In today’s real estate market, vertical markets represent opportunities worth pursuing
For the most part, niche markets are defined geographically…such as a specific neighborhood, community, district or easily identifiable part of town.
If this term is new to you, vertical markets can be defined as groups of similar businesses and customers which engage in the same occupation or trade.
When you serve these individual markets, and use their terms…you become the right agent for clearly identifiable groups such as
- health care workers
- employees of banks and financial institutions
- professional athletes
- people in the entertainment industry
- corporate movers and shakers
A Super-Specialized Niche Market
These markets can also be considered a super-specialized niche market.
Instead of focusing on helping clients buy and sell homes in specific geographic areas…this marketing is about helping specific kinds of people buy and sell homes.
Although usually identified by profession or occupation, other criteria for selecting a vertical could be factors such as style or uniqueness of home and ethnic/cultural or socioeconomic group.
According to my own research, high-producing agents use these criteria in choosing their specialized markets:
- profession or occupation…approximately 16%
- ethnic/cultural or socioeconomic…group: approximately 20%
Note that many agents indicated that they serve several super-specialized markets…this explains why the total percentage is higher than 100%.
Successful marketing to super-specialized markets depends more on a very thorough understanding of unique client needs, wants and expectations…than on specific local market knowledge and information.
It is, however, your ability to gather and interpret specific local market information that allows you to provide these clients with the service they need, expect and deserve.
Super-specialized markets can be opportunities worth pursuing, especially in shifting market conditions like our current one.
In fact, you may already be serving a super-specialized market…and not even realize it.