Gabbi knew that real estate was the right career from the start. She is now dual licensed in both Kentucky and Ohio. She had her first sale within a month of getting licensed and hit her first million in volume within her first 6 months. She will have her real estate license for the rest of her life. Call her anytime if you have questions about becoming a real estate agent. She loves to share her passion for real estate with others!
Choosing Your Target Audience
As a realtor, you are a small business owner. That means you need to know your target audience or your real estate niche. Your niche is going to be your specific audience, location, or property-type you can target to build your book of business. These largely depend on market trends and shifting buying interests. Today we are going to explore the different options you have so that you can make an informed decision. Once you identify the best real estate niche for you, target relevant buyers and sellers using a consistent and cohesive marketing strategy.
Six real estate target audiences.
1. Homeowners who are downsizing.
People downsize for various reasons. Downsizing is when people move to a smaller home. This can be due to changes in health, children moving out, moving to assisted living, or also death, and divorce. You need to help people determine if moving is feasible or in the person's best interest. Next, youโll help them plan for a smooth transition into their new, downsized, living situation. Someone who is an expert on dealing with emotional needs would be a great fit for this specialization.
2. Real estate investors.
A great way to find investors is through word of mouth, advertising, and social media groups. In this role, you want to be experienced, trained in construction or have reliable, knowledgeable resources. You will want to research the costs of projects and have contacts on hand to give to your clients. Someone who has a โbottom-lineโ approach, would be great in this specialization because investors want the facts, it tends to be less emotional.
3. Vacation Rentals and time shares.
This specialization is about providing alternative, temporary housing in an area. First, find an area that does not have a lot of options for vacation housing. Next, provide a place to stay for people who are not likely to stay in a motel. Real estate development would be a good fit for this target audience.
4. First-time homeowners.
This specialization is all about great communication and educating your client on the entire process of home buying. If you pick this group, the first thing you will want to do is begin educating yourself on the different programs and benefits to the buyer. This is going to come in handy if your buyer asks for financial assistance or asks about different programs they have heard of in the past. This niche would be great for someone who is patient and has excellent communication skills.
5. Up and Coming Areas.
Is there a location in your city that you think of when you hear the phrase "up and coming?" That is what our next niche is all about-targeting audiences that are early adopters. This group includes people who are ready to take risks and capitalize on an area they feel is going to go up in value. This specialization would be great for someone who stays up to date on current events and relies on the power of data and changing property values.
6. Specific geographic areas.
Projecting your message to a specific area is a great way to identify yourself as an expert. Your first task, after picking an area, is figuring out what makes those home buyers/sellers different.. An example of someone who would flourish using specific geographic areas as their target market would include people that are passionate about community or volunteering. Another example would be someone who works in an area where they grew up in and knows a lot about its culture and history.
Here are some targeted audiences we didnโt mention that you can also research:
๏ปฟ
- Expired Listing
- Current FSBOs
- Affordable Designed Flips
- Luxury Listings
- Waterfront Properties
- Small, Targeted Market Segments
- Off-Market Properties
- Single-family residences
- At-Home Closings
- Referrals from Colleagues
- Architectural Niches
- Specific Demographics
- Unique Lifestyles
Remember to be yourself and choose who your targeted audience is based on your previous successes and where you live. This will save you time and allow you to grow as you gain more experience.
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