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Five Steps to Create Your Real Estate Niche

February 20 2015

hf create nicheThe most successful real estate agents are those who have a specialized niche — but how do you identify which niche is the best fit for you? Whether you are just starting out in real estate, or if you have had a longterm "sell anything to anyone" approach, carving out a niche will focus your business and help you become a specialized market expert. Stop chasing after every sale, and follow the five steps below to identify the real estate niche that will most effectively grow your clientele and your profitability.

1.) Do a thorough market analysis: Your local market should play the largest role in determining your niche. Research census data, relocation and building trends, and local business growth to determine the strongest potential for real estate growth in your community. Only focus on developing a niche that is appropriate for your market. Niches can range from specializing in historical homes, urban lofts, first-time buyers, school district expert — be both strategic and creative when narrowing in on your specialty.

2.) Create a specialized network: After you've determined your niche, begin assembling a network that can help you better cater to your new clientele. Working with specialized mortgage brokers, home inspectors, stagers, attorneys and other professionals to create a smoother experience for your future clients.

After you establish your network, work with them to create a thorough listing presentation that outlines the complete experience your potential clients will have. Your clients will love the feeling of exclusivity that comes with working with you and your team.

3.) Rework your marketing strategy: Switching to a specialized niche may require some changes in how you target potential clients. Focus your attention and marketing spend on a smaller, more specific audience. Learn where your target demographic spends their time online and how they like to search for potential properties.

For example, if your new niche requires you work with out-of-state or international clients, integrate more video listings and virtual open houses into your marketing strategy to accommodate their needs.

4.) Rebrand your business: Your brand may need a refresh after you identify your niche. Review your market analysis to create a profile of your new potential client base. Consider how you want to portray yourself to these new clients and translate that into a new logo or slogan for your brand.

For example, if you've decided to focus strictly on condominium sales, you may want to adopt a more modern and urban logo. Get more advice on how to revamp your creative brand.

5.) Don't alienate your current client base: Adopting a new strategy for your business does not mean you should disregard past and current clients. Even if your former clients don't fit your new niche, they could play a key role in generating referrals for your business.

When you're comfortable in your niche, send your network an email that conveys your new focus, so they can forward to anyone in their network that could be a potential client.

Reorganize and streamline your business with these business detox tips here.

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