How to Create a Niche Market for Real Estate:
Let's begin with the definition of "niche" (courtesy of Dictionary.com):
- a distinct segment of a market.
Our focus as an agency is to help companies carve a "niche" in their particular industry. One particular industry of interest is Real Estate and we have many years of experience in this category. (This is the first of two blogs on real estate niches, the second blog covers inbound real estate marketing strategy)
The principal of Weyer Web Works (me) has over 15 years of experience facilitating real estate websites. I was VP of Online for NCI and ran RealEstateBook.com and ApartmentFinder.com for (4) years, ran Jacksonville.com for (4) years and won awards for "Best Real Estate Strategy", and I've also facilitated individual websites for realtors, brokers, appraisers and a very specific real estate investing website for single tenant net lease properties (WhySTNL.com).
1) First - the "Why"?
The 80/20 rule applies to real estate (as it does other industries). 20% of agents earn six-figure incomes. Good article here regarding this but the biggest takeaway from the article:
"They work a specific niche. Buyers and sellers prefer to work with experts."
2) Define your "niche"
Expertise comes from specializing in particular types of real estate in your market. What is your passion? Are there any particular types of homes you've closed more of in the past? Have you done local research on real estate sold in the last year / 5 years / 10 years? Do you see trends that bear looking into deeper?
Real Estate niche examples: Condominiums. Waterfront/Beachfront. Historic. Luxury. Relocation. Buyer's Agent. Short Sales. Investment Properties. (insert your real estate niche here).
"Watch what everyone else does - do the opposite. The majority is always wrong." - Earl Nightingale
3) Become the "Go-to" Expert
There's not a short-cut here. Whatever your chosen niche is, do the work. Do market analysis, pull every stat you can from the local MLS, from the census, from various government agencies, from NAR. Align yourself with other professionals (mortgage brokers, attorneys, civic organizations, etc) and network. Join online groups specific to your niche, get proper designations or certificates. Become an online resource for your chosen niche. Success with your niche is exactly like the quote below.
"Success occurs when opportunity meets preparation."- Zig Ziglar
4) Brand (or Rebrand) / Market
Your website should reflect your niche. Your social channels should reflect your niche. Determine your target market and do research. Create Buyer Personas for your customer base. Determine pain points and challenges they are trying to overcome. Do keyword research and craft your inbound marketing strategy and implement tactics for your web content to rank high in Google for various searches. Give your new website visitors (and potential clients) a remarkable experience that differentiates you from your competition.
Test your theory out for a particular niche: Go to Google and type in various phrases like "relocating to (area) and looking for the best neighborhood to live in" or "looking for a (insert niche name here) expert in (area)". Do other longer phrases surrounding your niche and associated with your market. I've done these same searches for many different markets and there is a lot of opportunity to rank for these and similar keyword phrases.
“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” - Mark Twain
5) Learn - Free Ebook
A common theme across all of our blog posts is to always take time to learn. Creating a successful niche market for real estate (or any niche) is not easy to accomplish. There are no "silver bullets" to success - but focused effort and trying to attract a targeted audience with the right message at the right time on your website and thru your social channels is certainly a step in the right direction.
The Ebook below gives a lot of great information on ways to improve your existing website (or help guide if you are considering an upgrade). It's Free and worth the time to read. Please download a copy today, just click on the cover below.