Realtors: Finding a Niche

VOLUME VIII

By Jonathan Pressman

Some Realtors choose to become experts in a particular geographic area, price point or home type. Choosing that niche can help them master a specific expertise, build a reputation and provide a better experience for clients. The idea of a niche might sound great, but how can Realtors decide on one?

Consider the Options

The first step for Realtors trying to find their niche is to consider the options. Realtors should choose a niche they feel passionate about or have an interest in. Consider a variety of niches, including single-family homes in specific neighborhoods, condominiums, luxury homes, expired listings and lower-priced properties.

Pay Attention to the Natural Market

Realtors can start their search for a niche in their natural market—social and professional groups or a Realtor’s neighborhood. The benefit of Realtors using their natural market to find their niche is that there is already a higher level of expertise and trust. There may be a ready-made network, too. For example, Realtors who live in waterfront condo buildings can specialize in their building and similar properties nearby.

Become an Expert Researcher

According to Investopedia, Realtors may be unable to overcome the initial challenges within their first year, a likely result of inadequate prospecting. It takes time to first understand the market and build a client base, on top of weathering the highs and lows of clients that may not be the best fit. Being forward-thinking by researching that market—identifying nearby schools, knowing commonly requested amenities, scoping out nearby local businesses, keeping track of competitor rental rates—can help make cold-calling and established renters feel more confident in working with Realtors who are new to them.

Avoid Casting a Wide Net

Realtors who choose a niche that’s too broad risk spreading themselves too thin, competing against too many other agents and failing to build relationships with their clients. Realtors using paid advertising online want to target relevant customers, which is easier to achieve with more specific search terms.

However, having a niche doesn’t mean automatically turning down business or limiting work solely within a specialty area. Niche Realtors who have opportunities outside of their expertise can—and should—partner with other Realtors in their brokerage. This type of networking may help both parties find ongoing opportunities.

Establish an Online Presence

Having an online presence should be a priority for all Realtors. According to the National Association of REALTORS (NAR), more than 90% of real estate firms have websites, and the most common feature on their websites are property listings.

Those online listings can be used to do the following:

Clarify where their rental interests are most apparent
Improve their search engine optimization (SEO) in those categories
Build an established brand before (and after) starting any cold calls
Help renters use keyword searches to find them

While Realtor follow-up is a common complaint among clients, being able to find a Realtor who fits the renter’s initial needs can be resolved by both groups being on the same page at the start of the rental search.

Conclusion

Finding a niche should reflect Realtors’ natural market, abilities and passion. Regardless of the niche Realtors choose, staying focused, utilizing natural markets, being a top-notch researcher and establishing an online presence can be useful tools in having a successful career.

The Ins and Outs of Working with Investors

While tenants of rental properties focus on factors such as property quality, location and monthly rent, investors may focus on one overarching factor: return on investment. Here’s what Realtors need to know about how investors generally decide whether they want to invest in rentals.

Rental Inspections: Don’t Wait Until Move-Outs Only

Move-in/move-out inspection and periodic inspections are important aspects of managing a rental property. By better understanding what to look for during inspections and how often to schedule them, it is possible for landlords to avoid common mistakes.

Creating a Go-To Contractor List

Agreeing to a contractual relationship, such as a service maintenance agreement, with a vendor could significantly speed up any frantic searches—especially during emergencies and late-night hours.

Navigating Out-of-State Rental Properties

Today’s housing market is a bit of a seesaw. In 2022, the Federal Reserve hiked its benchmark interest rate six times. Higher interest rates mean loans are more expensive for consumers. But no matter what happens with inflation, people need a place to live. This is leading property owners to look for a means of disposable income. And sometimes the real estate investor may choose a property from another state.

Is That Emotional Support Animal Legit?

It can be difficult for landlords to tell if someone has a legitimate ESA or simply a pet. Banning a tenant with an ESA could lead to legal action against the landlord. Fortunately, there are ways that landlords can fairly differentiate between the two to comply with the Fair Housing Act.

Repairs: Who Pays for What?

For a landlord, a rental property is an uphill battle against mishaps, calamities, the hands of time and sometimes nature itself. To guard their investment, property owners must plan ahead, maneuver tactfully and sometimes be prepared to cut their losses.