Some agents find success by being hyper focused on a niche market. A tight focus allows agents to set themselves apart from all the other agents in a given market.
What Is a Real Estate Niche Market
Examples of niche markets include networking with community leaders, geographical farming, a certain type of property (condos, detached, modern), expired listings, or even social media.
A geographical niche is also known as a farm. You might start with your neighborhood. You can farm based on price range, move up or move down buyers, or home size. Know, live in, and want to do business in.
Examples of a Real Estate Niche Market
- Car dealership service departments
Niches such as these work because they talk to so many more people during the day. Imagine your chiropractor chatting with their client. The client says they’re thinking about buying or selling. Bang, you’re top of mind for the chiropractor and you get that lead.
How Do I Start a Real Estate Niche Market
How does an agent take over a neighborhood and become the trusted agent in that neighborhood? To start a geographical farm you can call up your title company (or whomever provides your sales data) and ask them for the latest sales in your proposed area.
What Are The Issues With Choosing a Real Estate Niche Market
One issue with choosing a geographical farm is that you end up taking the good with the bad. Some homes are market ready, and others are not.
Another issue to real estate niche marketing is that it may take some time to get your niche producing income. So, you may want to start a couple of niches at one time. Or at least know that you might not be able to convert sales straight away.