MIAMI Association of REALTORS




What Does Your Perfect Client Want?

by | Mar 28, 2014


If you've done an analysis of your past transactions, your marketplace, and your own preferences for the type of properties and/or clients you want to work with, then you're ready for step two of the client roundup process.

You've only made a decision about what you want. Now, it's time to study the needs and wants of your targeted customers. Let's break out some niche possibilities and what your prospects would consider of value.

  • First Time Home Buyers – This is a rich niche because they are some of the neediest of your prospects. They need information and lots of it. They've never bought before and they will have some fear and a whole lot of questions. Your value before you even meet will be in providing website and blog content that answers basic questions about all aspects of the home buying process.
  • Condominiums/Townhouses – Unlike a single family home, there is a whole new set of dynamics involved in these multi-family type properties. As a resident, there are benefits derived from the group concept and economies of scale, but there are also limitations on what you can do with your own residence. There are also group financial dynamics. All of this is going to be of great interest to your niche prospects.
  • Investors – This is definitely a highly complex niche, simply because you're dealing with prospects who have a lot of financial knowledge and they have specialized strategies and deal requirements. The greatest value of this group will be in their repeat business. You'll only get that if you meet their needs and provide value. Provide a lot of financial and market analysis for this group.
  • Vacation/Resort Properties – This is a great niche if you're in a market with a lot of this type of property. Your clients will not live in the area. Though they may have plenty of previous real estate experience in buying personal residences, they'll know little about the specifics of your market area. They'll be concerned with getting a good deal and not getting taken advantage.
  • Seniors and Retirees – This is a relatively new niche because right now more than 10,000 seniors are entering retirement every day. It's a group that's growing rapidly and they're into changing their digs. Whether they're just downsizing or they want to relocate to enjoy life more, they will have specific information needs that revolve around proximity of medical care, mass transportation, and entertainment that fits their lifestyles.
  • Commercial, Retail and Office – You'll need a bit more support for a full-on specialization in this niche, as there are many brokerages focused only in this arena. It's a longer sales cycle, requires a lot of financial and demographic data, but you'll enjoy higher commissions when you're successful. This client group will be profit motivated and totally involved in analysis of the financial aspects of the properties and market area.

There are other viable niche markets for property type and client type. You can also mix and match, as our example broker does with vacation properties and analytical customer types. You don't even have to get too niche-oriented if you like the freestyle business model. However, as you're planning marketing and website content, at least create some for each of the niche markets you want to address.

This post comes to us from the WebsiteBox blog.

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