Real estate niches are specific audiences, locations, or property-types agents target to build their book of business. The most lucrative real estate niches largely depend on market trends and shifting buying interests, but some are longtime money-makers. We compiled a list of the 17 most lucrative, longstanding niches the pros use for lead generation.
Once you identify the best real estate niches for your area, target relevant buyers and sellers using a cohesive social media marketing strategy. CityBlast offers comprehensive, real estate-specific marketing services that help you share niche-specific social media content. Click here to try it free for 14 days.
According to the pros, these are the 17 most lucrative real estate niches:
5 Tips for Picking Your Real Estate Niche
With so many types of real estate, it’s important to choose real estate niches that are both lucrative and offer an enjoyable work environment. To do this, identify groups of people most likely to buy or sell homes, consider farm areas that are geographically convenient, and focus on an area of real estate where you already have experience. Choosing an appropriate niche will increase your chances of success and help you build a more satisfying real estate career.
To choose lucrative real estate niches, follow these five tips:
1. Identify Lucrative Real Estate Niches
When choosing a real estate niche, consider whether it will be lucrative enough to support your lifestyle. To do so, first evaluate whether there are a large or growing number of local properties within the niche and determine whether other area agents are competing for the niche. Then, determine the average sale price of homes in the niche and calculate the market turnover rate for homes within the niche — a rate of 10% or more is ideal.
2. Analyze Local Demographics
Demographic groups like first-time homebuyers, divorcing couples, and young professionals are potentially lucrative real estate niches because they involve people more likely to buy or sell a home. However, the most promising demographic niches depend on your area. Choose the best local demographics by reviewing resources such as American Fact Finder and Urban Institute, which offer area data on property sales, foreclosures, housing availability, and other relevant variables.
You can also determine the most promising demographic niches in your real estate farm area by analyzing data collected from your landing pages. To do so, generate and organize leads using a platform like Real Geeks, which offers a robust CRM and lead generation management. Click here to set up your account.
3. Keep it Close to Home
The best listings are those that are easily accessible from your home or office. Focusing on nearby listings makes it easier to schedule listing photos, attend last-minute showings, and otherwise monitor your listings. Focus your real estate business on homes in your neighborhood or subdivision, or specialize in properties in the downtown or financial area where your brokerage is located. Ultimately, your ideal farm area depends on how far you’re willing to travel.
4. Rely on Your Previous Success
Just because you think a real estate niche will be interesting doesn’t mean that you’ll have success in that area. Instead, make the most of your niche by choosing one where you’ve already had success. For example, if your top sales have all been waterfront properties or vacation rentals, focus your brokerage on lifestyle properties. In addition to positioning yourself as an expert, this approach lets you to build your business through referrals and repeat clients.
5. Get Certified in Your Niche
After choosing a real estate niche, take professional development or continuing education courses to earn a certification in your area of interest. Having a professional designation, like LEED certification, demonstrates to clients and potential clients that you have the expertise necessary to meet their unique real estate needs. Niche-specific certifications will also give you the advanced skills necessary to stand out in even the most competitive niches.
To get certified in specific real estate niches, check out Real Estate Express. Its professional development courses let you earn designations like Certified Financing Specialist®, Certified Property Management Specialist®️, Certified Seniors Specialist®, and Certified Technology Specialist®. Click here to learn more about Real Estate Express’s certification course offerings.
Bottom Line – Lucrative Real Estate Niches
Focusing on specific real estate niches allows you to build your business by positioning yourself as an expert in a specialized area, such as luxury listings or waterfront properties. However, the most lucrative real estate niches depend on various factors, so it’s important to spend time researching the best niche options in your market. Before choosing a niche, review our tips and examples above to help you brainstorm the most promising options in your area.
After choosing the best real estate niches in your area, optimize your niche-based business with a well-rounded marketing and advertising strategy. CityBlast makes it easy to reach potential buyers and sellers using its marketing services for social media, email campaigns, and pay-per-click advertising. Click here to try it free for 14 days.