While progressing through your live online real estate classes, it is quite important to narrow down on your niche of choice for furthering your real estate career. If you are unsure about how to go about choosing your real estate niche, then here are a few ways to narrow down the choices. This also may be taught in your real estate live-streaming classes, easily available online now.
Here are a few ways to choose your real estate niche:
1. Only work with a specific type of property
In this area, you have a lot of options. You can work as a commercial property specialist, marketing commercial structures, or as a single-family residential home specialist. Farms and ranches, or solely land sales in more remote locations, could be your niche.
2. Concentrating on a Single Geographical Area
For some agents, specializing in a single subdivision has been successful, especially when they have vast subdivisions in their geographical areas. The term “farming” refers to concentrating your marketing efforts on a certain area.
If you’re in the business of listing homes, the regularity of your “for sale” signs in a subdivision can bring in business from folks who regard you as the area’s expert. If you live in a rural location with a lot of little towns, you might choose to concentrate on one or two of them.
Additional sub-niches are available in some geographical locations. Some may appeal to baby boomers looking to downsize. Others may be more appealing to millennials who are just starting out in their careers. Your core niche can wind up spawning a secondary area of expertise.
3. Only work with one type of customer
Working exclusively with sellers and listing properties is another common technique. Similarly, some buyer agents refuse to list.
In one workplace or in a team, these two areas are frequently combined. “I despise working with sellers!” could mean you’d be happier and more successful if you just worked with buyers.
There are a lot of options in this niche. If you’re a person who wants to share in their joy and thrives on—or at least doesn’t mind—a lot of handholding, consider focusing on first-time homebuyers.
4. The Internet Buyer as a Strategy
This strategy has been very successful in the vacation sector, as well as in markets with a high percentage of buyers who are coming in from outside the area. Internet buyers indicated that they ended up working with the first web agent who contacted them.
Working solely with “flippers” of remodeled houses might give a steady stream of revenue. You could even be willing to roll up your sleeves and do some heavy work yourself to break into this market. Nothing says you can’t privately purchase distressed houses and then resell them for a profit.
Short of that, if you specialize in finding fixer-uppers in the correct price range for rehabbers, you should be able to build up a long-term list of possible clients.
These are all the things to consider when it comes to selecting your niche and figuring out your specialty when it comes to real estate live-streaming classes, and excelling at this niche while preparing for your real estate career ahead.