Real estate is truly a wonderful profession. It's exciting, dynamic, offers you independence, and allows you to work for yourself while setting your own goals and aspirations. It can also be very challenging, especially in your first year or two as you establish yourself and grow your portfolio. There are so many realtors that are already working in the space that it can often seem overwhelming to get yourself noticed and land some clients.
One way you can quickly reduce the number of existing realtors that you are competing against is to establish a professional niche that you will focus on and thrive on. For example, if you decide that you will focus on the city of Markham then straight away you are no longer competing against agents that are focused on Toronto, Oakville, or Barrie. Now if you drill down even deeper and determine that you can focus specifically on condo sales in the city of Markham this even further reduces the amount of competition and, at the same time, allows you to focus all of your efforts learning about the specifics of the market for condo sales in one targeted area rather than trying to be an expert on all things to all people.
Here are some different niches that you could focus on to help fast-track your career
Specialize in a certain property type
There are so many different types of properties out there that it is feasible to focus on one type of property and become an expert in that area. From commercial property, selling business structures to single family residential homes, specializing in one property type can make sense depending on your market. For example, in Toronto, it could make sense to focus on condos. With so many condos sold each year, and more and more being built every month, becoming a condo expert could prove very lucrative.
One way to find your real estate speciality is to research demographic trends. For example, there may be a surge of Millennials or Baby Boomers in your area, which presents a perfect opportunity to develop a niche. You should also pay particular attention to underserved groups in the real estate market, such as immigrants, or immigrants from a certain country. These underserved groups include a number of subgroups as well that you can choose to focus on.
Particularly in resort and vacation markets, an agent can make a very nice living managing short and long-term rentals for their clients. Even with some investment properties in Toronto and the GTA this can be a viable approach to real estate. Within some offices, cooperative marketing has been done, with a vacation home buyer or an investment buyer agent and a management agent working together. These buyers may want to use the property only part time and rent it out for income when they aren't there.
With so many different areas in the GTA alone, it can make sense to limit yourself to a certain geographical area. Not only will this allow you to study the rules and regulations of those specific areas, as opposed to trying to learn everything about all areas, it will also make it more feasible for you to visit each property for showings and open houses. Trying to show detached home in Niagara Falls and then showing a condo in Pickering later in the day may not be the ideal approach for everyone.
If you can find a niche that works for you in your market, becoming an expert in a specific area has its benefits. You reduce your competition, and you have a higher perceived value to those that are buying and selling properties within your niche. If you create a reputation for being a condo specialist in North York, people who are buying or selling a condo in North York are more likely to come to you for your specialty than someone who has a more general practice. Don't try to be everything to everyone, instead focus on being the best agent in a defined area of the field and start building your reputation today!