We’ve all heard the phrase “list to last” but in this challenging market, a more reasonable phrase would be “find a niche to last.”How does one select a niche?There are many niche areas in the real estate business, and when the market is a challenging one, having a niche is the easiest way to survive.
My team and I have a couple of niche areas.New construction is one area; adult communities are another; and resale listings in general would be considered our niche.We are listing agents, and I market continually for resale properties to stock our shelves and new subdivisions to complement those resale properties.
The best way to select a niche area on which to focus is to follow the market.If the market is overflowing with short sales and foreclosures, establish that area as your niche.Make sure you are well informed about that area of the business and market consistently for that entity.
My team and I have always focused on new construction and have always done well with it, regardless of the market conditions.Banks don’t want to own them; builders want to move them; and we’re ready to market them.We all work together and get the job done.
The most important factor is that the agent must enjoy that niche area.If investment properties, as an example, are your niche, you must not only be knowledgeable about investments and how to work with investors, but you must enjoy it.If it’s a chore, it won’t work for you, and you will eliminate yourself from the business.
Follow whatever area of the real estate business is plentiful with listings and buyers for those listings, when you select your niche.Have more than one niche, and not only will you last forever, you’ll most importantly, enjoy what you’re doing.
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