Let me guess…you’ve heard time and time again you’re supposed to “niche down” as a real estate agent. But as hard as you try, you just CAN’T bring yourself to pick a real estate niche.
The resistance creeps in.
The reasons why you just can’t fill your mind.
And no matter what your intentions are…you always go back to serving anyone and everyone who will hire you.
You know deep down that choosing a real estate niche is the difference between any other agent and someone building a real estate empire.
When you niche down:
- Your marketing gets easier.
- Clients start coming in like wildfire.
- And you become that go-to agent that everyone and their mother wants to work with.
But even though you know it’s the right thing…you stay stuck in generalist territory.
If you’re anything like most members before they join The Listings Lab, your fear of niching down most likely comes down to one of four things.
The 4 core fears that hold agents back from picking a real estate niche are:
- You’re Afraid Of Turning Away Business
- You’re Afraid Of Feeling Boxed In
- You’re Afraid Of Choosing The Wrong Niche
- You’re Afraid Because You Don’t Know How To Choose A Niche
Let’s explore these four fears that could be holding you back from niching down and building the seven-figure real estate business you deserve.
But real quick, let’s take a minute and understand what I’m talking about when I say niche.
What Is A Real Estate Niche?
When it comes to real estate and talking about niching, it’s helpful to think of your niche as your who and your what.
You need to be able to answer the questions:
Who is your target market?
What is the solution you provide them?
In the age of the internet, the role of the agent has shifted dramatically. As agents, we’re no longer simply the keepers of information. And our clients aren’t just looking for someone to open a door for them.
Those days are long gone.
Which is why it’s SO important that we’re clear on the tangible value we provide – and who we provide it to.
And one more quick note about the niche…
I am NOT talking about geo farming, here. Your ZIP code is not a niche!
Some better examples of real estate niches could be:
- First-time buyers
- The LGBT community
You get the idea.
Now that you’re clear on exactly what I mean when talking about your real estate niche, let’s get into some of the four core fears that might be holding you back from picking one.
You’re Afraid Of Turning Away Business
This is probably the most common reason why so many agents resist choosing a niche.
And while it may seem like you’re limiting yourself when you focus on a niche, it’s actually the opposite.
When you target a specific group of people all with a specific problem, it makes your real estate marketing strategy 1000x easier.
Because here’s what you need to remember…
As a real estate agent, you actually have two jobs.
You’re a real estate agent.
AND you’re a marketer.
You can’t be a great real estate agent if you’re not at least a pretty good marketer.
You can be the best realtor in the world…but at the end of the day, if you don’t have enough clients to serve, then it’s kind of a moot point, right?
When you niche down, you’re able to target a specific group of people and speak directly to them.
In their own words, creating an emotional connection, and touching their hearts and minds.
And it doesn’t just affect your marketing.
It helps you create a service perfectly tailored to your ideal client avatar.
And when you know how to anticipate every need your ideal client has, you become the best of the best.
You become the expert at solving THEIR specific problem – and people start to notice you for it.
When clients start seeking you out for your expertise, you’re able to charge more.
Inbound clients aren’t the type to haggle on commission.
Choosing a real estate agent niche completely shifts the power dynamic and it completely shifts the way you run your business.
You start doing your best work because you’re working with people you LOVE and you’re creating life-changing solutions for those people. And those life-changing solutions create a whole lot of buzz and referrals for your business.
There’s so much real estate noise out there, and picking a real estate niche helps you cut through it.
You Don’t Want To Feel Boxed In
The second common fear I see that holds agents back from choosing a real estate niche is fearing they’ll feel ‘boxed in’.
Here’s what you need to remember about picking a niche…
Choosing to tailor and market your services to one specific ideal client doesn’t necessarily mean you can never work with anyone who falls outside that category.
I’m not asking you to get rid of half your clients!
It just means your marketing is going to be dialed into one particular type of person, which makes attracting clients so much easier.
If you happen to attract someone who falls outside of your usual ideal client, you can still choose to serve them if you think you’ll be able to get results.
In the age of the internet, we HAVE to be able to step up our marketing as agents, and picking a niche helps us do that.
Gone are the days when we choose to specialize in a location and get clients using old-school techniques like handing out fliers and cold-calling.
Successful real estate agents instead implement highly-targeted, leveraged marketing strategies to reach their ideal clients at scale.
The other thing to keep in mind?
You’re not stuck with your niche for life.
Your niche is going to evolve, expand, and refine itself over time.
Don’t hold yourself back from picking a real estate niche because you think you need to be married to it for life.
You’re Afraid Of Choosing The Wrong Niche
As I just mentioned, you’re never stuck with your niche, but even so…maybe the fear you’re going to mess it up has kept you from niching down.
Your niche is going to grow as YOU grow.
For example, as a new real estate agent, you might say you want to help first-time buyers.
But are you going to want to work with first-time buyers for a decade?
Your niche may also evolve while the market evolves.
Say you start out serving upsizers. Those clients might not be upsizers forever. They might end up being downsizers. Over the years, you might see the needs of your market shift, and your services will evolve with them to continuously best serve your clients.
But just because your niche may not be yours forever doesn’t mean you shouldn’t put some serious thought into your real estate niche.
How To Pick A Real Estate Niche
You want to put time and effort into researching and evaluating your niche.
Here are two things you want to take into consideration.
Your Demographic and Experience Level
If you’re 25, you’re probably not going to want to serve downsizers.
Because you’re not at the stage in your life where you’re going to be able to resonate with them on a deep level.
You won’t be able to fully understand all of their pains and problems.
Your niche is going to work best when your ideal clients feel like you genuinely ‘get’ them.
- Are you a military spouse? Military couples will be drawn to you.
- A total family man? Families looking to relocate might be a great niche for you.
- A successful real estate investor? Investing clients will look up to you and feel you have the expertise and authority to guide them.
Take a look at your personality, lifestyle, and experiences to see what kind of ideal client avatar would be a match for you.
Your Market Needs
The second thing you’re going to want to take into consideration is the demographics in your market.
For example, say there are 10,000 people in your market every year who are upsizing, and there are only 1000 people each year who are downsizing.
Well, you’re going to want to pick the upsizers.
You want to make sure your niche is large enough so you’re able to hit all of your financial goals.
You Don’t Know How To Choose Your Real Estate Niche
Maybe the reason you haven’t been able to pick a niche isn’t so much because you’re afraid, but you simply just don’t know how.
I remember feeling this exact same way.
All the advice I was hearing at the time was telling me the way to pick a real estate niche was to go the geo farming route.
But deep down, I *knew* that wasn’t right.
So I decided to get really clear on:
- Who I actually wanted to serve and who was going to resonate with me
- And what was actually happening in the market from a demographic standpoint.
Once I got clear on those two things, the niching process actually became a whole lot easier.
Profitable Real Estate Niche Ideas
To get your wheels turning, I want to list some examples of niches that work really well, and that the members in The Listings Lab have had a lot of success with.
- First-time buyers
- Seasoned investors
- Corporate professionals
- The LGBTQ community
- Expats/Relocating professionals
- Empty nesters
The important thing is that you’re using the exact term that your target market uses.
So make sure your ideal client self-identifies with whatever term you choose to address them.
That way, they’ll be able to see themselves in your marketing content and think, “YES! That’s me”.
By finally committing to a real estate niche, you’ll be able to:
- Attract more inbound leads, effortlessly
- Become the go-to agent for your ideal clients
- And build a more streamlined, scalable business
Want to learn more about how niching down helps you bring in a steady stream of leads?
Download The Listings Lab Guide and learn how to fill your calendar with appointments – all without using fake or sleazy tactics.