the biggest profits.

 

Get More Help To Find Your Real Estate Niche

 

I have developed a very specific worksheet to help you generate a clear picture of your ideal client. Remember, as you fill it out to think about who you would most like to spend your career working with, not who has hired you in the past.

 

This is all about taking back the control in your business and empowering yourself to feel more passion and happiness in your daily life as a real estate agent!

 

If you are anything like most people, completing the Ideal Real Estate Client Profile can be challenging to do on your own. Therefore, you can also book a coaching call with me during which I will take you by the hand to make sure you don’t make any costly mistakes. During our call together, I will also help you to understand the psychology behind your ideal client so you know what to say and do to attract them to you magnetically!

 

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Re-Blogged 1 time:

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  1. Sally K. & David L. Hanson 06/12/2019 05:09 AM
Topic:
Real Estate Sales and Marketing
Tags:
real estate niche
real estate niche marketing
best real estate niches
profitable real estate niches
how to pick a real estate niche
how to find a real estate niche

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Rainmaker
1,406,388
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

These are good points, especially about finding the niche of people you really want to work with. Thanks!

Jun 12, 2019 03:12 AM #1
Rainer
502,623
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

The saying "Riches are in niches" is very true!

The more specific you become with your real estate niche, the more opportunity you have to be seen as an expert. Unlike those that try to chase after anyone willing to give them a chance, when you choose your narrow niche you will have the chance to develop and demonstrate your wealth of knowledge to the people you most enjoy working with.

Jun 12, 2019 04:26 AM #2
Rainmaker
3,192,834
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Niches are indeed unique and often not as "cluttered" with agents who farm geographically. To be good at a niche requires the discipline of education and marketing to what may be a much difference target audience.

Jun 12, 2019 05:08 AM #3
Rainmaker
4,877,535
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Every real estate agent would be wise to find what they enjoy and become educated in that area.... new construction was mine....and focusing on listing new subdivisions was my journey and I was fortunate to secure 40 over my career... I'm a believer in niches...

Jun 12, 2019 05:16 AM #4
Rainmaker
2,426,584
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The secret to personal success is within the self waiting to be unleashed. Then, it is no longer a secret but your specialized bank of skills waiting for commands. For those that choose to believe it, the skills-maker is now your compass too

Jun 12, 2019 05:40 AM #5
Ambassador
1,615,009
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I agree and I focus on investments only. However, knowing agents in towns of 50,000 in more rural settings, this is not a possibility for them. They need many niches.

Jun 12, 2019 06:45 AM #6
Rainmaker
436,937
Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector
SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno - Bourbonnais, IL
The Home Inspector With a Heart!

I read a book called who's in your room, by Ivan meisner, from BNI. Make it a point to only search for those that align with your goals and plan and work that niche.

Jun 12, 2019 06:48 AM #7
Rainmaker
61,135
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

Good points!

Jun 12, 2019 12:51 PM #8
Ambassador
2,803,195
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

It is indeed choosing who you want to work with Sarah Layton | Copywriter & Inman Star Contributor ! That is what we've created over the years and it's been awesome to work with people who know, like and trust us and vice versa!

Jun 12, 2019 03:33 PM #9
Rainer
19,375
Jeremy Marquez
J Marqeting - Key West, FL
Freelance ISA

Sarah,

Great blog, you are spot on!

As a virtual inside sales assassin, I have developed a niche within prospecting and converting leads to listing appointments for my real estate listing professionals I am contracted by.

My niche is expired and FSBO listings.

I am putting on average 3 + listing appointments on the calendar weekly for each of my real estate partners.

They are listing 1 + weekly each!

#iCallYouClose

Jun 12, 2019 11:13 PM #10
Rainmaker
381,963
Matthew Klinowski, PA
Downing-Frye - Naples, FL
Golf Community Real Estate Specialist

Totally agree a niche helps you stand out in the market place. It also helps to ensure you have business more consistently regardless of what the market is doing (buyers or seller's market). Have a great day!

Jun 13, 2019 04:44 AM #11
Anonymous
Tom Phelan

I have taught CE Credit Classes to Realtors® for decades and in many states. My expertise is in "1031 Exchanging" (3-hour class) and "How An IRA an Buy Real Estate". Also a 3-hour class). The reason I stress the 3-hours is because this is a minal investment of time for even the busiest of Realtors®).

Ask yourself, when is the last time you picked up the phone or shot off an email to a client and said, "Just a quick note to ask if you have ever considered using your IRA or an Individual 401(k) to invest in real estate?

Here is a fallow, totally untapped niche to explore that won't be crowded like foreclosures, first time buyers etc.

Want proof? In America today there are 45,000,000 (that's million) IRAs that colectively hold six trillion (that's trillion) dollars.

Wall Street enjoys 95% of those IRA dollars.

Real Estate enjoys ... 3% - 4%.

Why???

Are real estate rental investment proeprties, like a SFH, (let's keep it simple) that inferior to Wall Street products?

With Wall Street at 95% and Real estate at an anemic and emabarrasing 3% you would be inclined to agree.


But subjects are great conversation openers and prospecting tools.

Sadluy, few

Jun 13, 2019 05:34 AM #12
Rainmaker
52,446
Richard D. Rawdin
Saunders & Associates Real Estate - Southampton, NY
Hamptons Real Estate

Great information here ~ A wise man once told me to do something you love and find a way to make a living from the love. That person was Zig Ziglar. I always loved architecture and old buildings, so gravitated towards real estae and the found my niche - I'm a Realtor that Sells and Lists real estate while playing golf, and I'm a golfer building business relationships while playing golf. It may sound crazy and it is, but for me it makes total sense that I found my niche.

Jun 13, 2019 05:40 AM #13
Rainmaker
608,946
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Raleigh - Cary Triangle Real Estate 919-602-8489

Great points! Thanks for sharing.

Jun 13, 2019 05:48 AM #14
Anonymous
Tom

I thought pitching a business was unacceptable???

Jun 13, 2019 08:28 AM #16
Rainmaker
210,782
Renae Bolton
Marketing 4 Realtors - Garfield Heights, OH
I'm your Professional Real Estate Marketing VA!

What an informative post! Finding the right type of person with whom you want to do business is just as important as figuring out what kind of business you want to go into. Great post!

Jun 13, 2019 11:51 AM #17
Rainmaker
663,263
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Thank you for sharing the Niche market points are great and well thought out. Finding a niche is not as easy as one might want it to be. 

Jun 15, 2019 09:18 AM #18
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Sarah Layton | Copywriter & Inman Star Contributor

I provide real estate content marketing services
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