Remember when you first got into the business? You needed to work with every type of buyer, every type of property, every type of financing option—just to make ends meet?
However, there is a danger in being a “generalist”. The other day, I got a call from a friend of mine who bought a new home under construction. The real estate agent they were working with did not have the experience needed in ironing out the details with the buyer and the builder. My friend was frustrated—calling everyone he knew—looking for advice! The agent actually did a disservice to my friend—and himself—by not knowing (learning) how new construction deals work.
In this day and time, you should definitely consider developing a niche market!
When you do, not only will you stand out from the crowd—your marketing becomes more focused and you’ll find you get more leads.
Think of your real estate license as an undergraduate degree. A niche market is your “master’s degree”. Here are some suggestions:
1st time buyers
2nd time buyers
Investors
New construction
Modular homes
Veterans
Women-only
Gay/lesbian community
Relocation
Foreign buyers
Ethnic communities
The biggest hurdle is your mindset—fear that you’ll miss out on other real estate transactions.
No, you won’t.
Those deals will still be there. Setting up a niche gives you the chance to be known as the expert—and consider it as another pillar of your business—where you get additional leads over and above the ones you already get.
One last thought…there’s no reason why you can’t have 2 or 3 different niches—as long as your market them separately and become proficient (think master’s degree) in each one of them.
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