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A recent survey conducted ted by the NATIONAL ASSOCIATION OF REALTORS® revealed that 80 percent of buyers would prefer to work with a real estate agent who’s focused on a particular type of property. Still, many agents are reluctant to position themselves as specialists for fear of limiting their earning potential. As a generalist, virtually everyone you meet is prospective client. But the reality is that being all things to all people can lead to unfocused business plans, wasted time and resources, and burn out. Carefully choosing a professional niche where you can shine makes good business sense.
Consider these five secrets to finding your ideal niche:
- Review your clientele from the past few years. It’s important to target one or two specific real estate niches in which you’ve proven an ability to close deals. Start by analyzing the target audiences, property types, and price ranges with which you’ve been the most successful and look for emerging patterns.
- Fill a void. Analyze local demographics to spot trends—a surge of baby boomers in your area or people looking to downsize, for example—and pay special attention to underserved groups. All locations, no matter how many agents are already working there, have some portion of the population that’s being inadequately serviced.
- Let your passion guide you. What do you love to do? Money shouldn’t be your only measure for selecting a specialty market. It’s important to choose a niche that has properties and people with which you genuinely enjoy working. That passion will rub off on your clients, as well.
- Examine your skillset. Think about your overall professional background and how it might assist a particular group of clients. For example, if you’re an architecture buff, historical homes might have special appeal to you. If you have a legal background, you may have an interest in working with recently divorced clients.
- Leverage your existing networks. Look at the organizations you belong to in a new way—and not just the real estate groups. If you’re involved in the PTA, get to know the parents, teachers, and other members. Whether you’re a regular at the gym or active in your alumni association, the people in your affinity groups can be invaluable in helping you build and define your business.
As you begin defining possibilities for your niche, here are some popular target markets you may want to consider:
- Baby boomers
- First time buyers
- Vacation homes
- Specific neighborhoods or developments
- Historic homes
- Luxury properties
- Beachfront properties
- Gated communities
- Rural properties
- Green homes
- Colonial homes
- Modern homes
- Log cabins
The list of possibilities is endless! Once you’ve decided on your specialty, use your marketing savvy to spread the word about your area of focus. Let the world know that you’re the expert in your chosen real estate niche.
Certified Title is a Title Insurance, Search and Settlement Services provider that uses the latest technology to make managing documents, communicating and closing transactions a breeze. To learn more, visit Certified Title today or call (888) 486-5511.