Niche marketing is when you decide on a particular target you want to go after, then do whatever it takes to become the very best market expert on that niche, and finally market your expertise to that niche. It sounds simple, right? But there’s a lot packed into those three steps.
First, why should you niche? To help answer that question, we can take a look at some examples outside of real estate. Doctors niche all the time—we have neurologists, podiatrists, endocrinologists, and even surgeons that specialist in a particular surgery technique. These doctors do very well and charge a premium for their specialty services. Mechanics niche as well, sometimes by car manufacturer or by style (like classic cars) or even by a specific system within the car (like sound-system experts). I’m sure you can think of even more practical, real-life examples of professionals who niche effectively.
So why does niche marketing work so well for real estate agents? It’s because so few agents decide to become a niche marketing expert.
So why does niche marketing work so well for real estate agents? It’s because so few agents decide to become a niche marketing expert. The reason for that is that they are worried about limiting themselves and being too specific and too micro-marketed, causing them to lose out on business. Because of these fears, most agents choose to be generalists instead of specialists.
However, agents who choose to become specialists, who take the time to really become an expert in something, to learn about it and to be come fluent in it, they have the opportunity to have some incredible success. I’ll give you a couple of examples.
The Equestrian Specialist
Imagine that you love horses. You ride horses. You know lots about what it takes to care for horses – like the kind of land is needed, what kinds of barns and arenas are needed, you know what kind of footing is needed so that a horse can get around well. You have specialized knowledge about the kinds of concerns that an equestrian home-buyer or seller would find valuable!
The Waterfront Specialist
Let’s say you want to be a waterfront expert. Maybe you know about owning a boat or you live on a lake. You understand that there are special agreements that waterfront owners have to obey. You understand there are special setbacks and rules for what can be planted on waterfront property. You know the difference between kinds of waterfront barriers. You’d better know every lake around you and every sale from the past 10 years. You need to know about docks and whether a property can permit a dock. There may be a moratorium on docks on one lake and another may not allow additional dock permits.
You can’t just decide to become a specialist one day, you have to develop that special knowledge, like the above two examples. You have to be willing to do the research and the work. You have to know what you’re talking about.
That Sounds Like a Lot of Work!
I will tell you then my agents who are niche marketing experts absolutely LOVE it! Once they have mastered the art of being an expert, they never want to go back to being a generalist. Not only are they working more with a type of property that they love, their clients appreciate them for their specialized knowledge and recommend them to their friends who share the same hobby and niche interests. These agents end up making MORE money because of their specialty – not less!
They present their expertise to their market with mailings and annual reviews – which is why it is also important that you learn how to become a reporter in that area. So, if you are an equestrian expert, you share information that is of interest to equestrians. If you are a lakefront person, you share news about what’s going on in lakefront care and development. Make sure that when there is news related to your specialty that you are the one sharing that news – that you are the expert source on that kind of property.
When I started in niche marketing, my niche market was a geographical farm. I started in a real entry-level townhouse community, but no one knew more about that area than I did. I knew every sale, I knew every event that happened in that development. I knew if there was a police report filed – I knew everything! And that’s what becoming a niche marketing expert is all about.
You too can become a niche marketing expert. Get out there and explore a type of property that you love and understand. Do your research. Cultivate a reputation. Do your research and you can absolutely do well becoming a niche marketing expert!
All throughout March, we are going to be focused on niche marketing in our Zebra Reports and on our Denise Live! Tuesday trainings. If you have been thinking it is time to find a niche, but aren’t sure where to start, join us. You can join Club Zebra FOR FREE which gives you access to all of my niche marketing ideas in March.
By Denise Lones CSP, M.I.R.M., CDEI – The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.
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