Be Focused

CRSs are operating in numerous niches across the country, and these unique niche examples can help as you establish your own

By Donna Shryer

Real estate niches are highly defined audiences, locations or property types that a REALTOR^® can target to build their business.

The latter two market segments are sometimes within arm’s reach—literally. For example, if your business sits in a beautiful coastal town, like Laguna Beach, California, or Naples, Florida, beachfront property and vacation homes will likely feel like a comfortable fit.

The audience niche can be more elusive, although there are benefits to building this type of focus. Some audience-based segments naturally cover a broader range of geographic locations, perhaps even taking you national. This niche can also represent a wider variety of architectural styles. Because this piece of the real estate pie is all about people, it’s a natural fit if you’re a people person.

Here are three unique niches that CRSs have not only built their business on, but their personal happiness as well.

Single-person buyer

Once upon a time, it was improper for a single woman or man to purchase a home pre-marriage. Women “needed” a man to cover the mortgage, and men “needed” a woman to decorate. Angelina Feichko, CRS, Sold By An Angel Real Estate® owner and principal broker, is helping her North Salt Lake, Utah, clients ditch that outdated belief. But to capture the single-person buyer niche, she had to tweak her role as REALTOR^®.

“This buyer wants to purchase a home and is done throwing away money on rent. But when I first started working with single-person homebuyers, we did more driving around from house to house than actual buying,” Feichko recalls. “Eventually, I realized that when I work with a couple, there’s this dynamic going on—so much encouragement, like ‘We’re in this together, Babe! We can do this.’ So, I’ve learned over the years how important it is to help that single-person buyer understand that they can do this. He or she has got this.”

As Feichko offers words of encouragement, she’s simultaneously building a trustworthy relationship. “I’m not their spouse, but I am 100% their real estate partner,” she adds.

With trust, Feichko says, comes a long line of referrals. “Today, I’m helping past clients’ single adult children and even grandchildren buy their first home. So I don’t look at the single-person buyer as a short-term client; I look at this as a growing relationship. As long as they know I have their best interests at heart, they’ll come back to me for their next home. And their home after that. The single-person buyer is the beginning of a long relationship.”

Older homes with history

“When I got into the real estate business, I was drawn to older and historic homes, but the first broker I worked for discouraged me from taking on this niche,” says Sandra Nickel, CRS, founder and CEO of Hat Team REALTORS^® in Montgomery, Alabama. “He said the Montgomery market was changing, and there was no future in older homes. But I made a commitment to our older neighborhoods—and gradually I became known as the ‘old house lady,’” she jokes.

This niche appeals to a broad audience that’s loosely split into three subcategories. The first includes older homes declared historic by an official board, which means restorations are costly and closely monitored. Then there are homes in a designated historic neighborhood, which means restoration regulations pertain only to a home’s exterior. The final segment includes mid-century modern homes, or mid-mod for short, and this niche is sometimes further divided, with some communities designating mid-mod as historic.

When focused on the older and historical home niche, understanding precisely what attracts these buyers is critical. For example, the mid-mod shopper will likely be impressed if a 1950s or 1960s home has the original, pristine Coppertone or pastel pink appliances, colorful laminate countertops and bright patterned linoleum floors.
“A REALTOR^® who does not deal with this niche all the time might suggest that the seller update these design elements, and you really don’t want to do that,” Nickel explains.

As for those interested in 100-year-old homes, the REALTOR^® needs to understand market value—neighborhood by neighborhood. “In some communities, older homes are extremely desired, and they’re priced quite high,” Nickel says. “But in other communities, older homes may be on the verge of affordable for even the first-time buyer.”

Probate real estate

“I help families who may be grieving the loss of a loved one by managing the details of the decedent’s property.” That’s how Kim Ward, CRS, broker and owner of Horizon Real Estate^®, and certified probate real estate advisor, defines her niche. She’s been dedicated to this audience since 2004, and although she’s professionally based in San Diego, California, her clients span the country.

Legally defined, probate real estate refers to the legal process through which a designated executor or administrator of an estate initiates the sale of the decedent’s property.

“Most often, the executor or administrator—and my client—is a family member,” Ward says. “However, if the family just cannot work together, they might hire a fiduciary, which is like an attorney who represents the estate as an executor or administrator.”

Unique to probate real estate, the REALTOR^® and client typically meet face-to-face only once, when family members come to San Diego to go through the decedent’s home to remove all heirlooms and keepsakes. After that, everything happens via Zoom, phone or email.

Also distinct to probate real estate, Ward usually organizes an estate sale or buyout to empty the probate home before opening the door to potential buyers. That, Ward explains, is because the furniture may be older, in ill repair or mostly gone after family members remove what they wanted.

With an empty house, Ward handles cost-effective repairs, then initiates what she calls “soft staging.”

As for full disclosure, Ward clearly states in the MLS that this is a probate house. She also attaches documentation to the listing. “You must use a probate purchase agreement and not a residential purchase agreement, so this is a reminder for the buyer’s agent,” Ward explains.

RRC’s certifications and certificates offer specialized education in certain niches, like luxury and investing. Start the path to getting certified at CRS.com/learn/certificates.

Photo: iStock.com/Trifonov_Evgeniy