In real estate, as in any business, It’s vital to know who your target market is. Granted, if you are a new real estate agent, then you might be taking any transactions to figure that out. But for more senior agents, there may come a time when You start to see a pattern in types of clients with whom you work best, types of properties you typically work with and the kind of transactions with which you are most successful.
Types of Clients
So, what are the types of clients out there with you you can focus your marketing efforts? Here are just a few examples to help you decide.
- First time homebuyers – These are the types of clients whom agents love to coach. They are mentally and emotionally new to the home buying process. If you have seen more than your fair share of new homeowners and love providing them detailed guidance and insight (and have a ton of patience), then this could be a group worth targeting.
- Exclusively Listing Clients – It’s every agent’s dream to have a prolific roster of home selling clients. And if you’re that good, then this is a group to focus on. To do so, however, takes just as much patience, knowledge and teachable moments as other clients. You’ll want to focus on collateral that will help these clients at each step, from pricing to negotiation to closing. To attract these leads, it’s important to keep information accessible and updated on all of your channels. Think about typical questions these clients ask and write your blog, website and posts around them.
- Generational Clients – you’ve heard it time and time again, but we’re talking Baby Boomers and Millennials as examples. What makes these groups tick? Do you happen to work well with and understand instinctively the needs of a particular group? Again, focus your content on and marketing towards your specific target demographic. Then make sure you brush up on the latest trends concerning them.
- Luxury Real Estate – This is where image comes heavily into play. You must know your target sellers and buyers in this group but also understand the specific types of properties and neighborhoods they would likely flock to or come from. Your brand should definitely reflect this level of client, too, so that you can build solid rapport and immediately exude a feeling of luxury know-how and understanding.
What Happens Next
When you’ve figured out your target market, go ahead and list out what their needs and wants are. Use your experience with them to get started.
Figure out, too, what local publications they read, events they attend and areas they frequent. This will help you decide what types of advertising will work and where to be on front of them most effectively.
Finally, don’t give up. You might find that you’ll have to slowly transition to targeting a certain market. Use that time to build relationships, get referrals and grow that client base strongly.