If you’re starting out in your real estate career or are looking for a way to take your real estate career to the next level, you may want to consider selecting a real estate niche as your specialty. Specialists have a major marketing edge over generalists and it’s much easier to carve out a name for yourself when you have a defined area of specialty. So how do you choose a specialty or niche? Well, that’s exactly what we’ll discuss in today’s article from Southern Connecticut Coldwell Banker Realtor Judy Szablak and founder of Szablak Consulting.
Why is it Important to Pick a Real Estate Niche?
As we explored in a recent article, choosing a real estate specialty is important because it allows you to refine your skills in a fairly narrow area, thereby enabling you to rise to the front of your field with much greater ease (compared to rising to the head of the pack as a generalist.)
Choosing a real estate niche gives you a wonderful marketing and self-promotion angle, as a prospective client is far more likely to choose the specialist over the generalist. Realistically, the generalist’s broad range of skills don’t offer a benefit to most clients since they usually need just one type of property. For instance, it’s not everyday that you encounter a client who’s seeking out and industrial property to rent and a condominium for sale.
How Do You Choose the Perfect Real Estate Niche?
There are many points to consider as you choose the right real estate specialty or niche for your unique skill set, strengths and weaknesses. Here are some key points to keep in mind.
• Are you a strong marketer? A niche like commercial real estate will require some very adept marketing skills as you won’t have the advantage of visibility on the MLS. Other niches, such as residential rental properties, tend to be a lot easier to market and move, plus the high volume means you’ll gain lots of experience. So consider how much marketing savvy you have (or are willing to acquire), because this plays a vital role in how successful you’ll be in certain niches.
• Are you more comfortable with buyers or sellers? Ideally, a real estate agent should feel comfortable with both buyers and sellers. But you can narrow your specialty even further by working with primarily buyers (or renters) or primarily sellers, so this is a key consideration. For example, if you focus on rental properties or vacation rentals, you may have the advantage of working with the same property owners over and over again. So if you happen to do well with consistency, then this may be a good match for you.
• What type of demographic are you most comfortable with? Each real estate niche has a unique client demographic, so it’s important to consider who you feel most comfortable with. Some will feel very awkward with wealthier, well-educated clients in the luxury niche, while others prefer this clientele. Some may do well with business-savvy landlords and business owners in the commercial real estate niche, while others may not really understand their priorities and concerns. And that leads us to another point – you must really understand what matters to your clients. The concerns of a luxury home buyer are going to be very different from a client seeking a vacation rental or an office building owner seeking to find new tenants. If you don’t already know your clients, you’ll need to be committed to getting to know them in order to succeed.
• What type of experience do you have? If you have a lot of experience in a particular niche, then it may make sense to become a specialist in that area. Also, you’ll want to consider the strength of a specific niche in your area. For example, if you live in a community with lots of vacation rentals, then this may be a great niche, whereas other communities have no vacation rentals to speak of. Similarly, there are some areas have a thriving business community, whereas others may have very little commercial property, making it a challenging specialty.
Tips to Grow Your Career With Szablak Consulting Founder and Realtor Judy Szablak
Finding the right real estate niche and getting yourself on the path to success can be a real challenge. But this is where you can benefit from working with a career consultant like Judy Szablak. She can provide new real estate agents with valuable insights and recommendations that give them a competitive edge in today’s real estate industry. A consultant will not only offer advice and recommendations, but she will also share her valuable knowledge and expertise on topics such as online marketing for Realtors and social media marketing to get leads, to sales motivation tips and other tips to sell more homes!
Aspiring top producing real estate agents may also with consider reading Realtor Judy Szablak’s related article with advice to help you enjoy a long lasting real estate career.
If you’re ready to take your career to the next level or are just starting working as a Realtor, turn to real estate professional and consultant Judy Szablak, founder and CEO of Szablak Consulting and Best Agents Online, LLC. With Judy’s guidance and expertise, you’ll take your career to incredible places, finding success that’s beyond what you believed to be possible!
If you’re a real estate agent who is ready to elevate your sales or if you’re a realty owner or manager who’s seeking a dynamic, expert coach to bring a new element of professionalism to your sales team and your brokerage firm, turn to Realtor Judy Szablak of Szablak Consulting. Call 855.438.5839 or complete the booking form.