Find a Niche Within a Niche
Targeting a market niche is a good strategy, but targeting a niche within a niche is even better. Here are three examples:
- Seniors aren’t a niche if you live in an area where 80 percent of the population is over 65, but seniors buying golf-course homes or seniors relocating from other states might be a niche in that area.
- Luxury homes aren’t a niche in an area where the median home price is $500,000 or more, but foreign nationals buying million-dollar residences or dot-com millionaires buying their first homes might be a niche in that area.
- Entry-level home buyers aren’t a niche in an area of mostly affordable housing, but single women buying their first homes might be a niche in that area.
Your niche should be large enough to provide a strong pipeline of business but targeted enough to make you a big fish in a small pond. Ideally, it should relate to you personally in some way, although you don’t have to be a member of your own niche. New agents should focus on one niche while mid-level producers can grow their business by expanding into a second niche. If done right, focusing on a niche can help you create a faithful and regular client base.