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4 January 2020

Seven Niche Market Ideas for New Real Estate Agents

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The most successful agents narrow down their focus to reach out to a specific target audience. Selecting a niche can be a profitable strategy. Agents must be willing to learn everything about a particular area, type of property, or consumer category. Familiarity with the niche attracts customers who are looking for specific types of properties. Discover seven potentially lucrative niche market ideas for new real estate agents to consider, including investment property and veteran homebuyers.

Luxury Housing

While luxury housing is a limited niche, it can be quite profitable for agents who master it. Appealing to high-end buyers requires attention to detail, from socializing at the right places to use of the latest digital marketing strategies. Agents must do more than dress the part and mix with people in wealthy areas. A luxury agent is expected to provide cutting-edge details about the current real estate climate and offer the latest marketing techniques for sellers. Discerning clients won’t settle for less than the highest level of service at all times.

For Sale By Owner

Owners stubbornly attempt to sell their homes, often waiting months to get a realistic offer. Most sellers wind up listing their properties with an agent because they do the job better. Savvy agents offer marketing advice to owners who want to sell their houses. Once an agent becomes a trusted advisor, the seller will begin to see the advantages of hiring a professional to sell the house. An agent finds potential buyers faster and can help negotiate the best possible deal. Getting sellers to recognize these facts and list their properties is a money-making niche for agents who negotiate effectively.

First-Time Homebuyers

The dream of owning a home inspires millennials around the country to save their money and search the online property listings every weekend. Having a home gives someone a sense of security, accomplishment, and freedom. Agents who help first-time homebuyers are establishing a relationship that can last for years to come. When satisfied first-timers are ready to upsize and buy vacation homes, they will return to the agent who helped them get into their dream house. Patient agents who nurture these connections will have plenty of clients in the future.

Veteran Homebuyers

The women and men who serve our country get exclusive privileges to purchase homes when they return. An agent who understands what benefits veterans qualify for and how to help them take advantage of them is sure to get plenty of referrals. Many veterans can buy a home with little or no money down. Savvy agents have a shortlist of resources for veterans, including government agencies and mortgage lenders that specialize in veterans’ mortgage loans. Making this dream come true can mean an agent’s name will become a buzzword among local veterans.

Vacation Homes

Selling and listing vacation homes is another niche market that agents can focus on to earn a healthy income. Professionals, investors, and families all save to get a home away from home. Often the house is located in a vacation spot the family loves and visited frequently  in the past. Some clients will be luxury buyers while others earned an average income and saved to have a vacation hideaway. Agents need to learn about  resort-style communities and amenities to showcase these benefits to potential buyers. A smart agent also knows the rental income potential for vacation properties to help buyers determine if it is a substantial investment. As the vacation home niche market grows, so does the earning potential for agents who understand it.

Retirement Housing

Seniors work hard throughout their lives to achieve their retirement goals. From cottages by the sea to senior housing complexes in metropolises, every retiree has a unique vision of his or her life when work ends. A skilled agent knows how to get information from senior clients to help them find a retirement home that suits their wallet and preferences.

Single Homeowners

Another growing niche market is for single homeowners. Consumers are no longer waiting to get married to invest in their first homes. Instead of paying long-term rent, people decide to purchase a house on their own. Single buyers have different concerns from married ones, such as distance from shopping and accessibility to dog parks. Knowing what the singles community wants and helping them find a house that complements that lifestyle helps agents profit from this thriving niche. Use social media to connect with this expanding niche. Better Homes and Gardens® Real Estate agents know how to use social media to attract the right target market to available properties. These are just seven of the many niche market ideas for agents to consider. Focusing on a specialty helps agents generate more leads in a specific niche because they are well-established as an expert in that area. Whether it is a luxury house or investment property, the agent has the knowledge and experience to guide clients every step of the way. Providing that level of service helps agents generate a steady stream of leads in the future.

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