A common concern many real estate agents have when considering choosing a target market is narrowing their focus. They don’t want to turn business away or leave money on the table or put all their eggs in one basket. They want to cast as broad a net as possible and do business with whoever comes their way.

Use Resources Wisely

However, to succeed in any business, you have to be able to focus your resources. You only have enough time to serve a limited number of clients. You only have enough money to market effectively to a small group of people (unless you’re financially well off, in which case, feel free to spend away.)

For the rest of us who want to attract clients to our business on a limited budget, we only have so many resources. For marketing to be effective, you must reach your target audience repeatedly, and it can take upwards of seven contacts before someone remembers who you are.

When selling real estate services, timing is also important. If you aren’t in front of prospects and actively marketing to them when they decide to buy or sell their home, you’re out of luck. Your competitor who was marketing to them just got a new client. Reaching your niche once isn’t enough. You must constantly be marketing to and following up with them.

Expand Your Market As You Grow

If you are already attracting a number of clients and your business is steadily growing, then consider expanding your market. Most agents will start out with a prospecting list of about 500-1000 names, and as they generate results with their marketing, they either add more names or add another niche.

The key here is to get a marketing system in place first, so that you’re successfully generating new clients from that system. Then, consider adding another target.

Use A Different Marketing Message

If you do decide to target several markets, you will need to tailor your marketing materials, offers, and overall message to each group’s specific set of concerns. For instance, your primary niche might be your local neighborhood and your second niche might be single first-time home buyers.

Each niche will have different concerns, motivations, fears and problems, so you’ll have to do twice as much work with your marketing. You’ll need two sets of ads, two brochures or marketing kits, two websites – two of each, to effectively target both niches.

Do you see how this could get expensive? It generally also means that because you are splitting your resources between two niches instead of one, you have less time and money to devote to each. If you don’t already have your marketing campaign for one niche already established, it can become incredibly overwhelming – especially if neither is generating results.

So, the short answer is yes, you can have multiple niches (but try to limit it to 3). The longer, more cautious answer is do you have the resources to target more than one niche?

Need more help identifying your target audience or ideal clients? Check out our Lifelong Clients Workshop, where you’ll learn how to identify ideal clients, ways to generate more referrals and revenue, and how to provide exceptional client service.

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