Are you just starting your real estate career? Real estate is a very diverse field and there are a number of different specialties and niches that you may want to consider. So why do you need a real estate niche? And what are the options? This is precisely what we’ll explore in today’s article from Southern Connecticut Coldwell Banker Realtor Judy Szablak and founder of Szablak Consulting.
Why Do I Need a Real Estate Specialty?
You’ve probably heard the phrase “Jack of all trades, master of none.” That’s the dilemma that many new real estate agents can face if they fail to find a real estate niche. You could end up a Jack off all trades and master of none, which places you at a serious disadvantage because you’ll be entering a hyper-competitive field with fellow Realtors who have many years of experience and expertise in one or more niche.
When you focus on a specific real estate niche or specialty, you’ll gain expertise at a fairly rapid clip and it’s much easier to rise to the front of the pack when you’re one of the best at whatever it is that you choose to do. Conversely, it’s extremely challenging to become the best or one of the most in-demand agents if you remain a generalist.
The reality is that people come to a real estate agent with one specific type of real estate in mind. For instance, you don’t typically come to an agent seeking a new home and a business rental. So in reality, most clients don’t need a generalist; they need a specialist in the niche that they’re interested in.
What Are the Different Real Estate Niches?
There are lots of different real estate niches and specialties to consider. In some cases, you may need to attend special courses in order to earn a designation as a specialist, while others do not require any sort of continuing education. Let’s take a peek at a few of the most common real estate niches.
• Luxury Real Estate — This is a potentially lucrative real estate niche, but it requires strong sales skills and an ability to really connect with a wealthier, more elite clientele. You need to be sure that you feel comfortable selling to and working with this type of client. If you’re the type of real estate agent who really likes to pamper and spoil your clients, then this is a niche that you may enjoy.
• Commercial Real Estate — Commercial real estate can be far more challenging than residential properties due to a number of factors. Firstly, you don’t have the advantage of MLS listings, so you need to be an adept marketer in order to see to it that the property gets sold. Secondly, you’ll need to be comfortable working with a business-oriented clientele, with an entirely different set of concerns and priorities (when compared to a residential real estate client.) There are also a number of added complexities, such as zoning and land usage-related issues. But due to the high price tag on many commercial properties, this can prove to be a very lucrative niche if you have the right skill set.
• Vacation Rentals — Vacation rentals and timeshares can be a very popular real estate niche in some areas of the country. This is one niche where location really has a major impact. You also need to have a lot of local knowledge since you’ll be selling more than just the property; you’re selling the vacation destination in many ways too.
• Residential Rentals and Commercial Leases — Some real estate agents specialize in residential rentals or commercial leases. The target audience is quite different for these two niches, so generally, you would only specialize in one or the other. But the commission structure is similar. Some say that residential rental properties tend to be a bit easier for newer agents who are just starting out and need time to refine their sales skills. This is because the commitment with a rental is much less than what you would see with a home purchase, so buyers are generally more willing to overlook some of the flaws and sign the lease. Commercial leases are a bit more challenging since the logistics and cost of moving a business are far greater than what you would see when moving a home. Plus, you do not have the advantage of MLS when dealing with commercial properties, so there’s that added obstacle as well.
• Distressed Properties, Foreclosures & Investment Properties — Distressed properties, such as short sales and foreclosures, require a fair bit of expertise and experience dealing in issues that are unique to this type of transaction. So this is one area where you can gain a lot of unique, niche-specific experience as a real estate agent. Although actually acquiring the necessary knowledge in the first place can be a challenge so ideally, you’ll have a mentor or career consultant who is familiar with this niche.
Investment properties are another related niche, as investors frequently seek out distressed properties, REOs and homes that make a suitable candidate for a fix and flip. Although some investors may be hesitant to use a Realtor’s services in an attempt to save money, there are still some opportunities in this area.
• Buyer’s Agent or Seller’s Agent? — In each of these areas of specialty, there is room for a sub-specialty as a buyer’s agent or a seller’s agent. Ideally, you should feel comfortable in both roles, as this will provide you with the most opportunities, but it’s always wise to spend some time focusing on buyers or sellers for a period of time so that you can refine your skills.
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.