Right on target real estate is made simple with research.
Many realtors have a hard time trying to choose an audience to focus on. This can cause many problems for them because it makes it difficult for them to become known. Unless they focus on a niche, they won’t be able to build a professional portfolio.
One of the benefits of choosing a niche and focusing on it is the ability to build a portfolio that clients will see and know you’re reliable. For example, you can build a portfolio that consists of sales within a certain city, increasing your chances of making more sales in that city.
Continue reading to learn more about several niches and how to choose a target real estate audience.
One of the most important real estate niches is the geographic market. Many agents like to build up a reputation for themselves as the go-to agent in their area, be it a city or country. Others like to focus on selecting certain neighborhoods, but it’s all based on preference.
You’ll want to decide which location is better for you. Depending on the type of community you live in, what the population is, and how the market is doing, the best location will vary.
If you’re someone that likes selling many homes within a small region, such as a street or neighborhood, you should make that known to potential buyers. You can advertise this on your website or have former clients post testimonials.
A housing development is a bit larger than a neighborhood and can be better for your portfolio. Your landing page can showcase your history with the development and how many transactions you’ve finalized.
For those that are selling homes throughout a city, you can use target market news to determine where the best homes are. For example, some people may be more interested in a home if a new restaurant or store was recently opened nearby.
Being able to operate in a large market like that of a county typically means that you’re doing well. You can target a variety of people because you have experience in various cities. When people are aware of your experience, you’ll earn more clients from all parts of the county.
After location, the home type is a niche that realtors focus on. There are different types of homes depending on the location. For example, there are usually homes in the suburbs whereas apartment buildings take up large cities.
You’ll need to research the types of property in your area and figure out which kind will work for you. Research how much homes typically sell for, how many deals are closed, and what the popular agents in the area are doing.
Doing this kind of research is similar to that of a real estate brokerage business plan. You can check out these steps to see the similarities.
Single-family homes are some of the most common homes that people buy. Married couples typically buy these homes because they either have kids or would like to in the future. You can expect the target market for this type of home to be in their 20s or 30s.
This means that if you’re looking to sell single-family homes, you should try to appeal to those that are starting their families. Homes that are near family-friendly activities are most likely to attract buyers.
Apartments are typically rented or purchased by those that live a busy lifestyle or can’t afford a full home. Because apartments are typically in large cities, buyers will care a lot about the location of the apartment you’re trying to sell.
Transportation plays a major role in the daily life of those that live in apartments, so try to sell apartments that are near subways, bus routes, walkways, etc. Apartments near parks also do well because it gives people a place to get out of the city environment.
The last niche we’ll discuss is the buyer type. There are 3 main types of buyers that all need to be approached differently; first-timers, international buyers, and military veterans. You’ll need to research each of these to understand their motives behind buying a home.
First-timers can be difficult to work with because they’re often hesitant about making such a large purchase. You must help them throughout the process and explain the ropes to them.
International buyers typically purchase homes in a foreign area when they’d like to relocate. Whether this is for work, retirement, or another purpose, you’ll have to do a lot of advertising to appeal to them. The thing about international buyers is that they’re not necessarily looking for a specific neighborhood.
Military veterans will need as much help as first-timers because they usually don’t have the time to figure everything out. You need to explain to them how much the home costs, what the mortgage payments will be like, and how to go about purchasing a home with the money they have.
Start Researching Each Target Real Estate Audience
Every target real estate audience has a variety of unique needs that make them different from other audiences. Looking into the several real estate niches will help you determine which one you want to start pursuing.
After you’ve decided which niche you’d like to focus on, you can start building up a reputation in that niche. Buying and selling certain types of homes in specific areas will allow you to quickly make a name for yourself.
Browse our articles if you’d like to learn more about real estate.