Niche Marketing in Real Estate
For some real estate agents, the challenging marketplace today is an all-out bad situation. Foreclosures are flooding the market, people are restricting their spending and gas prices are soaring. But for other agents, the current state of the economy is presenting new lucrative opportunities that weren’t nurtured when the market was at its peek.
A new trend popping up in real estate is niche marketing. One example can be found in Portland, Oregon, where agents and brokerages are catering to the growing number of people switching from cars to bicycles. Instead of chauffeuring clients around in gas-guzzling SUVs, agents happily guide clients on bike tours of neighborhoods-showing them cycle-friendly routes, shops, and places of interest that appeal to the cycling culture.
So, what can other agents and businesses learn from this emerging trend? Catering to, or at least being sensitive to, specialized groups and niches within a mainstream group is a great way to foster growth during good times and bad. It can be a differentiator for your business and may set you apart from your competitors.
When getting started, understand your niche inside and out. Get into the culture of a niche, understanding their likes, dislikes, and beliefs. Learning everything you can about that niche will help you and your business better relate to prospects in that group. It can also help you discover a unique offering for that niche or a smart way to connect with them.
Until next week,
Steve
Roy McKenzie - September 19th, 2008 at 6:01 pm
That’s a great idea.