At this January’s Inman Connect conference, several of us at CENTURY 21 Redwood Realty had the pleasure of seeing speaker John Henry. One of his most notable quotes was: “There’s riches in niches.” Henry was referring to finding a niche in the super-competitive world of New York City drycleaners – specializing in handling the cleaning needs of movie wardrobes. That same motto, however, holds true in the real estate world. There are so many benefits to dominating a tight niche market in your real estate business, whether it’s a specific farm area or your local church group.
We reached out to our amazing group of real estate agents for their thoughts on why niche marketing is so effective, and here’s what they had to say about the consumer experience and that effect on your business:
“Consumers will come to you as the expert in your niche, and your reputation will grow into a great business. Stay engaged though, and make sure your reputation stays stellar [in that niche], " says CENTURY 21 Redwood Fredericksburg agent, Anne Overington.
Fellow Fredericksburg agent Suzy Stone agrees with Anne about maintaining your reputation: “Reputation in a specific market is key. Getting it done gets the referrals…over and over and over.”
Real estate agents can also potentially benefit by narrowing their business’ focus:
From Washington, DC, CENTURY 21 Redwood Realty agent Judy Glazer noted: “The benefit for an agent, I would think, would be easier and possibly less expensive marketing costs, as you are limiting your target audience. I would think it makes it easier to manage as well.”
Fellow Washington DC agent, John MacArthur, agrees, adding, “Knowledge is power. Targeting areas or groups allows you to become the true expert.”
While the initial impulse of many agents in real estate is to try and be everything to everyone, you may find it instead pays off for you and your clients to focus your marketing and attention on a core group or area. After all, being the big fish in a small pond isn’t a bad thing to be!