Carving Out Your Niche: Setting Yourself Apart in the Real Estate Game
While it may seem like appealing to the widest possible market would be a great strategy for success, finding your own special corner of the real estate world may be an even better bet.
It isn’t for everyone, of course – if you’re already working in a small market with limited buyers, specializing may not work for you. However, if you’re in a large city awash in a sea of generalists, differentiating yourself could be a real asset to your business.
Becoming an expert in one or two areas of real estate can earn you a reputation as the “go-to” person for your specific niche. Clients, especially those with very specific requirements, are more likely to be comfortable hiring a specialist than someone with more generic knowledge. And, having a specialty can eliminate a great deal of competition for you.
Creating a niche can also give you more career satisfaction. Having a specialty gives you focus and makes studying the market easier. It also allows you to figure out what aspect of real estate makes you happiest and brings you the most satisfaction, and pursue it exclusively.
Here are some of the areas in which you might consider establishing a niche for yourself:
Establishing yourself as the virtual guru of a specific area can be a great strategy for building your business. You could eventually end up being the go-to investor for entire neighborhoods, towns, cities or even counties. You’ll also have the opportunity to build a rapport with the area’s residents, and build a name for yourself as local professional who loves, understands and appreciates the community.
Working with specific clients can be very satisfying, especially if they’re people you relate to and with whose needs you can identify. What’s more, whether you choose to work with seniors, young adults, veterans, first-time homebuyers, or distressed homeowners, you have a built-in target market, and you have people seeking you out as an expert rather than you chasing leads.
Specializing in a specific type of property is another solid niche option. From luxury condos, to farmland, to historic restorations, you can pursue whichever type of home that offers the most opportunity for financial success, or whichever type or you’re personally most passionate about.
Real Estate Type
If you love some aspect of the real estate business – you thrive on reverse wholesaling, you have a head for tax liens or corporate sales, you love being a landlord, or you have a knack for moving multi-family units, for example, you should consider making it your specialty. When buyers or investors are looking for the right person for a complicated foreclosure or a corporate deal that they really need to close, you’ll be first on the list of professionals they turn to.
Keep in mind that building a niche takes vision, work and commitment. However, if you’re willing to go the distance, it could be the best decision you make as a real estate investor.