As Susan Friedmann states, the riches are in the niches.  I think most of us are familiar with the concept of riches, or at least the idea of it.  But how about the idea of a niche.

What is a niche?

Niche

/niCH,nēSH/

adjective

denoting or relating to products, services, or interests that appeal to a small, specialized section of the population.

“other companies in this space had to adapt to being niche players”

 

For our purposes we can boil niche down to: 

A real estate service that appeals to a small section of potential home buyers or sellers.

 

Another way to think of it is your Target Market, defined as:

a particular group of consumers at which a product or service is aimed.

 

Yet another way to think about it is Buyer Persona, defined as:

buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. When creating your buyer persona(s), consider including customer demographics, behavior patterns, motivations, and goals. The more detailed you are, the better.

 

'If everybody is doing it one way, there's a good chance you can find your niche by going exactly in the opposite direction.' ~ Sam WaltonClick To Tweet

 

My point is, there are many ways in marketing to explain that you should be focusing your energy on a small detailed group of people.

One of the first questions I ask a new client when I start to build their website is who their target market is.  And most of the time the answer I get is, I don’t have one.  Or, anybody that wants to buy or sell real estate in their city.

via GIPHY

This website is a great example.  My niche is Real Estate Agents that need help with their digital marketing.  My audience would be much bigger if I simply focused on anybody in the world that needs help with digital marketing, and even bigger if I focused on anybody in the world that needs help with marketing.

However, if I did that I would be competing with more businesses, it would be harder to rank on Google, it would be harder to get people to my site, I would not be able to connect on a personal level with my audience, and would have taken longer for me to start building a client base.

As a benefit of becoming visible as a digital marketing consultant to real estate agents, I get many inquiries from different demographics asking for my services.

Ok… so now you may be saying what are some real estate niches that I could target?

 

50 Real Estate Niches You Could Target

 

 

YOU COULD TARGET A PARTICULAR DEMOGRAPHIC

  1. Millennials
  2. Generation X
  3. Baby Boomers
  4. Newlyweds
  5. Divorcees
  6. Widows/widowers
  7. Single under 40 (50, 60, and so on)
  8. Married
  9. International clients
  10. Single parents
  11. Economic status
  12. Employment
  13. Military

YOU COULD TARGET A PARTICULAR REAL ESTATE EXPERIENCE

  1. Renters
  2. First-time buyers
  3. First-time sellers
  4. Empty nesters
  5. Move-up buyers/sellers
  6. Move-down buyers/sellers
  7. Foreclosures
  8. FSBOs
  9. Expired listings
  10. Probate
  11. Investors

YOU COULD TARGET A PARTICULAR HOME TYPE

  1. Commercial
  2. Fixer-uppers
  3. Luxury properties
  4. Lofts
  5. Condos/townhomes
  6. Oceanfront
  7. Ranch style
  8. Lake house
  9. Gated communities
  10. Farms
  11. New construction
  12. Smart homes
  13. Single-family homes
  14. Vacation Homes

YOU COULD TARGET A PARTICULAR LOCATION TYPE

  1. Downtown
  2. Beach
  3. Park or outdoor feature
  4. Lake or river
  5. School district
  6. Neighborhood
  7. Golf course
  8. Subdivision
  9. Zip code
  10. City
  11. Suburbs
  12. County

With so many choices how could you possibly just choose 1, 2, or 3?  Good question and one that most if not all real estate agents struggle with.

 

CREATE A BUYER PERSONA

 

 

Remember above I mentioned that another way to describe a niche was with Buyer Personas? You should create a few buyer personas that represent the groups of people that you would like to target or do business with.

The easiest way to start developing personas is to review the customers with whom you’ve had past successes.  If you are a brand new agent find an agent that you admire and watch who they do business with.  You will want to choose about 6 clients that you have worked with, sold, and presented to that you maintained a good relationship.

Questions to ask yourself when developing a your clients persona:

  • What is their demographic information?
  • What is their level of income?
  • What does a day in their life look like?
  • What are their pain points (problems)?
  • How can you help solve them?
  • What do they value most?
  • What are their goals?
  • Where do they go for information?
  • What experience are they looking for when seeking your services?

 


 

Example Buyer Persona

 
Let’s say you wanted to target Generation X home buyers with a family.  Your persona might look like this:

What is their demographic information?

Age: 30-50

What is their level of income?

$50,000 to $100,000

What does a day in their life look like?

They are married with children from 0-18.

What problems do they have?

They want to buy a home within a good school district.

How can you help solve them?

Provide content focused on information about local school districts.

What are their values and goals?

Decisions are based on what’s best for their children. Their goal is to find a home wit 3-5 bedrooms in a good school district.

 Where do they go for information?

The internet

What experience are they looking for when seeking your services?

A knowledgeable agent they feel they can trust and who is an expert on the local area.

(questions and sample persona courtesy of: Hubspot)

You Have A Few Buyer Persona Profiles Now What?
 

Where to