Building Your Real Estate Niche
Introduction
Niche marketing is a powerful tool for businesses of any size and in any industry. It refers to the practice of specializing in a particular service, product or market and is valuable because it allows professionals to focus their efforts and resources on a small but specific area of business. A well-thought out niche can help professionals gain momentum quickly because they’re able to address customers’ pain points with compelling, relevant content. Fortunately for real estate professionals, identifying and leveraging your niche can have positive results on your bottom line. Yet many agents struggle to find an angle that will allow them to stand out from the crowd without turning off prospective clients in their local areas. Here’s how you can get started building your own real estate niche and reap the rewards of this powerful marketing tool:
The Power of Niche Marketing
Niche marketing is a powerful marketing strategy that can help your business stand out from the competition and build a loyal customer base. With this guide, we’ll teach you how to find your niche and create effective marketing campaigns that attract buyers in droves.
What Is It?
Niche marketing refers to targeting a specific group of people with your product or service. By doing this, you will be able to build up loyal customers who want to buy from no one but you. While it may seem counterintuitive at first since there are so many other businesses selling similar products nearby, niche marketing has proven itself time and time again as an effective way for businesses make more money than they otherwise would have been able to do if they were trying harder just sell everything under the sun instead of focusing on building relationships with customers who value what they have offer enough for them to pay more for it.
Why Niches Are a Great Fit for Real Estate Professionals
As a real estate professional, you know there’s no shortage of competition in the business. But niche marketing is a great way to stand out from the crowd and build your brand as an expert in your local market.
This tactic works because it allows you to target the type of buyer or seller that responds best to your services. By narrowing down who you’re selling to, you can focus on building relationships with those clients instead of wasting time chasing after prospects who aren’t right for what you offer.
In addition to being more efficient, niche marketing also builds trust and credibility with buyers and sellers who prefer working with professionals they know will deliver results—and likely create an opportunity for repeat business from referrals or new prospects in similar markets looking for someone like them!
If you want more business, find your niche.
Your niche is the area of real estate you’re most interested in. This is the place where you can become an expert—the place where you know more than anyone else and can offer something special to your clients. It’s also a great way to stand out among other agents who may be working with similar properties.
If you want more business, find your niche.
How to Find Your Real Estate Niche
Your real estate niche is an area of expertise in the industry that can be applied to a specific type of buyer or seller. To determine your niche, ask yourself:
- What are you good at?
- What do you like to do?
- What do you want to do?
- What do you have a passion for?
- What do people ask for advice on?
How to Build a Small Business Real Estate Niche
The first step in building a small business real estate niche is to find a niche that you are passionate about. You should also consider a niche that is underserved, an area where there is no clear leader. For example, if you want to sell property management software but there are already several companies offering this type of service, then maybe it’s not worth your time to start another one.
However, if you notice that there aren’t many companies providing appraisals for commercial properties or office buildings and most of your competitors only provide appraisals for residential homes (or vice versa), then this might be an opportunity worth exploring!
Once you have identified the perfect market for what you do next comes building expertise in it—the best way to do this is by educating yourself on everything related to your chosen field so that when someone does come calling with questions about how you can help them out or even just wants advice about something remotely related, they will know exactly where they can go get answers from someone who has been studying these topics already! This knowledge base will make customers feel confident enough in choosing who their provider should be while also increasing trust between both parties involved.”
Build a Website
- Build a Website
- Create a Blog and/or Newsletter
- Get Listed On Search Engines and Directories
- Get Listed On Social Media and Real Estate Sites
Start Networking Now
As a real estate agent, you understand the importance of networking.
Networking is consistently rated as one of the most effective ways to build your business and generate leads. It’s also an activity that can be done on a regular basis, if you make the time for it.
But before you start going out and attending networking events, there are some important things to keep in mind:
- The first step is making sure that you’re ready to attend these events—and actually want to go! This means having great communication skills, being interested in others’ stories and experiences (it’s not just about selling yourself), not being afraid of rejection or failure (everyone starts somewhere), etc. If any of this doesn’t sound like something you’re comfortable doing yet then I recommend building up some more confidence before heading out into the world as an aspiring real estate agent looking for clients—though don’t wait too long because time flies by quickly!
- After taking care of those basics comes finding opportunities for getting involved with local associations where others will be interested in learning about what it takes from someone who knows firsthand how hard it was working their way up from scratch; these groups include Rotary Club International Foundation Fellowship Program Scholarships which provides grants through local chapters worldwide specifically targeting minority students who have demonstrated excellence academically but lack financial resources necessary towards completing degrees at accredited institutions such as Harvard University–one example among many potential options depending on location/interests.”
Conclusion
As the real estate industry evolves, more and more agents and brokers are choosing to niche down. Becoming a specialist in your field will help you give your clients a better experience, deepen your relationships with your community, and allow you to focus on the kind of transactions that excite you most. Whether you’re just starting out or have been in the business for years, there’s no time like the present to find a niche that works for you!
New Ideas to Get Listings
Ok, the title might be a bit misleading. These aren’t actually ‘new’ ideas, but perhaps you haven’t heard some of them
before.
I recently watched a Tom Ferry video podcast on this topic wherein he had a number of top producers from across North America share what’s working for them right now to continue to get new listings. If you want to watch the whole thing, it’s here: https://youtu.be/l7ZoiVO1cJ0
Most of what I heard was: it’s time to go back to basics! What’s old is new again: calling your sphere, open houses, direct mail, circle marketing around other listings, etc. When the market shifts, agents go looking for new ideas to help them in hopes of finding ‘the next big thing’ that will make it easy for them to continue to grow their businesses, but in reality, it’s the old things that work in every market and especially when it gets tough.
There were, however, a few ideas that really stood out to me. They were either new to me or they were twists on the tried and true.
So here’s 5 (plus a bonus tidbit) things you can do right now to grow your business in any market:
Up Your Listing Presentation Game!
Are you a new agent? Like every agent ever, you need to have a killer listing presentation. When a seller is considering entrusting you with their home sale, you’d better be able to articulate your value. The best way to do that is a presentation that covers all of the things you’re going to do to get them the best price and to answer all of their other questions in a simple to follow plan. The only way to get good at your presentation is to practice. So here’s what you do:
Call your friends and family and ask them for help. Don’t ask them for business! The goal should be to speak with 5 per day and set 2 appointments. Here’s what you say: “Hey, Aunt Janet. I could use a big favour…are you busy tomorrow evening? …. I need to practise my listing presentation, and I could use your critique so I can get better at it. In exchange, I’ll give you an evaluation of your home. What do you say, can you help me practise?”
The idea isn’t that Aunt Janet is actually going to sell her house. You’re going to get some practice in and get better at what you do. The side benefits are that you get to practise doing CMA’s (evaluations), and you’d be surprised how many times your contact will say to you, “Wow! I didn’t know you did all of that! I actually know someone who’s thinking of selling…you should talk to them!”
Do Something Good for a School in Your Farm Area
If we’ve spoken before about geographic farming, you know I think this is a great way to grow your business for the long term. It’s a long process, but one that has a potential for massive returns if done well.
Here’s an idea to add to your efforts. If there’s a school in your area, offer to buy their sports teams new jerseys. Don’t put your logo on them! You heard me, this is not a promotional opportunity. This is an opportunity for you to do something great for your local community. The person who talked about this idea on Tom’s video said that it returned business in spades BECAUSE they weren’t pushy about their branding. The school took it upon themselves to put up a plaque thanking the team for their contribution and the parents took note. Then the phone started to ring. I like this one!
Stop Selling!
This one isn’t so much a tactic as it is advice to tone it down a bit. The market isn’t so hot right now, so stop bragging about your successes or how you’re yet another #1 Agent. Stop it.
Aren’t we all a little tired of seeing posts like: Call me, I’m the #1 agent in Peterborough! Or Just Sold for WAY over the asking price! What does that even mean; that you don’t know how to accurately price properties?! Consumers are wise to this (they always were), so it doesn’t help.
Ugh. Enough.
Instead, be genuine, be yourself, talk about the truth of the market and how you’re continuing to support your clients. Don’t brag, but give folks an insider’s look at what you do. Stop selling, and start showing how you help.
Just Sold Cards
You heard me, postcards to the neighbourhood where your listing just sold. This tactic has been around for, literally, decades and it still works! Let’s ramp it up though.
Let’s ramp it up a lot.
Instead of the same old boring postcard you sent before, add a QR code to the back that goes to a property specific page for that sale. Now, the reason that QR codes are sometimes looked at as useless is that they point to pages that just say the same thing as the mailer or flyer that directed the user there in the first place. That’s just dumb. What you should be doing is using the QR code to provide access to something they can’t get elsewhere. Some sort of additional and useful content like video or extra links.
In this instance, you send them to a site specific page with a video of you talking about that particular sale. Talk about what the challenges were in marketing that property and how you solved them. In the video, encourage visitors to read the article you’ll place below the video.
In the article below the video, talk about your process for marketing a listing. Talk about the unique challenges that you and your clients are facing in today’s market and how you’re overcoming them. Educate – don’t sell.
Be sure you get written permission from the parties to the transaction if you’re going to use anything that would identify the property, the details of the transaction, or the parties involved of course. But even if you can’t get that permission, do your best to talk about your process in general terms. Be authentic and help people understand how you added value to the deal.
Add a contact form to the bottom of the page and encourage people to reach out if they know anyone who could benefit from your unique process and insight into their local market.
Equity Check
This is a twist on another great old idea. You’ve probably heard of the ‘Home Check’ or the ‘Updated Market Evaluation’ tactic of setting appointments with your past clients to update them on the price of their home and to see if there’s anything you can do for them. It’s a great way to stay in touch with folks in a very personal way and I think it’s a vastly underutilised method of business building.
What this method relies on, is appealing to the owners’ healthy greed around the increased (hopefully) value of their home. Lots of people who aren’t ‘in’ the real estate market just don’t know what the value of their property is, and are often pleasantly surprised to see that they may be sitting on a lot of untapped cash. When the market is rising, this works very well.
When the market drops a little, even if overall they would make money when they sell, sellers are often disappointed to learn that the house may have sold for more a few months ago. This new twist tries to take that ‘loss’ out of the equation.
Instead of looking at what the house will sell for, why don’t we simply address the increase in equity the seller might realise if they were to sell – regardless of what the market is doing. This way, you can use the Equity Check in any market to stay in touch.
Here’s what I mean.
Let’s say they bought the house, a bungalow in the west end of Peterborough, 7 years ago for $350,000. In February of 2022, the house may have been sold for $1,000,000. Yeah, it was that crazy. Now, that same house in June of 2022, may sell for $850,000. On paper they ‘lost’ $150,000. This isn’t the case, of course. Since they didn’t sell the house, they never had that money to begin with so they didn’t lose anything.
In fact, they’re UP $500,000! $850,000 – $350,000 = $500,000 in additional equity. If you add this to the amount of existing equity they have in the home, you can arrive at their total equity position which is actually far more meaningful than the potential sale price anyway.
Original sale price less down payment and total principal repaid plus increase in value = total equity.
Really, the most important metric should be total equity since this represents their actual real estate wealth at the time. So give this a try – call your past clients and set some appointments for Equity Checks.
Bonus Idea
And finally, a bonus idea. A tag-on idea, if you will.
Holding an open house at a luxury listing? Why not see if the local luxury car dealer would bring some of their finest product to the open house and do a joint venture? Have them set up several models of cars at the open house and you both promote the event in advance.
Imagine pulling up to a luxury listing and finding some well dressed sales reps from Mercedes or Ferrari there showcasing the lifestyle associated with living in a home like this? Dynamite!
The Contradiction of Too Much Choice ~ or ~ How My Sensei Would View Objection Handling
As some of our agents at Century 21 United Realty Inc. know, in addition to a coach and manager at the company, I am a student (though lately, not such a good one…that’s another story) of iaido. Iaido is a Japanese martial art involving drawing and cutting with the sword.
From the Wikipedia article:
The term “iaido” approximately translates into English as “the way of mental presence and immediate reaction.”
Over the years since I’ve been involved with this study, I’ve moved more and more from the pure technical side of the art to the more philosophical side. The physical training is always the basis of training, but the other more esoteric parts are increasingly important to me.
As I continue to learn and experience iaido, I see more and more how it affects my day to day life and can be reflected in so many parts of life and business.
Recently, my sensei’s sensei wrote a piece that he shared on his Facebook profile about restricting choice and how, in the long run, it might actually be beneficial to our ability to respond to a number of situations. It really got me thinking about how agents routinely look for ‘magic’ scripts as though knowing yet another script will make their jobs easier.
Taylor Sensei has previously granted me permission to reprint his essays and articles, so I present here his article (emphasis added by me) and below that, my take on how it relates to real estate. I would love to hear your thoughts!
Restricting Our Choice – Kim Taylor, 7th Dan, Renshi, Iaido
First published on Facebook on Nov 4, 2021
Last evening in Jodo it suddenly struck me that the kata are not there to expand our choices when attacked, they are there to restrict them.
Musashi says “strike from the void”, and others say Mushin (no mind) or Fudoshin (free moving mind, immovable mind) but what happens when we walk toward our opponent with no thought at all, relying on a technique to show up.
It usually shows up for me.
But I play with the Pamurai (Pamela Morgan, 5th Dan, Iaido), and she’s highly trained. Her attack comes expertly, in an accurate line to a vital spot. In other words, it comes like the kata, like what I expect. Not which attack, but once it happens, in a way that is familiar to me. I pick a response from amongst a limited number of responses. And then I declare, “see, like this, don’t get in your own way”.
But I sometimes follow up that first movement with any number of techniques I have picked up over 40 years of Aikido, Jodo, Tanjo, Western Cane fighting and other things that are so far back in time that I’ve forgotten. Not the techniques, they appear, but their names.
And sometimes these techniques run into each other, especially if Pam doesn’t do anything to trigger a reaction from me. In other words, I look for a technique and I find too many of them. Which do I pick? This is not mushin, this is not the void, this is hunting around in a library for something to read. Too much choice.
Hence my sudden thought last evening that the kata are designed to strip that library down to a small few books on a shelf. Pick one, they are all good books, and you can start reading instead of aimlessly wandering, picking up and putting down too many books in search of the one that is “just a little bit better”.
Musashi, at the end of his life, settled on five techniques which are usually called by their initial kamae (stance). Chudan, Jodan, Gedan, Hidari Waki, Migi Waki. These are middle, upper, lower, left and right sides. What else is there? You can combine them, upper right, lower left if you wish, but the kata do that. And the kata, they are repeats of those first kamae. Start with chudan, avoid the strike to your sword, go to Jodan and counterattack through to gedan, then finish by going through hidari waki gamae to cut upward into the ribs or the wrist.
It’s a simple method, uncluttered once you figure out how to wave two swords around independently but coordinatedly. Practice long enough and you will have a “good enough” technique appear at need. It may not be the best, most elegant technique ever developed by man, but it will be good enough.
I teach the same way when I teach cane self defence, KISS, Keep it simple, stupid. The last thing you want to do upon being attacked is to get fancy. What if your attacker doesn’t do what you need him to do to apply the fancy move. Better to just hit him hard. Musashi happens to agree with me, he told us that no matter what we are doing, defending, adjusting, whatever, never forget that the goal is to hit your attacker. So hit him.
But simple techniques applied well sounds like boxing or Kendo, we want the fancy stuff right? We want more and more complex kata because they are amusing. I am as guilty of that as anyone else, I did my kata collecting, that’s how I ended up with so many choices. It wasn’t a bad thing, it taught me that there is always something you can do. After all, if there was a single, unbeatable attack or combination of attacks, we would all be practicing that. But knowing a hundred kata, three hundred, just taught me that I knew five different variations on a single kata, that they weren’t five kata, just one, even if there were five names and they were from five different schools. KISS.
And so I had my fun, and so I sometimes go off into strange places, and so the students say “But that isn’t the kata” before I get to say it.
There’s a balance between knowing hundreds of techniques and the fun that gives us, and knowing that what we really want is to be very good at smacking the opponent in the head. Hard.
Relating This To Real Estate And Objection Handling – Doug Lytle, Real Estate Coach and Manager, 2nd Dan, Iaido
When every new real estate agent gets their license, they (should) go through some additional, intensive, training. They don’t really teach new agents how to run their business, set goals, deal with showings, how to make a presentation, or how to deal with the inevitable objections that we get.
That’s where I come in. My job as a coach and manager at a large real estate company is to make sure that every new agent we hire gets the very latest training from either me, or another member of our management and admin team. After that, they need ongoing coaching and updates to their training.
When it comes to objection handling, I think there’s a lot of confusion about what it really means. We can’t, and shouldn’t try to, convince someone to buy or sell a piece of real estate, that’s not our job. When we begin a relationship with a new client, we assess their needs and put together a plan to help them achieve their goals.
Their goals; not ours. We don’t convince them, we help them get to their own stated goals. Along the way, however, there will be objections. Let’s be clear: objections are almost always unanswered questions. We sometimes haven’t demonstrated our value or our process well enough yet, and we need to use ‘objection handling techniques’ to better inform our clients. Not ‘make’ them sign a contract that they didn’t want to sign in the first place.
Here’s where I start to compare Taylor Sensei’s musings to real estate. Just as kata are a way to practice potential responses to dangerous situations with the danger removed, role playing objection handling techniques is a way for agents to practice scenarios before they happen. Wouldn’t it be great to know the exact secret phrase necessary to calm a would-be client so that they magically understand what your value is?
The reality is that no such thing exists. I know – crazy right? There are literally thousands of books out there that purport to teach exactly this. ‘Learn my secret phrases and you too can make millions in real estate!’ But, in practice, it’s nearly impossible to learn all of the scripts and know exactly how to implement the perfect response in the moment.
You need to develop Mushashi’s philosophy of attacking from the void. There are really only about 6 objections we hear. There may be variations, but every objection is some form of:
- We want to sell it ourselves.
- Will you lower your commission?
- The other agent said the house was worth more.
- We want to wait.
- We want to fix it up first.
- We have a friend in the business.
And there are literally thousands of responses to these 6 objections. Do you need to know them all? No. Really, all you need to know is how to position your responses.
Practice your kata enough times, collect enough of them, and when you’re attacked, you stop trying to find an appropriate counter-technique. You simply respond from the void and hit him on the head.
Practice the process and the scripts to handle the limited number of real objections you’ll hear, and when you’re faced with one, you won’t have to hunt your memory for a response; you’ll respond from the void and the handler will simply be there.
As Taylor Sensei said: There’s a balance between knowing hundreds of techniques and the fun that gives us, and knowing that what we really want is to be very good at smacking the opponent in the head. Hard.
PS – Interested in learning how you should be handling objections? Give me a call and I’d be happy to chat with you.
Why Is Calling My Sphere So Awkward?
If I had a dollar for every time I’ve heard, “I’d rather call strangers!”, I’d be in a good position to retire early. Three times in the last week agents have said this to me. I’m flabbergasted.
What’s going on here?
Calling your sphere (SOI) really is the easiest path to real estate success. These are people you know and who know you on a first name basis. They know you and like you. They want you to succeed! The crazy part is, when I ask agents about their fears, they know that their SOI wants them to succeed and yet they still hesitate. So I ask again, what the h-e-double hockey stick is going on?
It’s probably your approach. Sorry (not sorry). You’re doing it wrong and that’s why you won’t make the calls.
Now I know that’s quite the claim, but if you can’t tell me a good reason, I’ll bet it’s because you feel like you’re bugging people. That you feel as though you’re begging for business. That you’re using your using your personal relationships for personal gain, and you feel dirty because of it.
Am I right? I’ll bet I am. I’ll bet you feel ‘snaky’ when you’re making the calls and that’s why you don’t want to make them ever again.
Here’s the problem as I see it. You were probably taught, when you first started in the real estate business, that all you need to do is call everyone one you know 4 times a year and you’ll make the big $$$. You were told to call them, but not how to call them. Or perhaps you were given a script and all it said was to call and check in on them and then ask for a referral at the end of the call. “I’m always open to referrals!” What this says to me is, “I’m always open to free money!” No wonder you hate making those calls; I would too!
Want to hear the dirty truth? You’re right. You heard me, you should feel snaky about it because you were being dishonest the last time you called them. Yeah, I said it. You didn’t want to ‘check in on them’ or ‘see how they’re doing’, you want business from them. And that’s ok! Asking for business is ok.
Just be honest about it.
Be honest and provide something of value first. Get the business part of the conversation out in the open right away, and when that’s done, then talk about the personal connection. Then ‘check in on them’. But do that at the end of the call. I know that this is completely counter to everything you’ve heard from other coaches out there, but trust me, this will make this process so much easier. When you can call someone and share real value with them and talk business honestly, then their perception of you will rise. Now you’re calling with something meaningful for them. Now you’re adding value. And, of course, you care about the person on the other end of the line – so have that personal connection after the business is done.
You feel snaky because you’re being dishonest. Stop it. Be upfront about the reason for the call. Get permission to talk business, deliver real value, ask for the referral and then, and only then, be personal.
Is this a magic solution? No. It still takes time to get over phone hesitancy and, like any skill, you need to practice. Trust me when I tell you though, this really is the way to make your business what you’ve always known it could be.
If you’re interested in getting more specific details on what, exactly, to say on the phone, reach out to me and I’d be glad to share some ideas.
Image by Gregg Jackson from Pixabay