Niche Marketing – It Starts With Questions!
When I am doing my speaking and training sessions I always get a lot of the same questions and concerns. One thing that always intrigues my students is the importance of finding and mastering their niche in real estate. It’s one of the most misunderstood concepts and underutilized methods for success, but also one of the most successful (when done correctly!). Do you think asking the right questions might help?
If you have had questions about focusing on targeted niche market in your real estate business, here are a few questions that may help you dive a little deeper:
“Where” Questions
Where do you connect with your community?
Where are you most credible?
Where is there the greatest need coupled with the greatest appreciation for your work?
Where do the people who need your work most often have breakdowns that would cause them to hire you?
“Who” Questions
Who is naturally drawn to you and to your work?
Who could you see yourself working with on a regular basis?
Who do you think would be an ideal candidate that makes logical sense for you to work with?
Who has had struggles that similar to yours that you have overcome?
Whose language do you speak?
Whose concerns can you reliably anticipate and address?
Whom is it easy for you to serve?
“Knowing and using your strengths is critical to your success when developing your niche strategy”
When you use your strengths in your real estate business, it helps you not only find the right niche market for you, but it also allows you to refine the right market and the best plan of attack for you.
We have all heard of the concept of “farming” in real estate… That is no different than mastering your real estate niche. Once you find your market (your farm), you begin to plant seeds. As these seeds start to grow, you watch for and tend to the strongest seeds. You remove the ones that aren’t performing and keep the ones that are. As your “niche garden” grows, you continue to prune until you begin to collect your harvest (Business!) Each seed gives you the opportunity to learn and improve. Nothing is lost!
As you become better in your market and master it, your confidence will grow as well as the trust in your community. In time, you will know with certainty who your ideal customers are and how to attract them.
Are You Afraid of Using Niche Marketing Because it May Turn Away Business?
When you get started and begin to refine your niche real estate marketing, you may run into some anxiety. This is normal! (Many agents felt this way when they first got started with their niche. But once they stuck with it they found how effective it really was and wouldn’t turn back if you paid them. Just listen to our podcasts on The Niche Agent to find out what other agents have been through to get to where they are. )
What do you do if someone outside of your niche wants to hire you?
Talk to them. See how well you fit. There is nothing about a focused niche that says you CAN’T work with a variety of clients. The purpose of a niche is to focus your marketing budget and time to a target group, but if you can help someone buy a home that doesn’t mean you can’t. You will have to be the judge as to whether it will work with your business plan.
On the flip side, be aware that you need to remain focused. You can’t be all things to all people. The cost of not sticking to your niche strategy can take you away from your goals and cost you a lot more than just time and money. You run the risk of coming across inauthentic and insincere to your market. The reason you focus on a niche is so that you can leverage time and resources. If you spread yourself out, you may lose both of these advantages.
We will talk more about this debate in other blogs, so be sure to come back for more in-depth looks into this topic.
To conclude, it is important to look to the market to see what your prospective customers and clients want. Don’t try selling 3 story townhomes to baby boomers for example… It’s ok to say “no” to the opportunities that aren’t a right fit. Keep your vision and resources focused on the projects and relationships that are most likely to succeed and get you in front of your audience and begin building that trust!
Ryan Smith – The Niche Agent
“Your Niche Is Our Niche”
