Why Niche Marketing Works for Real Estate
What is the quickest way to waste money in real
estate? Market to an area that is too wide and
diverse. Just imagine all those pamphlets and flyers
going out to thousands of people who are not
interested in them. You may as well throw your money
in the trashcan. That’s where your carefully
thought-up marketing campaigns are going. So what to
do? Choose a niche.
There are so many niche markets to choose from that it would be impossible to have enough agents to cover them. Conversely, there are millions of realtors who are all vying for a big piece of the bigger pie. You can choose your niche in many ways. Geographically may be the easiest, then you would probably choose an area that is close to where you live. Makes sense to cut down on traveling costs.
Or you may choose an ethnic group, especially if you are fluent in another language. You may decide that you love vacation homes, the elderly, or the world of business people. These are all legitimate niche groups. Many are sure to be under-served by a realtor. They may get some of those many generic brochures, but since they are so generic and offer nothing of value, out they go.
Once you get to know the neighborhood that you’ve chosen for your niche, you will be able to target its specific problems and perceived needs. Once the people suddenly realize that here is someone who knows about them, how they feel and what they need, guess whom they will be contacting when they need a realtor? Your brochures will end up stuck on their refrigerators with magnets. Hey, you could always stick the magnet on the back yourself.
So do you have marketing dollars to throw away, or will you choose a niche market and become a big fish in a little pond. You need to serve up quality information with a frequency that will keep your name in the minds of your target niche. It’s impossible to do this with a huge area. There is no way anyone person could get to know the specifics of a whole city - or even half of it. Most agents like to target an area of somewhere between 500 to 1000 homes.
Doing this will eliminate most of your competition. You can be the expert - and will be - on your area. You’ll enjoy it so much because you are working within the area of your interests. And you’ll soon be so familiar with it that other realtors will begin to ask you for advice.
There are so many niche markets to choose from that it would be impossible to have enough agents to cover them. Conversely, there are millions of realtors who are all vying for a big piece of the bigger pie. You can choose your niche in many ways. Geographically may be the easiest, then you would probably choose an area that is close to where you live. Makes sense to cut down on traveling costs.
Or you may choose an ethnic group, especially if you are fluent in another language. You may decide that you love vacation homes, the elderly, or the world of business people. These are all legitimate niche groups. Many are sure to be under-served by a realtor. They may get some of those many generic brochures, but since they are so generic and offer nothing of value, out they go.
Once you get to know the neighborhood that you’ve chosen for your niche, you will be able to target its specific problems and perceived needs. Once the people suddenly realize that here is someone who knows about them, how they feel and what they need, guess whom they will be contacting when they need a realtor? Your brochures will end up stuck on their refrigerators with magnets. Hey, you could always stick the magnet on the back yourself.
So do you have marketing dollars to throw away, or will you choose a niche market and become a big fish in a little pond. You need to serve up quality information with a frequency that will keep your name in the minds of your target niche. It’s impossible to do this with a huge area. There is no way anyone person could get to know the specifics of a whole city - or even half of it. Most agents like to target an area of somewhere between 500 to 1000 homes.
Doing this will eliminate most of your competition. You can be the expert - and will be - on your area. You’ll enjoy it so much because you are working within the area of your interests. And you’ll soon be so familiar with it that other realtors will begin to ask you for advice.