How real estate firms can succeed in niche markets

Dealing in  high end office space  such as this will make you the to-go-to person or firm for clients. Having a  niche gives you advantages over those who dabble in everything. PHOTO/unsplash.

What you need to know:

The goal is to become synonymous with your real estate specialty so that you become the first and only call that a buyer or seller makes.

To keep would-be clients from choosing a competitor, real estate firms need to make their brands irresistible. Real estate agents and firms that have registered success in doing this use a number of marketing strategies to keep their clients loyal.

Real estate is a field that is equally challenging and potentially lucrative. The market goes through many ups and downs and is dependent on several factors such as interest rates, economic conditions, and job growth. Regardless of how the market behaves currently, both beginners and seasoned dealers can apply many strategies that can bring them more business.

Many real estate brokers and businesses focus on a niche market and become an expert in there. This gives them an idea about what is driving the target market currently, what risks are involved, and most importantly where the market is headed in the short and long term.

Create brand identity

Roy Kasekende, a real estate dealer in Naluvule shares that to stand out from the rest of the competition, real estate agents and brokers must create a brand identity that resonates with particular homebuyers and sellers.

Kasekende explains that to establish one’s brand identity as a real estate agent or broker for a certain market requires more than having a real estate licence and an office.

“It is about showcasing your expertise. What kind of properties do you specialise in? Do you know every neighbourhood like the back of your hand? Real estate branding is the intentional positioning of your real estate agency in a way that establishes a sense of trust with your target audience of property buyers and sellers,” he says.

He argues that all real estate agents and brokers are involved in the same type of business transaction; purchasing and selling of a property which, means that one’s brand identity needs to go further than simply letting would-be clients know that they specialise in either residential or commercial real estate negotiation.

“You must dig deeper into your expertise in real estate to find your unique selling proposition. Ultimately, you want to become synonymous with your real estate specialty so that you become the first and only call that a buyer or seller makes.”

Market yourself

For Hilda Naluyange, a property dealer in Kisubi, developing a marketing budget for your real estate business and sticking to it is key. She says there are literally hundreds of avenues a real estate firm can spend their marketing money on, such as real estate websites, email marketing, social media marketing, among others but regardless of the market, one must establish their presence on the internet with the help of a professional website, as well as dedicated accounts on social media sites.

“Most successful real estate agents generate several deals through referrals from previous customers. A customer referral is most valued by a new buyer or seller. New customers are more comfortable selecting a real estate agent or firm when referred by a friend, colleague, or relative. You can always boost this approach by offering referral bonuses to the person who refers a new customer,” she advises.

To successfully market your real estate firm, according to Naluyange, you will need a real estate development business plan regardless of whether you are a real estate agent or a real estate developer. This will set you up for success. You can plan your expenses, contingencies, and other risks with the help of a real estate development business plan.

Many people fail when they work in a vacuum without such planning. Just like big brand businesses, your real estate business must also strive to develop a brand of its own. It could be under your name or your business’  name. Any real estate sales strategy that you may choose to apply must keep this concept in mind.

“People often wonder how to get into real estate sales and how to successfully build a business. The answer lies in planning to develop a name brand and using it to market the business for years to come. Developing a successful real estate business takes effort and time,” Naluyange advises.

Moses Katamba a proprietor of rental units in Kyanja, a Kampala suburb says partnering with local businesses such as clothing boutiques, home decor showrooms, and coffee shops to promote listings of your property puts your firm out there. He explains that this encourages potential buyers to explore each room of the property to their satisfaction, and you can work with the local businesses to determine discounts on goods that can be offered to the home buyers.

He says satisfied previous clients are an excellent resource for boosting your credibility and building trust through your real estate marketing. If a sale goes well, touch base with the customers you helped and get a paragraph-long description speaking to how helpful you were.

Digital presence

“Once you have that content along with those clients’ approval to use it on your website, prospects can get a real understanding of how well you have previously served people in their position. With these marketing ideas, you are sure to wow your potential customers and attract them to your services. Creating a marketing plan will help you set goals for your marketing campaigns and develop the steps to reach these goals.

Katamba also says that maintaining an active, engaging social media presence is one of the better ways to frame yourself as a trusted advisor for prospects, generate interest, and connect with potential clients.

“You can also share helpful content with your followers. One way or another, establish yourself as an authority in your space by demonstrating that you know what you are talking about. Prospective clients want to connect with real estate agents that understand the practice, their niche, and their areas. Show that you have a grasp on all of those with your social media presence,” he says.