What is a niche?
A niche is a target audience or target market or an area of specialization where you can provide your services in the best manner because you are more knowledgeable in that market.
A niche can be geographical. You may choose to provide your real estate expertise in one city or if you are a real estate agent in a large city, your niche may be a certain geographical boundary in that city. Some agents specialize in farm properties. Some agents specialize in second homes and investment properties. Some agents focus on 1031 tax deferred exchanges. Real estate agents who speak other languages may find themselves providing services to buyers and sellers who speak those languages.
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Niche marketing does not mean you have to limit your marketing efforts in just one local area. It is also important to combine national with regional and local exposure. For instance, if you are specializing in the second home market, it is important to combine local and regional marketing with national marketing when it comes to real estate marketing online. If your niche is in the second home market, the buyer or seller for a second home may come from any city in the country.
Many buyers and sellers of second homes consider different cities in different states before they decide where next to purchase a second home or investment property. They like to search online to conduct their research to find out about the different cities they are considering. They also look for real estate agents online who can provide them with additional information on the cities of their interest.