Even if you’ve been in business for a while, you might find yourself struggling to feel “at home” in your career. If this sounds like something you’ve experienced, it may be time to identify your niche. In real estate, there are so many to choose from. And, while you may want to keep yourself available to a large audience, tightening your focus could unlock much bigger success.
While you may be tempted to keep your business open to anyone and everyone, you could be hurting your own business with this philosophy. Niche market definition allows you to create a dedicated community for your business; you’ll become known for what you do BEST.
From first-time buyers to seniors to luxury buyers and sellers, there are benefits to finding and developing your particular market. But where do you start?
Entrepreneur.com advises to ask yourself the following 4 questions for starters. Now, this is no quick quiz. They suggest taking a full hour to process each question, 15 minutes for each one.
1. What do you do best?
Make a list. What are your best talents and skills? Determine both what you do best – and what you don’t. It takes maturity and confidence to take an honest look at yourself and your business. If there is something you don’t do well but would like to, is it worth whatever time and money it may take to develop the skill? It may be more beneficial for you to focus solely on what you already have.
2. What about your job do you enjoy the most?
With this question, your goal is to make sure that your heart and head are in the same place. You may be great at something that you don’t particularly enjoy. You may really enjoy something you aren’t particularly suited for. Your aim is to find that “sweet spot” where you heart and brain agree. Take a look at your list from Question 1 and rank your skills in order of most to least enjoyable.
3. What do people need?
Back to your list of skills – now take another look at determine which skills are most needed in your industry. If you’ve got a great skill that isn’t needed, it won’t do you or your clients any favors. Think about the questions your clients ask and the needs you see in your current audience – which needs can you match with your skills?
4. Where can you find the most financial benefit?
Consider the different niches in which you can see yourself. First time buyers make up a whopping 37% of the market while luxury homeowners are in at just 8%. However, because luxury buyers spend more money, you’ll need fewer clients. Almost 50% of Millennials own their homes, while 71% of Gen Xers and 78% of Baby Boomers are homeowners. You’ll need to match your skills with the market and financial set up that brings you the most benefit.
With these 4 questions answered honestly, your niche should become clear to you, giving you the information you need to market yourself properly and reach an audience that needs you the most.