Do you think developing a specific Niche is good for your business?

Asked by Tammi Ebenhoeh, Ann Arbor, MI Tue Aug 11, 2009

Our local newspaper is going to a .Com rather than home delivery. Do you think that developing an online Niche specializing in a certain neighborhood or two will help improve business or will it potentially alienate you from other Seller's if you aren't marketing to "their" neighborhoods or areas?

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5
Fred Griffin, , Tallahassee, FL
Tue Aug 11, 2009
Newspapers are fading away, but that is another discussion...

"Online Farming" - the same old rules apply:

Pick a large enough neighborhood or territory to provide you with leads.

Optimize your Web Site, and Social Network it to the Max.

You will still need "Face Time" with the owners if you want to dominate the Listings in that neighborhood.

Know the neighborhood inside and out - the construction, the school zones, the average utility bills, bus routes, commute time to downtown, shopping, hospitals, etc. etc.

Best wishes to you,
Fred
1 vote
gabriel palo…, Agent, Pompano Beach, FL
Sun Jul 4, 2010
You do what you can. Performance is the best niche of all
0 votes
Chad Brown, Agent, Traverse City, MI
Wed Aug 12, 2009
My entire company is built on a specialty niche and it's proven to be extremely effective in even the most difficult of times here in Michigan. The key, however, is that your niche must be tied into a real passion of yours. Just calling yourself a specialist in a certain area is not enough. Clients will immediately recognize your so called niche as just a marketing ploy. We specialize in waterfront properties and every agent who works for my firm is absolutely passionate about the properties we represent and it shows to our clients. The other key is to identify an area large enough to provide the commissions you need to reach. If you feel you'll be able to get 30% of a particular market, take a look at sales history for that area and see how much 30% of the market equates to in commission dollars. We've gotten to a point where we have 75% market share on certain bodies of water, but it took time and a lot of hard work. Our website was designes specifically to cater to those buyers who are looking for waterfront property in Northern Michigan. Because of this, we are not the most effective company in regards to subdivision homes or other more traditional markets. 90% of our sales last year were waterfront. If you care to take a look at how we've chosen to seek out a niche market, just go to http://www.homewaters.net. We also developed a mobile site catered to waterfront buyers. Go to m.homewaters.net to check that out. Good luck!!!
Web Reference:  http://www.homewaters.net
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Aug 11, 2009
Tammi it depends on your overall business plan, what your comfort level is. My entire practice of real estate has changed in many directions, where benefit my clients.

GOOD LUCK

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911
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0 votes
Bill Eckler, Agent, Venice, FL
Tue Aug 11, 2009
Becoming recognized by being associated with a real estate specialty that combines a real estate professionals interests with the local market opportunities is a proven ingredient for being successful in RE.
0 votes
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