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Setting yourself apart as a real estate agent is no simple task. The world’s most successful realtors all have one thing in common – they’ve found their niche. For example, Blake Sloan is a green-energy-focused realtor. Austin Allison works solely via electronic means. There is even a rental specialist on the Forbes 30 Under 30 List: Caroline Bass has managed to make a success of this real estate niche, proving that as long as you carve out a unique segment for your business, your odds of success soar far above those of realtors who generalize across sectors. Clearly, merely finding a real estate niche is not enough. You need to choose one smartly, and pursue it aggressively.
1) Location, Location, Location
The “location, location, location” trope doesn’t only apply to property value, but also how you handle your career. If you’re determined to find success in a particular city or neighborhood and are less than fussy about your specialty, assess the demographics in that location. Fortunately, the realty sector makes this effortless for you. The National Association of Realtors publishes state-by-state reports of markets, traffic, and trends. Your location-driven real estate niche needn’t be defined by suburbs. Sometimes realtors choose smaller niches like university or school districts and active adult communities.
2) The Housing Sector
Home sales are a popular real estate niche because of how rewarding this sector is, but markets are often flooded for that reason. Some realtors enjoy travelling or selling online, specializing in historical eras or architecture styles instead of locations. Specialized knowledge of Victorians, brownstones, or luxury property gives you the freedom to learn enough about your sector to make your services more valuable than that offered by others. If you prefer commercial property, you might deal in shopping malls, or schools.
If you’re a people person, you might find your passion and profits in client categories. This lets you work with niche investments, too, so if you enjoy combing through analytics, you might choose to work solely with exclusive sellers. There’s plenty of success to be found in segments like second home buyers, growing families, and young couples.
Network outreach is one of the most frustrating parts of a career in realty, particularly if it’s not a skill you excel at. It takes years to develop a profitable network, so the smartest way to handle it is to dig into an existing network. If you belong to a soccer club, school, or similar community, the people you know there may be one of your most valuable assets. It allows you to develop your real estate niche with ease. Some realtors even specialize in selling to hobbyist groups and the like.
If you were to reinvent the real estate market for today’s needs, you’d probably move it online. When real estate brokers first emerged, the internet didn’t exist, but today, there are a number of realtors tapping online demographics. If you’re tech-savvy enough to start your own e-commerce brokerage, it might be the ideal niche for you. Considering the sheer number of private sellers cutting out the realtor entirely, it’s critical that the industry disrupt this by offering better digital services.
Few realtors reach the peak of their triumph by resting easy. Your skills and knowledge need to be honed. Every niche can benefit from its own collection of designations and qualifications. Examples of these include:
If you’re considering developing your own niche and need upfront funds to boost the process, contact us today.
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