Identifying Your 3 Strongest Niches
Choosing which aspects of real estate to focus your business on is harder than it seems. Here’s a rule of thumb: Choose what you know, what you love, and what you dream about.
There is any number of real estate niches you could become an expert in.
One of the hardest parts of coming into the real estate business is deciding what kind of market you want to focus your efforts on. You might find something you love about every type of property, but being a jack of all trades and a master of none isn’t necessarily the best road to success. That’s why many real estate professionals identify a certain buyer/seller segment or property type to cater to.
Use these three pillars to figure out what your most successful niches would be:
Niche No. 1: Stick to What You Know
If you’re a new agent or have some experience under your wing but are still struggling to identify a niche market you can be successful in, think about what part of real estate you had the most knowledge of before coming to the business. Perhaps a previous job required you to work in a certain sector of real estate or with a certain segment of buyers. Identify the area of real estate you already know and make that your first niche.
Niche No. 2: Do What You Love
Your passion may be something different from what you already know, but when you love something, you’ll put your all into it. And isn’t that the true measure of success?
Niche No. 3: Dream Big
Your third niche may be the most difficult to break into, but depending on what it is, you could likely take it over as your own. It should be your dream — the part of real estate that you never thought you could be involved in. The reason chasing a dream niche can be so successful for you is because of the hard work and effort you’ll have to put into it. What doesn’t come easy tends to reap valuable rewards.
Tips for Making Your Niches Successful
Be brave and listen for cues. Don’t be afraid to be the new guy nobody has heard of.
Get involved. Joining organizations that your ideal buyers and sellers are involved in is the best way to meet the clients you want.
Use the tools you’re given. The most successful people and companies have systems in place and use them regularly. You can’t run and gun and expect to last. So fill up the tool box and get to being a real estate mechanic.