Developing a Niche Market
After a whiplash-inducing year of a pandemic, political upheaval and racial tension, not to mention a housing market on steroids, Realtors® may be ready to take a step back and reevaluate their business plan. For many agents, farming a neighborhood is a tried-and-true path to a pipeline of referrals. Others develop a niche based on their expertise and interests, such as deep knowledge of contemporary architecture, a desire to help first-time buyers achieve their goal or speaking more than one language. Some agents choose a niche. In other cases, a niche chooses them.
“Our business is ever evolving and we need to be more flexible than ever to compete, do a great job and stay in this business,” says Lucinda Aguila, a Realtor® with Long & Foster Real Estate in Alexandria/Kingstowne Center. “Pick something you enjoy doing and want to wake up and do every day. Perfect it and do the best job for your clients.”
Finding a niche to help your business thrive
After 15 years spent in marketing, Bobbi Desai, a Realtor® with Century 21 Redwood Realty in Leesburg, knew she wanted a niche for her real estate business. After 18 months as a Realtor®, a branding exercise with her mentor helped her recognize the niche she was building.
“I looked back over the clients I had worked with and realized that I had worked with a lot of families with special needs,” says Desai, whose child has special needs. “I didn't seek them and they didn't seek me...they were leads from my company. But there was a connection there and I was able to use my own unique experience to serve them.”
Desai says her mentor asked her the following questions to help her identify her niche:
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Who are you?
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What are you?
For Aguila, being born and raised bilingual naturally led to a niche with Spanish speakers.
“I saw a huge gap of misinformation in the Hispanic community regarding real estate; most were lifelong renters because they were ill informed on their purchase power and the steps they could take,” Aguila says.
Aguila also works with many first-time buyers.
“I realized most materials were in English, so I started with in-person seminars in Spanish for first-time homebuyers,” she says. “I’m also active in the communities I serve, sponsoring schools and simply talking to people in the neighborhood and at local organizations that provide outreach programs and volunteering in different areas.”
For Damon A. Nicholas and his son Ryan Nicholas, both Realtors® with Coldwell Banker Realty in Fairfax, basketball players turned out to be an unexpected niche.
“Over 30 years ago, I organized men to play pickup basketball at the local school gym to get some good exercise in after work,” says Damon Nicholas. “We would play hard and then go relax and recover with a few drinks -- usually as much Gatorade as anything else. It led to many good clients and referrals.”
While Damon retired from rigorous play, his son Ryan runs the group now. Damon continues to work through other niches such as children’s sports teams, a couples’ bridge group and pickleball.
Some agents develop military families as a niche because of their personal military experience, while others, like Areizo Anderson, a Realtor® with Long & Foster Real Estate in their Alexandria/Kingstowne office, get into it when they meet military families at nearby bases.
“Military friends shared how the homebuying process in an unfamiliar area where they don’t know about … traffic patterns and everything else is one of the hardest things about moving,” says Anderson. “It quickly became apparent that these are areas of worry I can help them with so they can make a sound decision.”
Anderson spends time educating military families on the area over Facetime if they’re not local or by driving them around before they start looking for homes. But that’s not her only niche. She volunteers with the fire department, so many of her clients are paramedics and firefighters she meets through that work. Anderson, whose parents immigrated to the U.S. before she was born, also speaks Farsi.
“The homebuying process is literally your biggest investment in life and it can be intimidating for people when English is not their first language, especially because of all the paperwork,” says Anderson. “I am able to ease that concern for my clients and translate for them so they understand everything they are getting into.”
For Jason Walder, a Realtor® with Compass real estate brokerage in Arlington, an interest in architecture developed into his real estate niche.
“I've got a deep passion for art, architecture, furniture and design,” says Walder. “Putting those interests out into the world often enough helps me curate the type of business that interests me on a level beyond standard business transactions. I'm thankful every time I get to work with a client who aligns with my personal interests.”
Tips for making the most of your niche
Marketing to your niche is an essential component to generating referrals.
“Consistency is key and keeping the momentum going in the right direction is the name of the game,” says Walder. “Find something you are truly passionate about because insincere enthusiasm can be spotted a mile away. Learn as much as you can and become a resource for anyone interested in the field you are focusing on.”
For Aguila, that means making sure all her materials and communications indicate that she speaks both Spanish and English. For Damon Nicholas, marketing to his niche means consistently showing up to events and being prepared to say something about the status of the real estate market since someone nearly always asks about it.
Desai says her niche drives everything she does from social media to sponsorships and networking to mailings.
“I've worked to establish myself as a resource for families like mine,” Desai says. “I became a volunteer, sponsor, donor and board member of The Arc of Loudoun, a nonprofit that provides resources for families with special needs. I connect with other special needs parents who own businesses and we support each other and are a source of referrals for each other.”
Understanding the specific interests and priorities within your niche can strengthen your relationships, improve your customer service and expand your referrals.
“Being a special needs mom has taught me that, at the end of the day, everyone just wants to feel special,” says Desai. “I try to make everyone I know feel special by doing regular pop-bys and mailings. It's what I have become known for amongst my sphere. It brightens people's days and the kids always look forward to my visits. I try to make sure my pop-bys address all ages and abilities and any current struggles.”
No matter what niche you develop, a thoughtful approach to every clients’ challenges and concerns can earn you a reputation as a Realtor® who cares.
Michelle Lerner, a freelance writer based in the Washington, D.C. area, has been writing about real estate and personal finance for more than 20 years.