In a time where the real estate market seems to be slowing down, it may be a good time to sit and think about your marketing strategy and how to improve it. A great way may be steer away from trying to serve anyone and everyone, to narrowing your focus to one particlar niche or target market.
Why pick a nich market?
A common problem that so many agents tend to fall into is trying to be all things to everyone, the “Jack(or Jill) of all trades”. Less than 2% of agents in the Real Estate industry bother to target a specific market. Some agenst want it all and fear that limiting the scope of their target market might eliminate other potential sources of clients. But focusing your efforts on a specialized market segment is a very wise marketing strategy.
One reason for picking a nich market is that you can help set yourself apart from the rest as an “expert” in that particular niche. The more you work that particular niche market, you get better and better at it. Another reason is if you you pick a target market that you enjoy or get excited about, that can be a magnet for potential new leads and clients from that market. People get excited about people getting excited.
How do you choose a niche market?
The key to selecting a niche market is to think about what you enjoy and what you are good at. What excites you? What are you passionate about? Try listing hobbies, activities you enjoy, or subjects you are an expert in. Maybe you are an avid golfer, and properties located on golf courses might be a potential niche. Perhaps you live near water and love boating, fishing or beachcombing, waterfront properties might be a good option. If you focus on what you love do to, and work with the kind of people or situations you love working with, that can not only lead to more business, but also lead to overall fulfillment.
What are some typical niche markets?
There are many different niches to choose from in two types of target market profiles, Property Specific Target Markets and a Psycho-Social Target Markets.
A few examples of Property Specific Target Markets:
Investment Property
Luxury Homes
High Rise Condos
Waterfront Properties
A few examples of Psycho-Social Target Markets:
First Time Home Buyers
Downsizers – “Empty Nesters” , Babyboomers
Military Families
FSBOs
Relocation – “Newcomers”
How do you market to or reach your chosen niche?
So you have a target market, now what? The first rule of thumb is to step into the shoes of someone in your target market. See things from their perspective. What are their specific needs? What types of problems do they face realtive to the real estate market? What are they type of things that would draw their attention?
When you answer those questions, you can use them as tools to develop your marketing strategy. Think about how you can solve your target market’s problems and what things of value you can provide that target market. Develop ways that will “wow” them. The key is set yourself apart to show your target market that you are the expert in their particular niche. Show them how working with you will benefit them.
Identifying a niche you would love to work with and focusing your marketing efforts on that target market, can ultimately help increase your business and increase overall satifaction in your career. Effecively marketing to a specific niche will continually become easier and your marketing will be more cost effective.
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