Real estate has many different niches and specialties and as a real estate professional, it’s generally prudent to select a particular area that you can focus on as your specialty. Many Realtors are tempted to be “generalists,” but the problem with this approach is clear: you end up in a situation where you are a jack of all trades, but master of none. After all, most clients will come to you with one very specific need in mind. They don’t need a generalist in most cases; they want and need a specialist. But how do you choose the right specialty? That’s exactly what we’ll explore in today’s article from Southern Connecticut Coldwell Banker Realtor Judy Szablak, founder of Szablak Consulting.
What Are the Different Real Estate Specialties?
The real estate industry is fairly unique in that there are many different specialties that a Realtor can choose from. By focusing on one area of specialty, you can dramatically increase your success in part, because you can refine your marketing to target a very specific type of client. This makes your marketing efforts more successful and you can place yourself in a position where you establish a good reputation in your chosen niche (and a good reputation leads to more word-of-mouth referrals, amongst other things.)
A few of the many real estate specialties and niches are:
- Real Estate Buyers’ Agents;
- Real Estate Sellers’ Agents;
- Residential Real Estate (buyers and sellers);
- Luxury Real Estate;
- Real Estate Investors and Wholesaling;
- Short Sales, Foreclosures and Distressed Properties;
- Commercial Real Estate;
- Commercial Leasing;
- Residential Rentals (Multi-family homes and Apartment Buildings);
- Vacation Rentals and Short Term Rentals; and
- Land and New Developments.
These are some of the many real estate niches that you can choose from as a licensed Realtor. But how do you choose the right niche for your unique preferences, skills and strengths?
How Do You Choose a Real Estate Niche?
When choosing a real estate niche or specialty, you’ll need to mull over a number of different points and considerations.
• What are your strengths and weaknesses? This is really important as you want to choose a niche that complements your skill set and strengths. For example, if you’re weak when it comes to marketing, then commercial real estate may be a poor choice as commercial properties do not have the benefit of the MLS, so you must have the skill and knowledge required to promote the property’s availability.
• What are your personal preferences? Do you enjoy working with a particular type of client or transaction? For example, if you enjoy working with a wealthier demographic and excel when it comes to catering to their needs, then luxury real estate may be a good fit. Conversely, if you enjoy working with business owners, then commercial real estate or commercial leases may be a better fit. If you have really strong communication skills and live in a region with a thriving tourism market, perhaps vacation rentals may be a good choice. Pick a specialty that you enjoy as you’re more likely to find success.
• What niches are viable in your area? It’s important to choose a real estate niche or specialty with a strong demand in your area. For example, if you live in an area with little tourism, then as much as you would like to specialize in vacation rentals and other short term rentals, there may not be sufficient demand to make it worth your while. On the other hand, it’s generally best to avoid choosing a niche that’s over-saturated. It’s not impossible to rise to the front of the pack in a highly competitive, over-saturated niche, but it can be very difficult. So really examine the local real estate climate and choose a niche that has sufficient demand, but ideally, is not over-saturated.
Remember that while it’s beneficial to have a specialty, you don’t need to restrict yourself to this niche. Think of your specialty as an area of emphasis. You don’t need to turn away all other opportunities and if you find that you’re more attracted to a different niche — a common occurrence as your skill set and career grows and evolves — then you may choose to gradually transition to a different specialty.
Tips to Grow Your Career With Szablak Consulting Founder and Realtor Judy Szablak
Finding success in a hyper competitive field such as real estate sales can be challenging, but you’ll enjoy a major benefit from working with a career consultant like Judy Szablak. She can provide new and experienced real estate agents alike 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!
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.