Seeking a niche to grow your real estate business? Don’t overlook demographics for guidance as to what and where and WHEN! Interest rates, inventory and certainly the current state of the economy have their impact on the real estate market, which makes it ever more imperative you set yourself apart by being the “go to” agent for certain types or a certain style of real estate business. The art of choosing what will work best for you and work within the makeup of the area you operate in can prove to be a bit of a balancing act.
Just selling real estate in general is what all agents do but if you intend to build a strong presence and be in business 20 years from now, it is essential you identify and begin building toward your niche, whatever your specialty will be, based not only on the strengths you possess, but also on what the market will sustain.
That’s where demographics come in. If you live in an area primarily populated by retiree’s, first time homebuyers might not be the most lucrative specialty to develop. Offering services in an area primarily attractive to young families just starting out? A niche in retirement homes may not afford you the best living either. Take time to research the specific demographics in your target area. List the three largest, then ask yourself, what is the most pressing need for each of these particular groups and more importantly how can I fill that need more satisfactorily than the competition? Then put #pure marketing to work for yourself. Pure marketing? That’s not a sales tactic and it isn’t about selling a product. Pure marketing is convincing others they need what you are offering and explaining why YOU are the very best one to meet that need.
Your best business practice? Develop your strengths around the demographics of the area you’ve chosen to do business in for the optimum chance of your business thriving whatever the current economic state. Whether residential or commercial, wrap your special talent around the greatest need of the largest demographics in any geographical area for results that are sure to anchor your real estate business in a sea of success and foster growth for many happy years.
STEP ONE: IDENTIFY THE STRONGEST DEMOGRAPHIC IN YOUR GEOGRAPHIC SERVICE AREA
STEP TWO: DEVELOP A SYSTEM TO SERVE THAT DEMOGRAPHIC BETTER THAN ANYONE ELSE!
Are there other ways to develop a niche? How has your expertise turned into a success story you can share with others – COMMENT below. SUBSCRIBE to this blog for regular updates that include inspirational, motivational and informational articles weekly.