The Importance of Identifying your Niche in Real Estate
In real estate, as in life, it’s easy to stretch yourself thin. Often, as you strive for success, you try to be the expert in every part of your field rather than zoning in on your strengths. When you find the intersection of what sparks joy and what you're best at, you’re working smarter instead of harder. But how do you find that niche? The answer involves asking yourself more questions. Stick with us as we think through what sets you apart from the competition in your market.
What is your passion?
Why did you get into real estate in the first place? What do you enjoy most about your job? Perhaps you enjoy the character of historic homes and neighborhoods. Or maybe you prefer energy efficient new builds. Are you more drawn to helping buyers hunt for their perfect home, or do you love helping sellers get the most for their house? As you think through these aspects of your career, you will likely be armed with helpful information that tells you what you're passionate about.
Where do you want to work?
The answer to this question may not be as simple as you think. If you live in a metropolitan area, honing in on a specific neighborhood or part of town rather than the city as a whole will lead to repeat business. Your marketing efforts will go further and referrals are more likely if you’re hyper local and focused on your ‘zone’. Have you ever driven through a neighborhood and seen multiple real estate signs highlighting the same REALTOR’s name? There is power in name recognition. Of course, this doesn’t mean you’re not open to new areas or looking to expand your geographic reach, but concerted efforts in a hyper specific area are a good business practice.
Who are your people?
Taking time to look around at your network, the groups you're involved with and the people you spend time with will inform your real estate niche. For example, if you’re a parent of young children, you may end up working primarily with young families you interact with through your children’s schools, sports and activities. Your ability to understand the desires and needs of your client will be greater as someone who is in a similar position. Once again, this doesn’t exclude you from working with other groups, but using this knowledge to inform the way you communicate with your audience and grow your business is essential.
What sets you apart?
What makes you special as a person? Are you extroverted, introverted, a reader, an artist, a runner? Are you persistent, laid back, goofy, or sarcastic? Highlighting the things that make you, you will attract others. People recognize authenticity a mile away. Don’t be afraid to showcase your personality in your marketing and in your interactions with clients. Of course, professionalism is paramount when it comes to handling large real estate transactions, but keeping your authentic voice at the center of your business will create a niche of your own.
Additionally, you have knowledge that sets you apart from your competitors. Even if you haven’t been in the real estate business for 25 years, you likely have knowledge that some clients are looking for specifically. Can you speak a second language? Do you have renovation or staging experience? Is real estate your second career and you’re armed with marketing experience or lending experience? Perhaps you’ve moved many times in your life and have unique skills for people relocating to your market. These are skills that set you apart.
Identifying your niche is SMART Real Estate strategy. After asking yourself these questions, you will be on the road to better business practices. Give yourself permission for this niche to shift or change throughout time. Knowing what your specific focus is will inform your business planning - including your marketing strategy and your goals. If you still feel at a loss after going through this exercise, we are here to help you do good work and stay top of mind in your market. Schedule a call to take your business to the next level.
