Focusing your energy and attention on a particular real estate niche hasn’t always been an attractive idea. In fact, there are many real estate professionals that believe niche marketing is far too narrow in scope.
If you find yourself fighting the urge to ‘dig for riches in real estate niches’ you might want to reconsider. Not only can it be extremely rewarding to meet the unique needs of the consumer, it can also be very profitable.
So why would you want to set your sites on a particular niche as opposed to building your business on the premise that you are “everything to everybody?”
To begin with, the “jack of all trades” persona can backfire and actually leave the consumer with the distinct feeling that you are the master of none. Defining who your target audience is and then crafting your marketing to meet the needs of that niche can and will increase your results if you do your homework.
How? It’s simple. A niche that you are passionate about is something you will eat, sleep and breathe. Your target niche is not just a group of people that you are pushing marketing propaganda and advice out to. They are a group you care deeply about, are prepared to go the extra mile for and excited and willing to serve.
Define Your Niche Market
Step 1 – What are you passionate about?
- Working with first time homebuyers
- Helping single moms achieve homeownership
- Assisting families in buying a second or vacation home
- Working with seniors
- Using your website or blog to target a specific neighborhood
- Creating a social media site for a specific group within your market
- Helping out of state buyers relocate to your area
Step 2 – Find and Understand Your Target Market
- Where does this group spend time and what are their interests?
- Are they male or female, old or young?
- Are they tech savvy or will your marketing be traditional?
- Are they married, divorced, single or separated and do they have kids?
- What matters most to them?
- Are they career minded, entrepreneurs or retired?
Step 3 – Do Your Research
Your final step is to determine whether or not this niche is large enough to generate an income. While you want to keep your focus narrow, do your homework up front so you that you know whether or not it is a niche that can support you and your family.
Research your local market as well as keywords. Once you define your niche, your next step is creating your new marketing campaign.
The real estate industry is packed with competition and the theory has always been that we must learn more, be more, and do more in order to succeed. Do not buy into it. Be selective in choosing your niche and identifying your target market. Then offer an enormous amount of value on a consistent basis and watch your business grow!
