9 Hot Real Estate Marketing Niche to Double Your Gross Commissionable Income (GCI) in 2022 and Beyond
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Some of the most reliable real estate agents in Lagos have honed their marketing niches to certain geographic locations, property types, or customer groups.
Many agents are knowledgeable in various aspects of real estate, while others specialize in specific areas and become an authority in those areas.
Choosing a specialty that interests you might be a profitable strategy. Determine your area of interest and concentrate on it.
Top Real Estate Commercial Niche Possibilities This 2022
If you believe that there’s a niche for almost any passion–well you’re not wrong. See these marketing niches for the real estate business.
9. Properties for Sale by Owner (FSBOs)
Don’t dismiss for-sale-by-owner properties as unworthy of your attention. In many situations, these sellers will quickly realize that they lack the skills necessary to successfully advertise their property and will choose to list with a real estate agent.
Make a strategy for assisting these sellers in learning how to advertise their homes. They’ll frequently recognize the task’s intricacy and decide to list it. If you’ve been their advisor, you’ll almost certainly receive the job.
8. Vacation Rentals and Resorts
If you live in a location that invites vacationers and people searching for getaway houses, this might be a very lucrative niche market. With most prospects coming from outside the area, a solid internet marketing approach may position you as the local expert and dramatically reduce competition.
Providing useful information to out-of-area purchasers will bring in new business, and they’ll almost certainly become your sellers as well.
7. Hispanics homebuying group
With a median age of 27, this demographic is projected to make up a sizable portion of the first-time homebuyer market.
Examine marketing outlets that appeal to this demographic, then assess and meet their wants. There is even a national organization of specialists on this topic.
6. Homes for Singles
This specialty offers many opportunities for real estate professionals who can understand and satisfy the various needs of these heads of households.
5. Seniors constitute a sizable market.
Seniors are a great niche market because they have different income considerations and unique housing requirements. Determine their needs and customize marketing and services to them, such as focusing on 55+ active senior communities.
Check the SRES® Designation to position yourself as a specifically qualified expert meeting the needs of this age group (Seniors Real Estate Specialist).
4. Luxury homes
At first appearance, the luxury housing sector appears fairly appealing, with high home prices typically resulting in big commissions for agents. And while these residences do result in a bigger per-transaction commission, don’t be fooled into thinking there aren’t some drawbacks.
Luxury houses have specialized marketing, which necessitates a larger listing brokerage investment. Overall, low-priced properties have a similar percentage of net profit after marketing. For some, this is an excellent niche, but not for everyone. Only a few agents are truly successful in this field…at least in this sector.
3. First-Time HomeBuyers Assistance
First-time homebuyers are unfamiliar with the process. They’re worried about finance, inspections, and almost every aspect of the sale. They desire and require your assistance.
It’s a wonderful feeling to assist someone in purchasing their first house, and this niche market is quite large. Develop marketing and transaction information resources to help them comprehend the process and see you as the expert they need to get them through it. They can be a big source of future referrals and repeat business.
2. Buyers and Sellers of Condominiums
The number of condominiums in Lagos, Nigeria has increased dramatically, notably in resort and vacation areas. A resourceful real estate agent can exploit this specialization.
Many condo owners only use their units occasionally and want to rent them out at other times. Another area where you might be an expert is assisting them in selecting the most rentable homes or the most suitable temporary tenants.
- Homeowners with Distressed Properties
A slump in the economy doesn’t have to entail months or even years without a commission check. People amid the crisis require hope as well as shelter. Consider specializing in short sales, foreclosures, and bank-owned (REO) properties.
Marketing 101: How to Identify Your Real Estate Agents Niche
Few real estate agents can — or want to — serve all of their clients’ needs. The most successful real estate brokers have carved out a niche for themselves and kept to it.
A niche caters to a specific sort of client—for example, buyers or sellers—or a market location or property types, such as condos or commercial real estate. Some specializations are more frequent than others, and some have proven profitable for agents. It’s never a bad idea to specialize in something you enjoy.
- Only work with a specific type of property
In this area, you have a lot of options. You can work as a commercial property specialist, marketing commercial structures, or single-family residential home specialist. Farms and ranches, or solely land sales in more remote locations, could be your niche.
You could even limit yourself to only condos. Some real estate agencies in major condo areas have branded their websites with “XXX Town Condos.”
- Concentrating on a Single Geographical Area
For some agents, specializing in a single subdivision has been successful, especially when they have vast subdivisions in their geographical areas. “farming” refers to concentrating your marketing efforts on a certain area.
If you’re in the business of listing homes, the regularity of your “for sale” signs in a subdivision can bring in business from folks who regard you as the area’s expert. If you live in a rural location with many little towns, you might choose to concentrate on one or two of them.
Additional sub-niches are available in some geographical locations. Some may appeal to baby boomers looking to downsize. Others may be more appealing to millennials who are just starting their careers. Your core niche can wind up spawning a secondary area of expertise.
- Only work with one type of customer.
Working exclusively with sellers and listing properties is another common technique. Similarly, some buyer agents refuse to list.
In one workplace or a team, these two areas are frequently combined. “I despise working with sellers!” could mean you’d be happier and more successful if you just worked with buyers.
The “investment client” is a unique niche. These clients buy and sell to make a profit.
There are a lot of options in this niche. If you’re a people person who wants to share in their joy and thrives on—or at least doesn’t mind—a lot of handholding, consider focusing on first-time homebuyers.
- The Expert in High-End Exclusive Properties
After establishing a reputation in the market, an agent may often specialize in only high-priced houses. This area necessitates strong marketing skills and a high public profile. You’d appeal to the worries and requirements of highly wealthy property owners or buyers.
- Property Management Specialization
An agent can make a good living handling short- and long-term rentals for customers in the resort and holiday industries.
Within certain offices, cooperative marketing has been performed by combining the efforts of a vacation homebuyer agent and a management agent. A vacation home buyer may wish to utilize the property only part-time and rent it out when they are not there.
- The Internet Buyer
This method has proven to be particularly effective in vacation/resort markets and markets with a high number of out-of-area purchasers. You can see the potential here, with more than 70% of internet purchasers saying they worked with the first web agent who contacted them.
- The Distressed Real Estate Market
After the real estate and mortgage markets crashed in late 2006 and early 2007, this became a huge niche. However, be wary of overcommitting planning, marketing, and future income based on difficult times.
They inevitably swing around, and wouldn’t you hate to be the only one in real estate whining about how great things are?
- Fixer-Uppers
Working solely with “flippers” of remodeled houses might give a steady revenue stream. You could even be willing to roll up your sleeves and do some heavy work yourself to break into this market. Nothing says you can’t privately purchase distressed houses and then resell them for a profit.
Short of that, if you specialize in finding fixer-uppers in the correct price range for rehabbers, you should be able to build up a long-term list of possible clients.
- Combination of Marketing Niches
Combining two or more of the above specialties is an option. You may be an internet buyer agent who specializes in farms and ranches, or you could solely work with sellers of city high-rise condos. It is your company and your success that are at stake.
Note From PlistHub: It Isn’t for Everyone.
Concentrating on specialization and being an expert can help you carve out a profession that is relatively free of competition, but it isn’t for everyone. Some areas have a greater range of specialty options than others, and some agents prefer variety.
