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"Looking for New Business? Become a Niche Specialist!"

by Bernice Ross, Ph.D., MCC and Byron Van Arsdale, MCC

Many successful Realtors are already "geographical niche specialists"—i.e. (they "farm"). If you're ready to take your business to the next level, developing new "niches" just may be the most fun and profitable way to increase your listings and sales. When considering different niches, remember this simple guideline: If you don't love it, don't choose it! Once you identify a niche, use your cards, web page, email newsletter, and other advertising to market the fact that you are an expert in this area.

Need some ideas?

1. Become the "niche specialist" for people who participate in the same activities you love—golf, skiing, gardening, etc. One agent loved horses and her niche was horse properties. Every ad and marketing piece showed her on her horse, clearing a jump. Another agent loved to cook and she prepared a wonderful spread of food for every open house she held. Not only did her cooking feed potential buyers and sellers, it fed her pocketbook as well.

2. Choose a niche based upon your past career experience. Market yourself based upon the fact that you were "once one of them" and understand their specific needs.

3. One of the hottest new niches is home-based business. Become an expert on the best properties to convert to home offices. Line up a team of professionals who can help your "niche" transform the extra bedroom into the high tech office they want and need. Locate contractors to do the remodeling, special wiring for high speed Internet connections, etc. Create a list of other professionals they will need for their business, i.e. accountant, business attorney, printer, computer technician, travel agent, etc.

4. With the Baby Boomers in their 40's and 50's, another hot niche will be couples down-sizing from big family homes. Once the kids are out of school, many will want an elegant, but scaled down home. Become the expert on how to help them transition from the big house and family into a great retirement lifestyle.

5. If you are over 50, become the "real estate expert" for your local AARP chapter. You may not only get Grandpa and Grandma as your clients, you may get the kids and grandkids as well. Also, within the "over fifty" niche you may find many widows/widowers who have no grasp of the real estate business. Become known as the agent who can assist them in handling their real estate related trust or probate issues.

6. Couples in transition. For example, if you would like to create a niche with newly married couples consider including the following on your web site: caterers, hotels, stationers, calligraphers, bridal salons, tux rentals, travel agents, etc. In exchange for being posted on your web site, ask the proprietors to pass out your business card to their prospective clients. The goal is to provide "one-stop shopping" for their wedding and new life together. (The other side of the coin, of course, is to consider being expert on services needed in a divorce.)

7. If you are near a military base, become an expert on the special financing available to people in the service. Also, since they are paid every two weeks, you may want to locate lenders who will let them pay their mortgage every two weeks. This gives them an extra payment per year and greatly improves the probability they will have some equity when they move to the next base.

8. Develop a niche in specific types of transactions such as foreclosures, HUD, or bankruptcy/ trust properties.

9. Develop a niche around your current lifestyle, i.e. if you're single, become an expert in properties attractive to singles. If you have young children, develop a niche serving the special needs of young families.

10. Are you active in charitable or political causes? Become the niche specialist for those who share your passion.