According to a study by the Association of Real Estate License Law Officials, about 3 million people have real estate licenses in the United States of America. In a competitive market like real estate, succeeding requires more than just obtaining a license. The way to succeed is to think strategically about your career. Each major real estate area covers a broad range of property types; realtors can narrow their focus to a particular specialty or niche.
Targeting a narrow niche can help realtors gain a competitive edge over others. Identifying and concentrating on a specific population, geographic region, or property type can help agents grow and enhance their business. Although, it takes a lot of effort and preparation to select a specialty that suits your style. Picking a specialty that suits you, your region, and your business goals will allow you to become an expert.
Why should you pick a specialty as a realtor?
Success in the real estate sector largely depends on specialization. By concentrating on a specialty, you can develop niche expertise and offer benefits that other realtors typically can’t match. Here are some reasons to pick a specialty:
1. Niching down helps you stand out.
Choosing an area to focus on makes you stand out as a specialist in your field. This can be particularly advantageous when generating leads because potential customers will know you are the one to contact for their specific requirements.
For instance — if you were a service member who received a Permanent Change of Station (PCS) and wanted to buy a home, who would you contact? An experienced military real estate agent or a realtor who is a jack of all trades? You will go with the military real estate agent. A military real estate agent can remove a lot of the stress off your shoulders by being well-equipped and organized to handle the ins and outs of buying and selling for active military and veterans.
2. Better marketing and branding opportunity.
Better personal branding and focused marketing efforts are a couple of reasons why an agent should specialize and become a local authority in their area. This way, you can quickly develop a reputation for being an expert in your field and boost referrals. For example, you may target specific keywords in your web marketing strategy and use certain hashtags in your social media strategy, thereby emphasizing your brand.
3. Increased efficiency.
Specializing can increase your efficiency because your clients will complement your competence. For instance, you can concentrate on working with investors, first-time homebuyers, seniors, veterans, etc. Knowing the specific issues that each prospective client is likely to have can help you better understand how to address their problems and give them better service, making you more efficient.
It can be challenging to choose your niche in real estate. Before picking a specialty, you must tackle your pre-license courses and pass your licensing exam. If you’ve jumped that hurdle, take the time to consider your interests, skills, and ambitions to decide your specialty.
For instance, concentrating on residential real estate might be the best option for you if you’re interested in assisting individuals in finding their ideal home. On the other side, commercial real estate can be a better fit if you prefer researching market trends and managing investment assets. It is essential to avoid burnout by selecting a specialization you’ll enjoy.
Tonya Marie Towles is Founder and Owner at PCS Pro. PCS Pro is comprised of military spouses and veterans who are passionate about helping fellow military families and service members find their next home. They are familiar with the entire PCS military process and strive to help their clients navigate the process with as little stress as possible.