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.
Other (22%)
“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.
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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.
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