A rising number of brokers real estate are focusing on niche markets in order to stand out in an increasingly competitive residential and commercial property market.
Not only individual brokers are going into niche real estate markets, but also real estate companies. In Chicago, one real estate brokerage has developed a database that features only listings of homes and condos within walking distance of mass-transit stops. With this focus, the firm also puts its advertisements on commuter trains and on websites that highlight services for commuters and car-free days.
There are also those that focus on serving the real estate needs of senior citizens or first timers who are selling or buying their homes. Brokers and agents with niches become experts in serving their specialized markets and they are the ones looked for by their target clients when their services are needed.
However, according to some realtors, one disadvantage of concentrating on niches is getting confined to just a small portion of the real estate market and losing some opportunities in other niches. But if the niche chosen by a broker or realtor is producing sales, then the decision to specialize is a winning strategy.
One niche popular and profitable for brokers real estate during the housing crisis is distressed and foreclosure sales. Some even specialize further and just focus on either one of the two: short sales or foreclosure sales.
As short sales are among the most difficult to carry out and complete, brokers who have been certified as specialists in distressed properties by reputable real estate schools are being sought by distressed homeowners who want to avoid foreclosure through short sales.
The success of short sales is generally dependent on the lenders, so specialists are needed to prepare the documents and navigate the process. These specialist brokers real estate also know how to guide homeowners who are experiencing among the most painful periods of their lives because they are losing their homes.
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