So i read a lot about finding a niche, but i see no real examples about what a good niche may be. How do you decide? Is specializing in a development a good niche? Or because i live in az maybe specialize in golf resort homes, but that may be to general...

So for those who have them what is your niche, and any advice on how to go about deciding on one or for those who dont do you just shot gun it and throw a bunch of mud against wall and go with what sticks?

Thanks

If you want a very general business or a well defined niche is very much a personal choice. If you don't feel comfortable knowing an area to specialize in then you may want to remain more general in your business until you find a niche that seems to work for you.

Having come out of the aerospace engineering business I was already used to more paperwork and dealing with corporate clients so it is not surprising that I am now doing REO exclusively.

You may have just said it . . . . Lots of Mud. Only you know what opportunities exist in your market; opportunities that are not being addressed by your competitors as well as they could be by YOU.

We've got a Guy up here who does Mobile Homes; when most people were turning their noses up at the very prospect of becoming involved in Tin Cans and Trailer Trash, he held his nose and did it. He's the King of Mobile Homes in this area. Not much money per unit; but he moves a LOT OF THEM. He buys them and sells them, and he rents and he lists them. He even takes them to the Dump (or Scrap Metal Dealers now).

For a while there, First Time Home Buyers could only look at Mobiles and so he was "The Man"; but now the Financing for Mobiles has schriveled up and so have his sales. So he's got a rental business that's thriving. I don't know if he's allowed himself to get "Type Cast" ? That's always a concern.

We have other people who specialize in servicing certain groups of people . . . . Can I say Gays and Lesbians on here ? Since we introduced Civil Unions in Vermont, this is a haven. You don't have to change you sexual preferance to sell to these Folks . . . . just be honest ! Some Agencies are completely Out of the Closet and sell the whole house to go with the Closet !

Niche people decide on a target audience and advertise in special publications that cater to those special groups. Maybe Horse Lovers; Maybe Cliff Repellers; Maybe Wild Mushroom Enthusiasts. The Mushroom People are one of my favorite Groups.

Because we have so few people of any kind, I've never specialized for fear of leaving someone out . . . .So I only deal with Homosapiens . . . . All of Them, provided that they have money.

I've toyed with servicing the Jehovah's Witness Community; sold quite a few; but their allegiance is to the closest Real Estate Agent who also happens to be a Witness. I can't fake that. Maybe I've said too much ?

When you're starting out, try to work with whoever and wherever you can. Once you're in the business for a year or so, you'll start to get referrals from certain clients that run together and that'll help you to slowly develop your niche. You could work to spend a lot of money and go after one right from the start, but I'd just go out there and let one develop. Just make sure you pay attention to your clients and you'll be able to start carving one out.

Georgia first time home buyers are my primary niche. Through research, I've learned that they are often long on smarts, short on funds for a down payment and are very clear about their wants and needs. To address their concerns, I researched Georgia Down Payment Assistance programs and became knowledgeable of the various foreclosure properties and builders who are now willing to negotiate their prices. I'm not quite where I want or need to be with this niche, but the phone is still ringing.

Thanks all some great advice. Yes Kev that sounds like the best plan, thanks again

hi, i would like to suggest the method for finding niche markets..
there are a lot of ways and it really depends..first you either need to find a problem and a solution to that problem or find what users are searching for on a day to day basis
keyword analysis is very important and by simply researching what users are searching on a day to day basis you can find easy niche markets
I posted a video on manipulating and dissecting keywords to your advantage - it shows you the proper tool to research and how you can manipulate the data or dissect the data to yur advantage.
but finding a niche market can depend on several aspects, do you enjoy the niche, what do you enjoy, passion of money, problem or solution etc
there are many factors you want to consider...thanks

I agree with Kev on this one. When you are a newer real estate agent, work with anyone and everyone you can. If you are hungry, you surely will find the business. As you start to work in the various aspects of the real estate business (from investment property, to listings, to first time buyers, to commercial property, etc), you will find the type of business that you like. You will also find where there may be a need and where you may be able to fill a niche.

For example, our team in Minnesota has a niche with investment property. We started this about six years ago and now it has become a core component of our business.

When starting out however, just put forth a daily effort through working with all types of clients and various forms of real estate. Over time, you will find that niche that you like!

I hope this helps.

Not sure if I read it here or elsewhere about a new agent that came onto the scene specializing in investment properties. He told the agents in his office "I am an investment property specialist, I won't compete for your regular listings, just send all your investors to me". Made over 100k his first year.

Good business sense...most Realtors don't know about Subject 2, wholesaling, Options, Wraps, etc. and would be happy to send investors to someone who understands.

I would do it if I were a brand in RE, it's just that investors don't EXCITE me. I love taking on an expired or FSBO and teaching them what needs to be done to sell their house.