Ask An Ambassador: More Powerful Than A Generic Post

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

"There are riches in niches".

If you've been in real estate more than a month, you've probably heard someone say something along that line.  But is it just cliche, or is there some truth to it?

And while I personally believe niche posting is WAY more powerful than writing general real estate blog posts, I believe the answer can still be "it depends!".

It depends on the niche.

It depends on how well the niche meshes with your personality and skill set.

It depends on if the niche has staying power through ups and downs of the market.

 

A niche needs to have certain characteristics to be successful:

1.  Adequate volume & price to support a living

2.  A reason every other agent in your market can't go after the same niche

3.  Consumers seeking information about the niche housing

 

Back to item 1:  some niches can be cyclical:  e.g. short sale and foreclosure specialists boomed during the last recession, but agents that specialized in new construction found a pretty barren market as some builders entirely abandoned our market.  And as your target market moves down the price point, you've got to make up in volume what you're not getting in dollar amount.

Item 2:  Locally we have a handful of agents that seem to have cornered the majority of the luxury market.  While technically there are no information and physical barriers to that market, there are some increased costs (e.g. some communities have branded signs specific to their neighborhoods, you're not going to use Joe Average Real Estate Photographer either, etc.).  Higher risk, higher reward and not being known around the social clubs is probably enough to keep the majority of agents out of the niche.

 

Item 3:  Is anyone even looking for the niche?  Niches can be TOO obscure.  Anyone searching for Frank Lloyd Wright designed homes on at least 6 acres with a bowling alley?  Probably not.
But we know people search for low maintenance living options.  They search for new construction.  They search for homes priced over a million dollars (here that's something significant, California peeps...I don't want to hear it!).  They search for homes with barns, homes with pools, homes with a water view, homes on golf courses, homes in certain school districts and homes in certain subdivisions, horse farms, ponds, RV garages, near a state park, homes facing east.  The list could go on and on. 

If there's a searchable criteria in your MLS, there's a possibility of a niche.

 

There are pros and cons to niches, so before doing a double gainer into the niche pool, think about the niche and potential drawbacks that may impact you even if the niche fits the criteria to be successful.

People may think you ONLY work in your niche and not give you opportunities outside of your niche.

A niche may not lend itself to repeat business.  Fact is most of our patio home buyers are buying their LAST home and if their kids are local, they probably already have their own preferred agent. 

But the pro side?  There is upside, and a much quicker path to being found if you niche market.

How many agents have written "5 Tips To Help Your Home Sell Faster?" posts?

Now how many agents have written posts about your niche?  A LOT fewer, right?  Maybe not even anyone else.

 

Until next Tuesday, just Ask An Ambassador if you need help,

Bill & Liz aka BLiz

 

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
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Comments (10)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Bill,

You are preaching to the choir.  Everyone of our clients has one or a couple related niches.  We even have a video presentation on the subject on our site..And we check all the above suggestions you made, and then some.  Wishing you a delightful rest of the week.  A?

Apr 06, 2021 10:02 AM
Liz and Bill Spear

They have potential, but it's key to define a good one, or several complementary ones that are smaller.  E.g. we're happy to do new construction, and even happier to do new construction patio homes.

Apr 06, 2021 12:20 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Great advice, Bill !
There is a LOT of money in cyclical niches but it's critical to maintain other niches to keep a balance through any economy.

Apr 06, 2021 10:45 AM
Liz and Bill Spear

Definitely saw megaproduction out of REO and short sale agents during the time, but if they didn't adapt they'd be gone now.  Personally, I've done my last ever short sale. 

Apr 06, 2021 12:22 PM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Bill- excellent information for anyone considering a niche. Do your research, be ready to adapt and like anything else, don't put all your eggs in one basket. 

Apr 06, 2021 12:42 PM
Liz and Bill Spear

In can certainly be risky to be too invested in the wrong niche for the market.

Apr 06, 2021 05:30 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

No one could ever accuse you of having a generic blog post Bill, thank you for sharing 😃

Apr 06, 2021 01:51 PM
Liz and Bill Spear

I've got plenty of generic type FAQ posts, but they're not the ones that make me money.

Apr 06, 2021 05:30 PM
Tim Ventura
Digital Marketing Consultant - Blaine, WA
Digital marketing & technology consultant

Great post, and interesting insights on niches that are just way too small!

Apr 06, 2021 10:43 PM
Liz and Bill Spear

There's definitely a point at which a niche can be unable to support an agent's financial well-being.  Sure, you could gamble on high dollar and low volume, but would seem to be high risk to count on that paying the bills.

Apr 07, 2021 05:57 AM
AndreaBFerreira CRS - SRS - CLHMS
Keyes Co. - Davie, FL
Miami Dade, Broward and Palm Beach County in FL

In South Florida, at this moment with a the lack of inventory, I don't see possible to focus into a narrow scenario.

Creativity is tha name if the game to find a house for my customers.

In a different moment, maybe..

Apr 07, 2021 02:48 AM
Liz and Bill Spear

Blogging and niche blogging are both long term works to develop leads.  Evergreen posts can lay a foundation for calls years in the future.  There's not enough inventory here either, but I have buyers with specific needs that have contacted me based on past posts, and we're tracking the various target areas closely for new opportunities.

Apr 07, 2021 06:00 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
The House Kat

I ignored "riches in niches" until my recent move. And I decided that yes, I needed to be more focused. What did I really WANT to focus on? Was anyone else already focused on that? How much business was there? And then move forward with whatever niche is identified. 

Enjoy your day!

Apr 07, 2021 06:02 AM
Liz and Bill Spear

And it looks like your niche has a sustainable price point, and I'd expect the demand is there too!

Apr 07, 2021 10:41 AM
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I agree that targeted blogs are best but you still have the run the Google gambit. Sometime no one shows up because of the big four. Very frustrating.

Apr 07, 2021 11:22 AM
Liz and Bill Spear

Lyn, At least in our case, the big gorillas provide false positives to Google.  Instead of patio homes, they match for homes with patios and that's a whole different ballgame.

Apr 07, 2021 11:53 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Lots of wise advice here, Bill, from someone who knows from experience.

I won't say anything about our California prices!

Jeff

Apr 07, 2021 05:45 PM
Liz and Bill Spear

Jeff, I'm going to have someone haul out our 8x20 foot shed and put it on some Cali land and see what we can get for it :)

Apr 07, 2021 06:33 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

my best niche is that I have multiple niches.... worked with a lot of first time buyers in the recession.... they were still buying and then got back to lake homes and retirees as the market improved again.  First time buyers are pretty priced out of my market right now.

Apr 09, 2021 01:35 PM

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