Description
Finding your niche market is a good way to leverage your real estate investing strategy
A group of researchers led by Andrew Jebb conducted a study involving over 1.7 million people from 164 countries using the Gallup World Poll. The objective of the study is to discover the factors leading to happiness. The result shows that professional employment is a stronger contributor of happiness. We are all in the quest to find happiness in our chosen profession and one way to discover it is through knowing our niches.
Real Estate Investing
Real estate investing is like a basket of assorted goods as there are a lot of flavors that you can choose from. The strategies in real estate that you can explore are varying depending on your interests and strengths. You can engage in bird dogging, flipping houses, wholesaling, real estate agency, or passive investment. Regardless of your strategy, there is an important thing that you must discover, and that is your real estate niche.
Niche Marketing
Niche marketing is a strategy of focusing on a specific target market of people or a demographic of potential clients. Niches refer to your interest in a particular market in relation to real estate investing. Engaging in your niches means focusing on the investment areas that you are comfortable with and passionate about.
"The riches are in the niches"
- Dan Kennedy
Discovering your niche can help you calibrate your passion. Most of the time, we tend to build up our weaknesses but we forget to harness our strengths. The journal “Nature of Human Behavior” suggests that emotional well-being such as happiness increases steadily with income. Professionals have a higher probability to be happier when they are engaged in the area that they are interested with. As we discover our niches, we can find new potentials and riches. For this purpose, riches mean not only financial stability but also emotional well-being such as happiness and life satisfaction.
Finding your real estate niches
Here are the tips on how you can find your real estate niches:
No.1 - Conduct a self-assessment
Self-assessment is necessary for you to know yourself better as a real estate investor. In discovering your niche, you may list down your strengths, weaknesses and your goals. For example, if you enjoy hunting deals and looking for potential clients, then bird-dogging may be the right strategy for you. If you find it exciting to deal with contractors and renovate an old house into something beautiful and new, you may want to try the fix-and-flip strategy. You may also get a note and list down the following details as you do soul-searching:
- What are the things that you enjoy doing the most?
- What are your strengths and weaknesses?
- If you have the capability to invest now, where will you put your money?
These questions may help you in rediscovering yourself and in knowing your passion.
No. 2- Have an advocacy
As you grow in real estate investing, you will realize that engaging in business will not only help you personally, but it will also enable you to support others. To illustrate, Max Keller’s market niche focuses on the senior citizens because he grew up with his grandparents. For this reason, it became his advocacy to help the elderly clients in making decisions regarding property sales and transactions.
Integrating your advocacy in your real estate niche will make you more eager and excited in whatever you do. Your cause may be personal, sentimental, or anything that you would like to value. The combination of your advocacy and market niche will inspire you to bring out the best in yourself.
No.3 - Explore your target niche NOW
Your ideas will remain intangible unless you transcend it into action. There is no better time to learn and to discover your niche than now. Materializing your objectives and goals may be challenging at first, but it will truly be rewarding.
In Real Estate IQ, we are ready to equip you with the investment tools you need to find the best deals. Be part of our community and let us learn together!
Credits:
Max Keller is the co-founder of the MobileVestEd; he is an experienced investor with notable expertise in mobile home real estate investment, a successful entrepreneur and a host of the “Customer Chasing You” show. He is an author of investment books and a national speaker. He is also an honoree of the “Industry Innovator of the Year” award.
Sources:
https://www.biggerpockets.com/blog/how-to-find-my-niche-in-real-estate
https://www.scitemed.com/Press/118/Money-can-Buy-Happiness,-but-to-a-Certain-Point
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