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Tuesday, November 5, 2024

niche marketing

    If you follow the annual “The 1000” list from RealTrends, you may wonder how those agents make it so big in real estate.

    In our opinion, the list tends to be a bit misleading, with team agents often listed as solo and vice versa.

    Then, there’s Ben Caballero, always ranking number one in the “Individuals by Transaction Volume” category.

    He is most likely an excellent agent. But he is not your traditional “solo” agent, as the category implies.

    He “oversees a team of 22 people” who helped him sell “$2.2 billion worth of homes in 2018,” according to BusinessInsider.com.

    For the purposes of this blog post, however, he makes all that money by specializing in a real estate niche. He sells only one type of home, which happens to be first on our list of profitable real estate niches.

    New Home Sales

    Caballero “only sells new-construction residential properties and he only works with volume builders, or companies that build several hundred homes per year — sometimes up to 3,000,” according to BusinessInsider.com’s Katie Warren.

    He and his team sell, on average, 92 homes per week.

    The niche is competitive and requires a bit of education before pursuing it. There is additional paperwork and, often different contracts than you’re accustomed to.

    Financing may be tricky, and if the buyers don’t have an agent, your job description grows exponentially to include assisting the buyers through not only the purchase process but helping them choose a lot, floor plan, options and more.

    Some builders require the agent to come up with a marketing plan, track and follow up with leads and develop relationships with title reps, lenders and others.

    Some new home sales agents are employees, with employer-offered health insurance benefits, retirement plans, paid time off and bonuses.

    Obviously, Caballero is proof positive of the amount of money it’s possible to make in this real estate niche.

    The Luxury Market postcard is available in the postcard section under the Luxury Market Series.

    If you’re curious about who is hiring new home sales agents and the job requirements, check out some online job boards, such as at Indeed.com and Monster.com.

    Luxury Homes

    When discussing lucrative real estate niches, luxury home sales is sort of a no-brainer. High-end homes are more expensive so commission checks are bigger. If you can develop a decent volume, you’ll be all set.

    Knowing you want to specialize in luxury property and knowing how to go about it, however, are two different things.

    First, you’ll need to truly understand your target audience. What are their needs? How do they differ from buyers and sellers of lower-priced homes?

    Then, you’ll want to know how to reach the affluent. Marketing to them isn’t the same as marketing to other real estate consumers.

    Finally, consider micro-concentrating within the luxury home niche. Choose to work with certain luxury clients, such as those who share common interests (belong to the same country club, work in a certain industry).

    The Picture Yourself Here postcard is available in the postcard section under the Millennial Series.

    If you plan on specializing in listing luxury property, check out this video from Michael LaFido.

    Focus on a Generation

    There are currently four generations of Americans who are most actively involved in buying and selling real estate.

    Our youngest cohort is Gen Z, born between 1996 and today. This means that the oldest turned 23 this year. Believe it or not, these “youngsters” are buying homes. And, as the generation ages, more will be jumping into the real estate market.

    Next in time are the millennials, born between 1977 and 1995 (they are between the ages of 24 and 42 in 2019). They number 83 million, more than the baby boomer cohort.

    According to NAR, millennials are currently the largest group of homebuyers in the U.S. at 37 percent. That’s five percent more than baby boomers.

    Forget the moaning and groaning over how “broke” they are. Yes, many have student loan debt. Many others, however, are finding ways to pay down this debt and acquire a decent credit rating.

    Millennials, on average, boast an average FICO® Score of 665, squarely in the “fair” range according to Fair Isaac. The older of the group have the best scores and purchase more expensive homes.

    Next comes Generation X, born between 1965 and 1976. They’re often referred to as the “forgotten generation,” ignored by the media and marketers.

    These folks, in our opinion, are those the savvy agent will pursue. Why?

    They are in their peak earning years, they (by and large) need larger homes and they typically have a home to sell. Plus, they have experience with real estate so they don’t require as much education and hand-holding as the younger generations.

    Finally, we take a look at baby boomers. Born between 1946 and 1964, this group is now between the ages of 55 and 73. Since the most common age to retire is 62, many of the members of this cohort are still working and make up the nation’s highest wage earners.

    Since NAR studies show that the average real estate agent is a woman in her 50s, this may just be the ideal real estate specialty. Marketing is so much easier when you have something in common with your target audience.

    Get more information on how to market to Gen Z and millennials at the Center for Generational Kinetics’ website. Target boomers more effectively by reading up on them at KEAP.com (be aware, though, that the author got generational birthdates wrong) and SmallBizTrends.com.

    There are also a number of baby boomer-specific blogs that are worth a look:

    Send the Too Much House postcard from the Life Event Series to a targeted list of Baby Boomers.

    Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!

    PLUS: When you have time…here are Free killer tools to help your success this year!

    1. Become a Listing Legend Free eBook 

    Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here

     

     

    2. “Get More Listings” Free Online Webinar

     

    “Get MORE Listings & Begin to Dominate Your Market!” Free online webinar. Learn the 3-7-27 strategy for explosive growth, why 95% of agents have less than 20% market share, and how to become the agent everyone competes against. – Click Here

     

     

    3. The 12 Month Done-For-You Strategic Marketing Plan

    The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here

     

     

    4. The Free One-Page Real Estate Business Plan

    Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan.  – Click Here

     

     

    5. The Free Online ROI Calculator

    Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here

    The Ins & Outs of the Divorce Niche

    Leaving her husband was the most gut-wrenching decision Louise would make in her adult life.

    Or, so she thought.

    What to do with the family’s home as they separated soon rivaled the decision to leave.

    Images of the kids being ripped from their friends in the neighborhood, sleeping in strange bedrooms and trying to settle into a new school made her question whether divorce was the right answer.

    Then, there was the house.

    The one she and her husband shopped for, fought for, fixed up to meet their needs, loved, maintained and in which they built memories.

    Man, giving that up is a hard concept to deal with.

    With the help of her attorney and a dedicated, empathic real estate agent, Louise overcame the turmoil and was able to move on with her life.

    Yes, divorce rates seem to be on the decline in the U.S. yet 40 to 50 percent of American marriages still end in divorce.

    Furthermore, divorcing couples sell homes and, often, purchase another. Although it sounds a bit mercenary, the divorce niche in real estate can be quite lucrative. 

    Someone needs to help couples going through this challenge.

    At the risk of sounding like we’re objectifying living, breathing human beings (humans who are in emotional pain), you won’t find a more motivated home seller than someone going through a divorce.

    Whether it’s because of a court order or simple logistics, most (but not all) divorcing couples choose to include the home when liquidating their assets.

    You don’t necessarily need to have personal marital break-up experience to effectively pursue divorce leads, but agents who do are one-step ahead of you.

     What you need to know to work with divorcing couples

    Working with divorced or divorcing couples isn’t easy. It isn’t for those who lack empathy, tact, diplomacy or patience.

    It’s for the counselors among the agent ranks, the educators, those who truly want to help and aren’t in it for the quick commission.

    Agent Scott Weeda, for instance, tells NPR’s Sara Lerner about just one of the strategies he’s found effective when working with divorcing couples:

    “I never try to force them to communicate together, which means a lot of separate and duplicate communication, so that neither ever has the impression that I’m trying to force the agenda of one on the other,” he says.

    This may mean coordinating separate meetings for everything from signing the listing agreement to acknowledging contingency releases, presenting offers and closing.

    But that is one strategy in a process full of them.

    How to generate divorce listing leads

    You have several options when it comes to finding divorce leads. One of the easiest is, of course, to buy a list. Companies such as ReboGateway (started and run by former agents and brokers) offer lists that they obtain from mining court records.

    We offer postcards that speak specifically to divorcing couples selling their home in our Life Event Postcard Series. These postcards integrate with ReboGateway. To learn more about how to export a divorced homeowners mailing list from Rebogateway into your ProspectsPLUS! account click here (from a desktop computer).

    Or, consider mailing to quit claim deed filers. A real estate investor who specializes in divorce listings claims, in a thread at bigger pockets.com, that about 20 percent of responses to his quitclaim deed ads come from divorcing couples.

    “Most of the time I am contacted from the person who decided to keep the house and now they understand they can no longer afford it,” he explains.

    He also advertises in a local grade school’s parent newsletter. The ad directs the reader to a landing page he designed specifically for couples going through a divorce.

    If you think that sending a divorce focused postcard is too direct send a postcard from our Get More Listings Series instead. This series is targeted at driving more listings. As long as you get your name in front of these couples you’re one step ahead of everyone else.

    Get referrals

    If you decide to make divorce real estate your sole niche, consider a program that teaches you how to work with the family law community to earn their referrals.

    Laurel Starks, divorce agent and author of “The House Matters in Divorce” offers classes in how to get divorce leads and how to work with divorcing couples.

    She is the founder of the Divorce Real Estate Institute and teaches agents about the “two paths to successfully serving divorcing clients.”

    Since the 2019 real estate market remains up in the air right now, choosing the divorce niche may just mean the success of your business this year.

    Send our Divorce: Curve Ball postcard from our Life Event Series to your list of divorced homeowners.
    Remember to export your Rebogateway list of divorced homeowner into your ProspectsPLUS! account, click here to learn more (From a desktop computer).

    Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!

    PLUS: When you have time…here are 4 free ways we can help you have an INVINCIBLE 2019!

    1. Become a Listing Legend Free eBook 

    Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here 

     

    2. The Free One-Page Real Estate Business Plan

    Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan  – Click Here

     

    3. The 12 Month Done-For-You Strategic Marketing Plan

    The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence – Click Here

     

    4. The Free Online ROI Calculator

     Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! – Click Here

    Also…check out these game-changing tools!

     Three Click Postcards – Just snap a home photo & create a postcard all from your mobile phone

    MLSmailings.com – Automated Just Listed, Just Sold Postcards

    Market Dominator System – Become a neighborhood brand & achieve 20% market share

    Want to Refer a friend or colleague? Refer them, Here. THEY get a Free $25 Gift Card and YOU become their hero. BTW, you also get a $25 Gift Card too (now that’s what I’m talking about)!

    Our business flourishes from recommendations just like yours and we truly appreciate your review of our products and services – Review us here 

    Engage the right audience

    Ok, I’ll say it: some real estate clients are better than others. The qualities that go into the making of the ideal client are subjective, but the fact remains that your favorite clients, financially and otherwise, are head and shoulders above the rest.

    So, how can you attract more like them and fewer of the others?

    It starts with your branding. Since it’s the chief attractor of leads, improving your branding will help you attract more of the leads you are seeking.

    You are your branding

    Scary, right? Unless you are the agent that has spent a great deal of time working on your brand, what you are putting out there may appear unfocused and too general.

    Let’s break it down and see where you might need a new strategy.

    First, who is your target client? And, no, “anyone with a pulse” isn’t the correct answer. In fact, pursuing all real estate consumers is one of the most common mistakes real estate agents make. When you try to be the “every agent” to everyone, you lack focus and your brand gets watered down.

    Instead of standing out, you blend in.

    Take some time to think back on your past clients, picking out those you truly enjoyed working with and who were most profitable. See what each of them have in common and then write out their client profile, combining the commonalities among those on your list.

    Focus in

    Are you suffering a brand identity crisis? It happens frequently when agents don’t take the time to focus on a target client pool.

    For instance, suppose the primary real estate consumers in your area are Gen Xers with a family and a home to sell before they buy another. However, your blog posts and social media shares are about condos and your happy hour cocktail client events don’t speak to the primary client pool at all.

    Once you have narrowed down your ideal client, it’s time to customize your brand (and content is a main component) to appeal to and speak to that client.

    When you strategically focus your brand’s “voice,” you’re more likely to attract the clients you prefer.

    Keep it simple

    Hopefully, your brand communicates to potential clients in a way that engages them. Unless you’re a strictly luxury home agent, this means keeping your web content and blog posts simple – writing in plain English and at a 9th-grade level.

    Sounds weird until you understand that the average American adult reads at a 9th-grade level, although studies show that we prefer to read at a 7th-grade level, according to the National Assessment of Adult Literacy.

    Other studies show that nearly 80 percent of us don’t really read the words but scan the content. Therefore, the average reader isn’t looking for flowery prose, real estate jargon they can’t decipher, clichés or self-promotion.

    And, whatever you do, avoid trying to sound like every other agent in town.

    “Would you go to a dinner party and repeat what the person to the right of you is saying? Would that be interesting to anybody? Why are so many businesses saying the same things at the biggest party on the planet — the marketplace?” Jason Fried, co-founder of Basecamp asks in an article at Inc.com.

    Keep your content simple in vocabulary, friendly and engaging while you supply your ideal client with the real estate information he or she craves. How’s the current market? What step should I take next?

    Your brand’s voice, evident in your content is important, but it’s speaking to an empty room if you don’t promote it. Use social media channels and direct mail marketing to push out your branded content and bring more eyes back to your website and more calls to your phone.

    Brand voice is just one part of a brand, but, for real estate agents, it may just be the most important aspect.

    Are you currently focused on attracting sellers? What do sellers want more than anything? Buyers!
    Send the I Have a Buyer postcard from the Listing Inventory Series to 100 prospects in an area where you want more listings.

    Need help targeting buyers or sellers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!

    PLUS: When you have time…here are 3 free ways we can help you CRUSH IT in 2018!

    1. The Free 2018 Real Estate Business Plan.

    Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan – Click Here

    2. The Free Online ROI Calculator. 

    Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! – Click Here

    3. The 12 Month Done-For-You Strategic Marketing Plan.

    The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence – Click Here

    Also…check out these cool tools 🙂

    Three Click Postcards – Just snap a home photo & create a postcard all from your mobile phone

    MLSmailings.com – Automated Just Listed, Just Sold Postcards

    Market Dominator System – Become a neighborhood brand

    Want to Refer a friend or colleague? Refer them Here. THEY get a Free $25 Gift Card and YOU become a hero!

    The Success Mind-Set

    Success begins with the right mindset. Real estate sales is not just a job; it is a business. A business that requires planning, organization and systems to maintain balance, accountability and forward momentum. The following details the 3 steps to epic success.

    Step 1: Have a Plan

    Planning is critical to realizing your goals, generating consistent income and creating an exit plan. The proper exist plan ensures you have a valuable “book of business” that you can sell when you are ready to retire. Your plan should:

    • be written out and clearly defined
    • have a realistic and comprehensive budget
    • be based not only on your goals, but also on your family’s goals (very important to maintaining the support system necessary during long days or tough weeks!)
    • outline the number of transactions you need to reach those goals based on commission dollars, list-to-close ratio and fall-through rate
    • outline the number of contacts, appointments scheduled/.attended you need to realize your transaction goal
    • break your numbers down into daily, weekly and monthly activities so that you ALWAYS know where you are in relation to your goal

    Be sure to share your plan with a manager, coach or partner so that you can set up a system of accountability.

    Step 2: Employ Smart Marketing

    In today’s competitive arena, effectively marketing yourself and your business requires both consistency and laser focus.

    Countless agents send single marketing pieces to thousand of consumers, with no intention of following up. This approach is a waste of time, energy and valuable marketing dollars.

    The truth is, you should be in contact with your sphere of influence at least every 30-45 days. One month, send a postcard, letter, newsletter or flyer. Many of our customers find the Listing Inventory Series, Content Cards, and Market Dominator among their favorites.

    The following month, call with a friendly event reminder, helpful hint, or just to say hello.

    During the third month, arrange to see them via a networking event, social gathering or in-person visit. Drop off a small token, informational item or card. Then start the “rotation” over again.

    Such consistency creates vital ‘top-of-mind’ awareness. This awareness becomes “the key to the kingdom” when growing your referral base and creating a reliable income.

    Gone are the days when agents could afford to take a “shotgun” approach-casting a wide net in the hopes of “catching a few”.

    Response rates increase dramatically when you speak directly to the needs and interests of a particular group.

    Wise agents seek out demographics or geographics that they relate to or have a history of success with.

    The more comfortable you become speaking to a particular group or segment, the more you become recognized or thought of as a specialist in that field.

    Related: Niche Marketing and the Law of Attraction

    mailing list
    Targeted marketing examples:

    • First-time homeowners – Try MapMyMail to quickly create a list of local renters. Send a postcard that explains the advantages of home ownership.
    • Builders – Offer to help builders eliminate their #1 worry: standing inventory. Create a list of every builder in your area and send a flyer explaining how you can find their perfect customer.

    lifestyle

    • Find a new niche – With our Lifestyle Interest data, you can reach consumers who are just the demographic you want to work with. Think Golfers, Boaters, Fitness Lovers and more.
    • FSBOs – There are many effective search products for this demographic. Fear leads many agents to steer clear of FSBOs, which eliminates at least a portion of your competition.

    real estate fsbo marketing postcards

    • A New Geographic Farm – Find an area in your market that is beginning to see turnover, but doesn’t currently have another agent with more than a 10% market share.  Start connecting month after month using the Neighborhood Update/Free Offer series. This series will present yourself effectively as the turn-to agent in your market.
    Step 3: Put Solid Systems in Place

    Without systems, you’re like a hamster on the wheel-spinning without really getting anywhere. Systems are the only way to maintain the delegation, automation and streamlining that will continuously work on your business. Systems allow you to:

    • manage your time effectively
    • create a consistent standard of service
    • assure clients that their needs are being met by a “team”
    • provide checks and balances for fine tuning your business
    • promote efficiency and accuracy
    •  reduce training time when bringing on new team members

    What systems should you have in place?

    The success mind-set requires dedication and a commitment to the activities that earn you top dollar and allow you to “feed” the career you’re building.

    Related: 3 Tools That Drive More Business

    Need our help?  Contact our support team today at 866.405.3638. They’re more than happy to help you.

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