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IS FINDING A NICHE MARKET
Is Finding A Niche Market Right for You?
A lot of Realtors® take the ‘jack of all trades’ approach to their businesses, and some are extremely successful with doing it all and doing it well. But taking that approach can also make it hard to stand out if there are a lot of agents in your area taking the same approach.
If you’re looking for a way to stand out from the rest, finding a niche market might be the way to go. Although it might sound limiting at first, with the right branding and marketing, your specialty and expertise may help you lock up a market after you become well known for being the ‘go to’ Realtor® in a certain demographic. Having a niche helps you target your marketing, making it more effective, until eventually people are seeking you out as you build your reputation as the foremost expert in your particular niche. Despite the benefits of taking on a specialty, it’s still something that only a small percentage of Realtors® do, which means you have a great opportunity to get in on the ground floor in your area by being ahead of what is sure to be a looming real estate trend.
You want to claim your stake on the niche that best fits not only your passions, but something that fills a void in your market. If this all sounds good to you, the next step is finding your niche! Here are a few things you need to consider:
There are two approaches to having a specialty, one that is truly your all-consuming passion or a sort of revolving niche, one that changes with the market
In addition to creating a thriving business, finding a niche may even unlock a hidden passion. Does your area have a large historic home inventory? Are you passionate about helping first time home buyers realize their dreams? Having a personal connection to what you specialize in is always a great way to start out. If you’re passionate about something, you’re almost guaranteed to have the work ethic it takes to have success in a niche market. Once you hone in on a niche, make sure the market data backs up your focus.
Another approach is changing with the market. If you’re truly an expert in a few areas of the business, it might be good to have sort of a revolving niche. In a down market you might specialize in short sales and foreclosures. When things pick up, you may take your innovative approaches and start applying them to luxury homes.
Whether you take the consistent niche approach or the flexible one, it’s really all about figuring out what best suits you and your market.
Fill a void in your market
Maybe you don’t have an instant passion for one particular niche. In that case, there are several areas you can consider. A lot of it will start with really researching and analyzing your market and having a good eye for what future trends will be. Is there a certain demographic that is surging in your area? Cater your business to serve them. Maybe you are fluent in Spanish and your area is seeing a rise in a Latino population, who are emigrating from other countries. Or perhaps, you live in an area that has a larger retirement population. There are numerous demographics that truly need expert real estate advice. Be the one to fill it.
You can also focus on a particular neighborhood or gated community. Helping people navigate the ins and outs of a particular HOA can be a lifesaver.
Are you already serving a niche?
Of course, sometimes you may already have a niche and are unaware of it. Maybe you are already dealing with a lot of first-time homebuyers. Look over your sales records and see what might already be there, then make it official. Figure out why you’re drawn to that area and then nail down the reasons you’ve excelled with that niche and use it to create a marketing plan and branding.
Find ways to really sell your expertise
Once you figure out your niche, get the training, designations, and certifications that will enhance your expertise. Another way to let it be known that you are the ‘go to’ Realtor® in your particular niche is to become a resource online. Create a website with informative blogs and marketing information. Make a mark on social media where you can link back to your site, so potential clients can actually interact with you.
There is a lot to consider when you’re thinking of going the niche market way with your business, but if you consider everything carefully and focus in on something you can be passionate about, the rewards could be a major win for you and for your clients.
DAVID HARGREAVES
DAVID HARGREAVES
David Hargreaves began his real estate career after running a digital marketing agency in San Francisco. “My wife and I wanted to move to wine country,” he recalls. “My skills are in sales and marketing, and this is a great place to do real estate, so I switched careers and it was a great decision.” In his second year in the business, David has already made a name for himself based on his digital marketing expertise and the high level of service he provides for his clients.
David serves northern Sonoma County. About 25% of his business now comes from repeat and referral clients, a truly impressive feat. David attributes his growing reputation in part because he has gone out of his way to become an expert in a number of specialized topics. This is reflected in his successful blog. “Because of my background in digital marketing, I’ve put a lot of effort into building a blog which has now got a pretty good readership,” David explains. “I’ve built up a whole bank of content around that, and I get a lot of business through my website, ranking on the first page of Google for topics such as Sonoma County vacation rentals.” David has also been able to draw on his pre-existing network in San Francisco. “Because my network is the Bay Area, I’ve made myself an expert in some specific areas. Vacation rentals, second homes, buying land to build a dream home and people who are relocating to the area because of the life stage they’re in, or now Covid” are all in his wheelhouse, David says. “That is my sweet spot in terms of client base.”
It’s this specialized expertise that puts David’s clients at ease when he assists them with complex
transactions. “Vacation rentals are super complex, and I have a lot of expertise in that area,” he says. “I’ve also been through the process of doing my own major remodels, as well as designing a home of my own to be built.” David’s responsiveness to his clients goes a long way, too. “My business background has been around client service, working for people like Google and Facebook, and they expect the best when it comes to client service. So I’m very client-service-centric.”
David’s background in digital marketing proves valuable when it comes time to market his listings. “The listings I get are increasingly because of some of the ideas I bring to the table with regard to digital marketing,” he says. “I know how to find buyers by using Facebook advertising and how to set up custom audiences. I have expertise in setting up those digital campaigns and thinking creatively, rather than just putting it on the MLS.”
Outside of work, David likes to be active in his community. He is passionate about the climate and climate change, and is currently in the process of becoming a Climate Reality Leader in order to educate people in the community about climate and its connection to housing sustainability. When he is not working or giving back, David enjoys getting outdoors, whether it’s hiking, backcountry camping, running, or cycling. He also loves photography and, of course, wine.
In the future, David is looking at building out a team to help with his growing business. He looks forward to continuing to serve his clients and his community in the coming years. “I love being able to use my skill set and do things a little differently, in a way that resonates with people,” he says. “With a home’s online presence now more important than curb appeal in attracting buyers, it’s incredibly satisfying creating content that makes a home stand out online that results in a transaction and a happy client.”
To find out more about David Hargreaves, please call 707 238 2112, email david@modernlivingsonoma.com, or visit his blog at www.modernlivingsonoma.com/blog
