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Being successful at almost anything starts with knowledge about what you are doing!
80 percent of buyers would prefer to work with a real estate or mortgage professional who’s focused on a particular property type or niche.
A survey of buyers and sellers by the NATIONAL ASSOCIATION OF REALTORS® reveals that 80 percent of buyers would prefer to work with a real estate and mortgage professional who’s focused on a particular type of property or niche. While specialization has always been important, industry leaders say it has taken on an even greater importance in recent years—and not just because of the challenging economy.
How does your marketing plan measure up to the survey by NAR?
The problem with this is your competition is doing the same thing!
Can you identify with these three problems?
Niche marketing can be a solution to these problems.
Smart Real Estate & Mortgage Professionals know the "Riches are in the Niches!"
Why Every Real Estate & Mortgage Professional needs 3 Strong Niches
Choosing which aspects of the real estate industry to focus your business doesn't need to be as hard as it seems. Every real estate and mortgage professional should have 3 strong niches as the foundation of their business plan.
Niche 1: Stick to What You Know Best
Where does your knowledge and experience come from? What experience and knowledge did you base your decision to become a real estate or mortgage professional on in the first place?
Focus your primary niche on what you know best. Do you have a commercial background? Then focus on commercial property. Do you come from the hospitality industry? Then focus on resort living or second homes. Do you have a building or construction background? Then focus on new construction or renovation.
The key is that you will never fail at what you know.
Niche 2: Choose a Niche that you are Passionate About
The dictionary definition of passion is "a strong feeling of enthusiasm or excitement for something or about doing something." Your secondary niche should focus on something you feel very strongly about. It is always easier to focus, learn and be motivated when it is based upon something you are very passionate about.
Identifying your niche of passion doesn't need to focus on a specific area of real estate or mortgage financing. Your niche of passion can be working with cyclists if you are an avid cyclist.
If you have a military background or are from a military family, your passion may be working with our veterans and military families.
I'm sure you get where I am going with this - you can build your secondary niche out of networking with other who share your passion.
Niche 3: Go Big with a Niche that brings in the Closings!
You have to dream big to go big and reap the rewards. There are many opportunities in the real estate and mortgage industries to find a very lucrative niche. Finding this specialized niche; however, will take some research, time commitment to learn the industry, language and build your network.
Your big niche may seem difficult to break into and leave you wondering how to make it your own. These bigger niches should be part of an industry that is big on it's own yet needs a strong real estate or mortgage professional to raise the level of service needed within.
For example, the divorce industry is huge. With over 2.4M divorces every year in the United States and 70% of all divorces involving real estate, the divorce market can be a very lucrative niche for both real estate and mortgage professionals.
The Probate industry is a 6 TRILLION Dollar industry - building a niche working with probate attorneys and listing estate owned real estate can be huge!
Being successful at almost anything starts with knowledge about what you are doing. Niche Marketing is no different!
Our niche marketing guides and marketing are focused on the 3rd Niche. Niches that require knowledge, marketing and networking. Please checkout our resources for real estate and mortgage professionals on defining your own niche in multiple areas to help boost and stabilize your referral pipeline.