Niche Marketing: Where can you focus?

Do you want to be a jack of all trades in real estate, or are you focused on specializing in a niche market? A niche market could be a particular geographical area, a type of property or even a kind of consumer. While specializing narrows your audience, you may find that you can market more efficiently when focused on a particular aspect of real estate.  Whether you have had success with specializing or tried and failed, we want to know. Share your story with us!

Here are the top marketing niche opportunities for real estate and our tips for mastering them:

• The Hispanic Demographic

Generate more business by increasing your sphere of influence. The Census Bureau places Hispanics as the nation’s largest minority group, with more than 42 million in the United States. With a median age of 27 years, this group is highly likely to comprise a large chunk of the first-time home buying market. Look at marketing venues that will attract this group and determine their needs and fill them. There is even a national association of agents you can join for this purpose.

Tip: Make sure your marketing communicates with those who don’t speak English.

Action: Use the new Spanish collateral to help you brand yourself as an expert in your field. Access bilingual materials on www.Xpressdocs.com/TheSelectGroup

• Luxury Homes

At first glance, the luxury home niche looks very tempting. Higher priced homes mean respectively higher commissions, but there are a few drawbacks. This niche requires unique marketing savvy and generally requires a larger investment on the part of the listing agent. For those who master this market, “To the victor goes the spoils.”

Tip: Exposure is key to selling multi-million dollar listings. Go beyond your sphere and your network.

Action: Email Luxury@SelectGroupRe.com to see if we can help you secure the high-end/luxury listings or if you already have one then a company-paid eblast to our private lists could be the boost of exposure your listing needs.

• First-time Homebuyers

First-time Homebuyers make up a large part of the real estate market and generally seek out help from professionals. With their nervousness about every part of the process, this group can be extremely rewarding to assist with their first home.

Tip: Great for those who excel at teaching others about the real estate transaction. Develop marketing and transaction information materials that will help them to understand the process and view you as the expert they need to carry them through it. They’ll likely be a significant source of future business and referrals.

Action: Look into securing a booth at Bridal Expos and pair up with a Stanford Mortgage Advisor to help share the cost. Specialized marketing materials available, if interested email Marketing@SelectGroupRe.com

• Empty Nesters and Seniors

Since this group requires special housing requirements, it is an excellent niche for those who can specialize in this market. Tailor your marketing and services to this group by determining their needs.

Tip: Look into acquiring designations, such as SRES® (Seniors Real Estate Specialist), to position yourself as a specially trained professional serving the needs of this age group.

Action: Join forces with a Stanford Mortgage advisor who can assist with special financing or reverse mortgage programs, visit www.StanfordLoans.com or call your Stanford Mortgage advisor directly.

• Urban – Condominium Buyers and Sellers

Nationally, there has been a tremendous growth in the number of condominiums in the last decade. Particularly in resort communities and our central cities. An enterprising real estate person can capitalize on this specialization.

Tip: In many cases, the owners use a resort condo only partially and wish to rent it out at other times. This provides another area in which you can be the expert helping them to select the most rentable properties.

Action: Check out the new urban print collateral available for those city dwellers on www.Xpressdocs.com/TheSelectGroup