Last month (May), we asked our CE Plus members, “What real estate niche do you specialize in?” The winner was “single family homes” with 64% of the votes. Keep reading to learn what other real estate niches made the list.
What real estate niche do you specialize in?
Single Family Homes (64%)
It’s unsurprising that single family homes came out the winner as it comprises the majority of the real estate market. However, within the category of single family homes, there are a vast array of more specializations: eco-friendly homes, luxury or high-end homes, new construction, foreclosures, relocations, historic or landmark homes, etc. All of these “micro-niches” require in-depth knowledge of different laws, designations, requirements and marketing tactics. Therefore, narrowing down your niche to 1-2 of these specializations is a good way to set yourself apart from the competition and become the go-to agent for that specific niche. Plus, having a niche is not a binding agreement—you can always dabble in other parts of the market.
“I specialize in lake homes, second homes and recreational property.”
“I love selling to first time home buyers and senior citizens. That is where my niche is!” This response shows that a niche doesn’t necessarily have to mean a certain type of real estate, but can be a segment of the population.
Commercial Real Estate (7%)
According to a recent survey, commercial real estate was one of the most profitable niches with commercial real estate agents reporting an average income of $83,535 per year, beating out residential real estate incomes by over $6.5k.
No Niche (7%)
Picking a niche, even if it is a relatively large niche like single-family homes, can help increase one’s marketability and thereby income. According to a recent survey of nearly 2,000 real estate professionals, those who indicated that they specialized in a specific area of real estate earned an average of $40,000 per year than those who did not.
Want to participate in our monthly “Question of Month” campaign? Become a member and you’ll be eligible to participate in our monthly giveaway. It’s a great way to save on continuing education and professional development with the added perk of a chance at a $50 VISA gift card each month!