Vertical Markets Are Super-Specialized
Niche Markets
In today's real estate market, vertical markets represent opportunities worth pursuingWhat Is A Vertical Market?
For the most part, niche markets are defined geographically...such as a specific neighborhood, community, district or easily identifiable part of town.For example, my research indicated that approximately 68% of the high-producing agents surveyed defined their niche markets geographically.
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
- etc.
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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%
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Successful Marketing
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 conditionss like our current one.
In fact, you may already be serving a super-specialized market...and not even realize it.
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