Have you just started working as a real estate agent? Or, maybe you’ve been in the business for some time, but you’re a bit overwhelmed with all the competition? Do you feel like you’re doing everything right, but still missing the mark? You can find a lot of advice on how to jump-start your business, but one of the best strategies is to define a real estate niche.
What is a Real Estate Niche?
Niche is one of those strange words that many people are uncomfortable pronouncing. Some people put a foreign sounding flair on it and pronounce it “neesh.” However, most dictionaries indicate that you should pronounce it “nitch,” like witch with an “n.”
To confuse things even more, the word has several definitions. It describes a recess in a wall that people use to hold a decorative image or statue, among other things. In the context of a real estate niche, it refers to a specialized market, or a distinct segment of a market. Therefore, a real estate niche would be a subset of all the people who might possibly buy or sell a home at any particular time.
How Can a Real Estate Niche Help?
As a real estate agent, you’re running a service business; you can think of it as a real estate consulting or advisory service. The most successful agents treat their business just like every other business, with business plans, procedures, budgets and more. Part of running a service business entails defining the market niche the business will serve. Here are some examples:
- Computer Repair: This type of a service business doesn’t try to appeal to anyone with a computer. Some repair services cater to home users, others to small business, and others to large corporations running servers and intranets.
- Legal Services: Lawyers usually specialize in a niche. One lawyer rarely does criminal law, corporate law and patent law, for example. These areas require in-depth expertise, leading to lawyers who specialize in a particular type of law.
- Healthcare Services: Doctors specialize in a particular type of healthcare. Pediatricians, brain surgeons and oncology specialists focus on providing one specific type of healthcare. Even general practitioners specialize – they focus on monitoring the entire person and treating simple maladies such as colds and flu. They also know when to refer patients to a specialist when necessary.
The drive toward specialization isn’t just because one person can’t be an expert in everything. The other driving factor is that by specializing, the service business can cater to a specific segment of their potential market. That specialization allows them to attract potential clients by speaking directly to their needs.
Can you imagine an attorney trying to put together a marketing plan to reach people who have been arrested, companies that need to create contracts with suppliers and inventors who want to patent their latest invention? What would an ad for that look like?
Do you need to get bailed out of jail?
Are your suppliers driving you crazy because your contracts aren’t enforceable?
Have you invented the next big thing and need a patent?
If you answered “yes” to any of those questions, call us today!
That sounds pretty silly, but if you’re trying to attract everyone with a pulse who might want to buy or sell a house, that’s the position you’re in.
Next Steps
You can set up impressive real estate agent software, and get the best real estate CRM on the market. But, if you don’t define who you’re trying to reach, those automated tools won’t help as much as they should.
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