One of the most appealing factors of a career in real estate is the diversity of offerings. With so many markets, you could easily work with a variety of clients each month from all over your state, across the country and even internationally if you so choose. However, you may also decide to concentrate your efforts on a particular market, learning the nuances of the properties and customers that more diversified agents may miss.
This isn’t always something that’s an intentional career move. Over time, some agents are simply drawn to a particular niche that suits them, or they discover a passion for a certain area of the business. If focusing on a niche seems appealing to you, the first step may be to obtain a general understanding of the factors involved in the most common niche markets.
A tough market to break into
While not every real estate agent can have a TV show about selling homes in exotic locations, vacation homes represent a niche market that requires local expertise. If you happen to live near a resort or destination town, this may be just the market for you. Even if you are not in a vacation spot, your location likely has luxury homes that will attract affluent buyers and carry big commissions. However, it is not an easy niche to break into, and you may have to make a significant marketing investment.
You may also want to specialize in condominiums, for-sale-by-owner properties or short sales, each of which requires some special knowledge and skills to close the deal.
Be a people person
Instead of focusing on certain types of properties, you may want to think about narrowing your focus to potential customers, such as the following:
- First-time homeowners: Buyers with no experience will need someone who can patiently guide them through the complex transaction, appreciate their level of anxiety and never assume they already know what happens next.
- Singles: No longer is home ownership limited to married couples. About 55 million single Americans own their own homes.
- Seniors: Budget constraints and physical challenges are only two of the special considerations of this population of homebuyers.
- Hispanics: This growing minority group will need agents who understand their unique needs and can help them focus on their goals.
Your own geographic location may offer other choices for niche markets that are begging for someone with the expertise and knowledge to serve them. It may take you years to discover your strengths and passions in the real estate world, and the more you learn about your career, the more you can feed that passion.