Finding Your Real Estate Niche

 

To be a successful real estate professional, you need to earn respect and attention by becoming a local expert and getting specific with your property industry focus.

The best way to stand out from other agents is to be the best. Of course, that’s a easier said than done. To make this more actionable let’s look at the best way to stand out is to be the best in your property niche.

The first way is by location

In a recent survey, 38 percent of agents said the best way to distinguish yourself is to be an expert when it comes to the local neighbourhoods, towns, and cities that you are located in. That means experiencing all of what the location have to offer from the perspective of someone who lives there. Try to spend as much time as possible in places in this location. You need to become a resource on everything a client would want to know about the area surrounding one of your property listings.

•Visit local businesses and attractions: restaurants, bars, shops, shopping centres, etc.

•Drive around , and take public transportation. Know how long it takes to get anywhere, how far each neighbourhood is from nearby attractions, major offices and office centres, etc.

•Stay up to date on the happenings in the local state government: property taxes, building and infrastructure projects, etc.

•Memorise statistics on everything from schools to demographics to crime.

A second way to think about property niche is in terms of the type of listings.

Do you have experience in handling sub-sale, projects or commercial? 28 percent of the agents surveyed suggest that the best way to distinguish yourself is by focusing on a specific industry segment and be the best at it.

•Concentrate on a certain property type: luxury landed, condominiums, townhouses, retail shop lots, commercial office, etc.

•Specialise in listings with particular requirements: agriculture, studios, beachfront properties, distressed properties, bungalows, etc.

•Focus on listings with special financial or negotiation circumstances: bank repossession, auctions, distress sales, FSBO, bank-owned listings, etc.

•Buying and selling these kinds of properties requires an agent with knowledge of the red tape involved, as well as an eye for features and problems that are unique to that niche. Naturally, you’ll want to cultivate a specialty that’s needed in the areas you serve

 

Generally a real estate professional should find a niche and stick with it. It might be a certain kind of prospecting, or a certain kind of home, or a certain area, or a specialty. Agents always try to be all to everyone, but you just can’t wear that many hats and look good doing it.