Q: Denise, I’ve been hearing that I should develop a niche market … How do I go about developing a niche market?
A: There are two very important things you must do to determine your niche in the market. First, you have to find out what your niche choices are and this will depend entirely on your market. For example, you may not be in an area that could support your desire to be a luxury property specialist or an equestrian specialist. However, condos may be a perfect niche for that market. The second thing is to determine your personal preferences. Perhaps you love luxury homes or you ride horses and want to work with others that share your hobby. Agents that are successful selling to a niche market are successful because they have knowledge and expertise in that niche and the market has a demand for that product type.