Your specific market niche depends on your brand. Learn from the example of Nike. The white swoosh represents aspiration and motivation to billions of people throughout the world. When people see that logo, it says to them that “If you want to achieve athletic greatness, we can get you there.”
Your market niche defines your business similar to how a brand defines a company—and, as a product of your own company, you will need to understand who you are and how you can help the most.
When considering your market niche, ask yourself the following questions:
Who Am I?
Your age, personality and hobbies all come into play here. If you’re an outgoing father of four, you’ll probably prospect better while hosting your son’s end-of-season party for tee-ball instead of a hunter’s lodge dine-in. This doesn’t mean you can’t try and sell your services to deer hunters; it’s just less likely that a client will be as interested in working with someone who doesn’t have a common interest.
Where Am I Located?
Location is everything. Every state, city and town are home to different types of professions and families that you’ll need to identify and get to know. If you live in a young and emerging area of Denver, for example, catering to first-time homebuyers who are transplants would be ideal. Figuring out the type of people moving to and living in your area is crucial for creating your market niche.
What Needs Can I Meet Best?
Think about your background. Are you a veteran? Are you bilingual? Utilizing the skills you’ve developed and your life experiences will give you the competitive advantage you need to service your specific clients.
What Target Market Is Being Ignored?
Discovering an untapped market in your area is a fantastic way to help a community find the residential support they need. Cities change over time, and so do its people. Uncovering a market that no one is serving can help define your niche while helping them achieve their goals of homeownership.
What Else Can I Do to Develop My Market Niche?
Keeping up-to-date with your continuing education classes and other online resources are two of the best ways to learn more about what’s happening in your state. If you’re looking for an option that provides the best real estate education and industry tips, try out the curriculum at TheCEShop.com. There’s a reason over 35,000 real estate agents choose The CE Shop every month for their education needs and career resources.