Because of the challenges involved in today’s tough real estate market, more and more realtors are leaving the business. This exodus is causing an unprecedented opportunity for those realtors skilled at marketing to move forward in gaining large amounts of market share! The simplest way to focus your marketing efforts is to select a niche and focus on that group. Here are some niches that you may want to consider:
A Farm – This is the easiest niche for most agents to understand. A farm can be a subdivision, an area like waterfront homes on a certain street or even a county if it is small. Some great ways to start to become an expert in an area are to visit all the homes currently listed for sale in the neighborhood, visit all the FSBO’s who currently have their homes available, and offer to do open houses for agents who have current listings. Let the FSBO’s know when you are going to have your house open so you can coordinate with them to have theirs open also. Send postcards to the homeowners and also start a neighborhood newsletter giving sales information and relevant neighborhood info.
First Time Homebuyers – These are people who need the expertise and connections that a realtor can provide. To reach these buyers you can send postcards or walk apartment complexes, renters make great first time homebuyers! Offer to hold “lunch and learns” to large area employers who have younger workforces that need to find housing solutions. You can partner with the affordable housing government agencies in your area, finding out the requirements for buyers to qualify. Offer to send them “hot” listings that are in great shape and meet the pricing requirements of their programs. Make sure you preview and hold open all the houses in these price ranges that you can get your hands on so that you can know the ones that will be worth taking your clients to!
Luxury Home Buyers and Sellers – This one can feel like a farm but it is a little different. Targeting high end buyers and sellers will result in larger commissions AND larger expenses! Make sure your marketing materials are professionally designed to appeal to people in a top tier demographic. Target international buyers by displaying high end properties on your website and blog (if you do not have your own listings “borrow” some from the other agents in your office after asking for permission). Make sure you list information about marinas, yacht clubs, tennis clubs, country clubs and golf courses on your website. If there are high end retail areas in your market list those shops and also any five star restaurants that may be nearby. Join the local country club and support the regional arts councils.
Baby Boomers – If you live in a warm climate this group is for you! Find out all the retirement and 55+ communities in your area and list them on your website or blog. Become familiar with the restrictions of the different communities (some allow pets, some don’t, some allow one person to be under 55, some require everyone to be over 62). Advertise in the senior magazines in your area, focusing on your expertise as a benefit to finding the perfect retirement home. Have a group of vendors that you can recommend if they need property management services while they go north for the summer or visit family for extended periods of time.
Those are just four of thousands of different niches you could choose! Whether you like boating or golfing, like working with buyers or sellers, love children or dogs, there is a niche for someone like you. Pick something today and focus on it with all your energy and you will be able to capture more of the market than you ever thought possible!