How to Find Your Real Estate Agent Niche and Really Stand Out

As an agent, how many times have you been asked by the person you just introduced yourself to what your focus area is in real estate?

Do you enthusiastically respond—diving deep into details as to what type of day-to-day services you can offer?

Or do you answer with something vague, hoping to appeal to the other person in case they might be a potential client?

Well, we’re here to tell you that smart agents know that to win more real estate business, you need to come out looking like an expert.

That’s because properties are often expensive investments. So the likelihood of someone hiring an agent that makes sure everything goes well when buying or selling their real estate assets is still relevant to this day.

Why Does a Real Estate Agent Need to Find a Niche?

The real estate industry is a massive business and will continue to be for decades to come.

In fact, global real estate is worth a whopping US$326.5 trillion as of 2020, according to Savills research.

Who wouldn’t dream of pocketing even the tiniest fraction worth of commission of this amount?

So as a real estate agent, one effective business strategy is to have a niche.

Since you may be representing a market that has its supply challenges or perhaps high adaptability in technology, you want to channel your energy and resources where there’s a positive return. Therefore in this case, not only do you need to power up your human skills, you need to highlight your hard skills where it matters.

When you do find and represent your niche rightly, you can soon see potential clients who call you up when they need an expert’s opinion on their investment goals.

Step-by-step: Finding Your Agent Niche

To have better exposure and outcome in your business as a real estate agent, learn everything there is to know about your niche. You can start by choosing one focus per category on each step:

Step #1: Pick a property sector

The two most sought-after categories have agents splitting between residential and commercial real estate. In essence, a property used as a primary human abode is considered residential. Whereas, a commercial property can be further split into other categories that serve a particular commercial purpose.

Residential

Agents and brokers in the residential category find themselves eyeing clients who want to live in high-rise apartments or condominiums, houses, or townhouses. You can further subdivide which type of home you want to build expertise on – more on that later.

Commercial

In commercial real estate, particularly the office sector where big firms vie for brokerage exclusivity on the latest skyscrapers, newcomer agents in this field find themselves choosing between two service teams: tenant and landlord representation.

You can either work your way onto finding clients for the upcoming Grade-A building in the central business districts (Landlord) or negotiate on behalf of startups or multinational companies looking to move out at the end of their current lease to a newer, swankier office (Tenant).

Industrial

The warehouse sector has dynamic correlations with a nation’s economy. In developing countries, a big demand for this sector results in increased jobs that contribute to the nation’s GDP. When this happens, local and international manufacturers see this as a good sign and therefore demand more industrial properties.

Brokers and agents dealing in this category tend to be quite technical on a legal or macroeconomic scale.

Vacant land

Perhaps the least glamorous among the four, this sector deals with raw land, public domain lands, ranches, and farms. Some real estate brokers, agents, and appraisers prefer this niche because, despite long months of due diligence, there is less competition. This gives them the ability to plant their seeds of knowledge and expertise in the whole process.

Also, since they usually deal with large acres of land, the oats reaped can prove to be a massive payout.

Step #2: Choose a contract type

When it comes to the frequency, amount, and efforts of closing deals, you can create a formula that matches you.

Do you like big sporadic transactions? Do you have the ability to paint a vivid representation of the apartment in the minds of your prospects? Then check out some of the advantages of the following:

For Sale

The essence of being a real estate broker or agent is helping facilitate the purchase and sale of properties. It’s what turns an agent from entrepreneurs to investors to eventually sellers of their own properties themselves. And one of the benefits of making killings in real estate is the “rippling effect”. This means that the more you sell, the more you capture the attention of new buyers and sellers resulting in more sales.

As easy as that might sound, remember that real estate sales are for the strong-willed. Due to the numerous factors involved in a single sale, both internal and external, one needs to stay on top of their game in order to keep going.

For Lease

Two words – recurring income. A good property manager in any sector can charge fees between 8-12% annually. Since the services for the upkeep and maintenance of properties can be demanding, the success of managing the majority of properties in one neighborhood lies on your undivided attention, which could mean not actively prospecting for clients to sell properties to and only focusing on the needs of tenants and landlords.

Project Selling

Project selling, pre-selling, off-plan, pre-construction, new developments—these are the terms you will come across as an agent that markets and sells the property before a structure has been constructed upon it.

The advantage of focusing on this real estate niche is that an agent may end up selling a bulk of properties to a group of investors one project launch at a time. Frequency is key since the job is primarily to sell and leave the after-sale responsibilities to the customer service team of the property developer.

In most cases, if you work for only a single developer brand, you get an allowance and substantial perks and incentives.

Foreclosed

Just like vacant land, foreclosed properties might be the least commonly chosen niche due to their tedious paperwork. However, if done RIGHT, helping buyers flip houses can build notoriety that will be the envy of your peers.

Why? It’s because you can become the realtor that people can perceive to bring them good deals before anyone else finds out, or at least give them a big bang for their buck. Buyers and investors will crave your latest take on properties that can promise a profit of 10-30%!

Step #3: Learn the locality

Finesse to Success - Find a Real Estate Agent Niche - Learn the Locality Expert

The locality is a particular area or neighborhood, that is known for distinct livelihood activities. Since clients are now able to search for homes online and some sellers may advertise their own property, it pays to know the ins and outs of the neighborhood you’re in that clients may not find in the mainstream.

Now, being a neighborhood expert is not just about memorizing street names and building numbers. You must be knowledgeable of many other things such as recent real estate transactions, modes of transportation, and nearby daily essentials.

It also helps to know key connectors of people in the locality especially if you have prospects new in town as it builds your reputation of being a person of value in your work and in your community.

If you're currently in the job search, check out the vacancies for real estate showing agent on Jooble near you.

Step #4: Determine the demographics

Finesse to Success - Find a Real Estate Agent Niche - Decide Demographics

Demographics play a huge part for an agent who wants to stay consistent and relevant.

Let’s cite one example. Imagine a property agent in Bangkok with Malaysian-Thai descent, who is able to speak three Asian dialects: Mandarin, Cantonese, and Thai. The chances that he would be the preferred agent of Mainland China or Hong Kong investors are quite high as they could provide the solution to the language barrier between the buyer and seller.

In another example, a Gen-Z agent (anyone born from 1997 onward) might face more challenges tapping four generations before them. Most Baby Boomers they would meet could be more inclined to work with a broker with years long of expertise in the business, versus a neophyte in the industry.

So determine which group you can confidently build a rapport with and let these people help build your business in return.

Step #5: Select a market segment

Finesse to Success - Find a Real Estate Agent Niche - Select market segment

For the final step of finding your real estate niche, an agent can take a page from branding books suggesting to put thought into whom you wish to align yourself with. So ask the question: which audience are you most likely to connect with?

Luxury

The unique selling proposition of the luxury market is value and time. For the landed villas and houses, it’s a lucrative market since real estate developers bet on the home’s value over time. Many investors put their stake in its quality of being passable to the next generations. Brokers and agents of this market require patience, a good amount of connection, and a well-maintained reputation.

Upscale

The majority of properties in this segment are based on the lifestyle and work availability in a community. Often, the highest demand is in central business districts particularly because renters are outsmarting the constant hassle of commute and now choosing to live where they work. Agent who sells or rents out properties in this segment will find themselves constantly on the go just like their clientele, booked with numerous property showings.

Mid-end

The middle end is where convenience and needs meet. New and existing developments offer visibility and accessibility of basic human needs that attract buyers and tenants in this segment. Most buyers are likely to explore their mortgage options as they have a steady source of income so agents who have good knowledge or relationships with banks have a known advantage.

Affordable Housing

Affordable housing usually caters the rural areas because of lower demand compared to the city center. Agents who tap this segment here bet on the bulk of buyers in need of a new home.

Top Tips for Real Estate Agent to Stand Out in Their Niche

The real estate industry is a competitive one, and that means there are plenty of agents who are ready to do whatever it takes to get the sale. So if you’re looking for ways to stand out from your competition, here are some helpful tips:

Tip #1 – Be Consistent

Your personal brand should be recognizable wherever potential clients see it—whether that’s online (listings website or social media) or offline (at work or casual outings).

For one, you can update your online presence regularly and make sure they look professional. Then, you can practice consistency in your communication style by showing a high level of effective communication at all times.

Tip #2 – Utilize Resources

When starting out as a real estate agent, you need to know how to allocate your readily available resources in building up your niche. Chances are, you have a limited budget in marketing and less time to do all the work it takes a top-producing agent therefore you need to be resourceful.

Use the power of free marketing through social media, the strong and growing network of your sphere of influence, and the convenience of talent outsourcing for the needs of your operation.

Tip #3 – Maximize Your Presence

As a real estate agent, there’s a good chance your trustworthiness is being judged by how you present yourself to the world. So it’s vital to work on creating great first impressions that would showcase best your chosen niche. To do this, start by building up your work ABCDs—appearance, behavior, communication, and digital footprint.

The good news is, that platforms like our blog exist to help realtors elevate their professional presence. Check out some of our most-read articles:

Tip #4 – Never Stop Learning

The best real estate agents are always looking for ways to improve and expand their knowledge. Staying on top of industry trends means taking continuing education courses, personal development classes, reading trade magazines, and attending industry events among others.

As a Final Note…

Finding your niche as a real estate agent is just the beginning. The real work begins once you commit to being the best in your field because it would naturally make you want to stand out from the competition.

Ultimately, businesses need to have the right direction to end up at their desired destination: success. So as a real estate agent driving your own ‘entrepreneur van’, you must use every tool at your disposal! Have a strong roadmap on how to navigate your real estate career otherwise, you might run out of gas, get a flat tire, or worse, find yourself at a dead end.

So bookmark this post, and share it with your team so you have a quick guide to when you need to regain focus in finding your strengths that will bring forth a thriving real estate career!

— First published on December 5, 2019