Successful agents know that focusing their efforts on a specific category of consumer
or type of property is an excellent strategy for gaining market share, especially
in a competitive environment. The National Association of REALTORS Member Profile
reported that, in 2007, 88% of all REALTORS earned over 50% of their income from
their primary real estate specialty.
Benefits of Niche Marketing
Aside from helping you stand out, niche marketing allows you to effectively allocate
your marketing budget. By pinpointing a segment where you want to target your efforts,
you can use your marketing dollars more strategically. You’ll be able to reach out
to your target market more frequently and with higher-quality communication than
just mass prospecting.
Also, by positioning yourself as an expert to a particular market segment, you may
be increasing opportunities for repeat business and referrals from satisfied clients
whose needs you have catered to. Chances are good that they’ll have friends who
are also part of the same niche market and you’re more likely to be one of the first
agents they turn to.
Finding your Niche Market
While location or neighborhood is one obvious niche, there are a number of other
areas of specialization you can focus on. For example, you might decide to focus
on a type of property (such as condos or waterfront properties), a specific age
group (such as seniors or young, single buyers), or even members of a profession
(such as military families or lawyers). You can see an example of one successful
Top Producer agent’s niche marketing here.
Remember, the key is to hone in on a category that is underserved in your area.
Adjust your marketing campaigns and focus your messaging
There are a number of ways you can ensure that your marketing efforts are speaking
directly to your niche markets.
+ Make sure you know your target market’s values and are presenting key selling features
that appeal to their lifestyle.
+ Make sure that marketing copy and images depict your target- literally. Keep your
copy focused, and choose photos and graphics that reflect them.
+ Choose marketing platforms that will reach your target audience. Advertise in focused
publications and on niche websites.
+ If you’re targeting multiple markets, set up separate Web sites that cater to each
of them, instead of having one site which attempts to speak to everyone.