the follow me show: episode 15
Finding your Niche
Finding your target market, or as we like to call, your target market, is about the most important step in the entire process. That's because it will determine the rest of your real estate career with just a few key questions, and a plan to implement them.
What is a Real Estate Niche?
Prospecting for buyers and sellers is a lot like speed dating. You want to get through as many people as possible, in a short amount of time to find your people, and remain confident through the rejections and let downs.
Courting your potential clients begins long before a listing presentation or buyer consultation. Like speed dating, you have to be an easy read, and first impressions are huge. And since your first impression will begin online, you can and should control your online reputation. And a successful niche marketing strategy will give you an audience to practice with, and make you known for simply being you.
Everyone is attracted to different target markets, which is where the term farming comes from. Defining and prospecting to your target market. This is what we call, your real estate niche. Where one agent might want to court first-time home buyers, another may thrive in selling new construction homes. That means that there is plenty of people to work with, and sectors within the market to dominate in, You may be thinking "do I want to even limit myself like that? Should I work with any business I can get as a new agent? Absolutely not. This is where referral network comes into play on LinkedIn.
Why is having a Niche Important?
Defining your niche early on will allow you to know who to market to immediately. This will create Celebrity and Credibility. Celebrity and credibility make for a powerful combination to incorporate in your Niche Branding strategy. You can create your own omnipresence that brings attention to your brand, and ultimately, a celebrity status with a plethora of noise.
As a Realtor, your brand must be super unique so your prospective clients will remember you easily this way. The more you brand yourself online, the faster you will begin to rank when people Google you. When you're talking to new people, you're not giving them your business card, you're telling them “Google Me!” This is your new calling card.
The sooner you can decide who you want to spend the majority of your professional time wtih, the quicker you can start setting standards for yourself and eliminate wasted time showing homes in an area you wouldn't normally set foot it.
Sure, this takes confidence to turn away business and know when you might not be the best match for someone, and vice versa. And sure, you'll work with people sometimes that may not be within your specific niche. Self confidence in real estate happens naturally when start establishing standards through trial and error, but it's not always necessary.
Where do I start?
In real estate, a niche, or target market, include factors such as:
> Geographic locations or zip codes
> Target price point
> Listing Categories:
i.e. Special sales, New construction, Luxury
These are all general real estate basics, sure. And necessary to understand. But how do you even decide what you like, before you’ve tried? Phenomenal brokerage training and experience will be the best way to decide. BUT you can get a head start by knowing what you want, first.
To find your niche (your target market), ask yourself three key questions:
What are my standards?
What are my interests?
What kinds of people do I like being around?
These are loaded questions, I know. But knowing this will determine what type of content you will promote, and what client base you’re attracting as a result. Are you into marketing luxury? Do you vibe with a younger buyer or a more established seller? Many agents fail in their first year because they don’t ask themselves what they want, and they let their standards be determined for them by other agents, books and clients. Start doing some soul searching, dig deep to grow fast, and get right back to business.
Implementing a branding campaign as a Realtor is that much easier when you have clearly defined what your real estate niche is. The four most influential platforms as a Realtor to start telling people what you know is LinkedIn, Zillow, Instagram, and Twitter.
For more information on the importance of a real estate niche, listen to the podcast below. Enjoy!