Perhaps you've heard the saying, "the riches are in the niches"? Well, this tends to be true for many of the most successful real estate agents out there.
When it comes to real estate marketing, you have to differentiate yourself right from the start. The best real estate agents tend to do this by taking a niche approach to their listings and marketing efforts. Becoming an expert in a targeted area or demographic can provide a greater value to the clients you serve, and in turn your own real estate success. In this blog, we highlight questions to ask yourself to define your real estate niche, suggestions for potential markets and the best real estate marketing tools to begin targeting.
Your time is a fixed resource. You know you have to spend a large percentage of your time on marketing, but you want to get the biggest return on your investment. The ultimate way to maximize your return is to specify on a niche. The highest profitability will arise from your marketing when you're getting the word out that you are the expert in a specific market, demographic or home-style.
Real estate agents used to work in very small markets and their niche was simply their local neighborhood. These times are gone. Now with technology, you can pull up every home that has been sold in an area and view every home on google maps. So what do you do to capitalize on this new opportunity to market to a larger niche?
You have a lot of options.
The smartest way to stand out from the rest is to market to a specific subset of the population. This will allow you to market directly to a demographic who will immediately connect with your message and resonate with your brand.
Real Estate Niche Demographics
- Real estate investors
- Millennial first-time homebuyers
- Gen X
- Multi-generational families
- Growing families
- International buyers
- International investors
- Home-flipping specialists
- Military Veterans
- Bankrupted, Foreclosed, or Short Sold
- Minority families
- Divorcing Couples
- Empty Nesters
- Single parents
When you specify a specific target demographic, your marketing strategy will experience a full 360. The different between a wide spread general marketing message versus a targeted niche strategy can make all the different in your real estate success. If you're looking to invest in digital advertising, your best real estate marketing tool is Facebook. They will require you to get specific around your audience if you want to find new leads.
Once you select a potential demographic niche, you need to fully understand everything about them and their biggest pain-points.
Questions to Ask When Analyzing Your Real Estate Buyer Persona
- How old are they?
- What is their average salary?
- What is their education?
- What do they do for hobbies?
- Where do they hang out?
- Where are they spending most of their time online?
- What is their preferred method of communication?
- Is your competition already targeting them?
- Why do they need your real estate service?
- What are their biggest pain points?
- What can you provide them with your service that other real estate agents can not?
- What does this demographic value the most?
- How is your service tailored to serve them?
- Will they buy into your story of differentiation?
- What are the emotional reasons for them to buy from you?
Now hopefully with running through these questions you have a better idea of how you are specifically built to serve this specific demographic. However, if you're leaning more towards more of a geographic or home-type niche, that works too! Here are some possible niches for you, as well.
Geographic/Home-Style Real Estate Niches
- Zip Codes
- Craftsman Style Homes
- Colonial Style Homes
- Waterfront Homes
- Beachfront Homes
- High Rise Apartments
- Luxury Apartments
- Luxury Homes
- Lake Houses
- Homes for Flipping
- Homes near Universities
- Ski Homes
- Farm/Ranch Style Homes
- Multi-Family Homes
- Single-Family Homes
- Gated Community Homes
- Log Cabins
- Office Buildings
Connect with your real estate niche in a way that will differentiate you from the rest of the real estate agents out there. You should be creating content online through blogs and social media posts (at no cost), which is also a great real estate marketing tool. Create a message that will fuel others to want to work with you and to trust you.