Real estate is big business and it’s always evolving which makes it an exciting industry to be in particularly for real estate agents and property investors. In smaller cities, Real Estate salespeople need to work hard on differentiating themselves so they attract business.
One way to improve their reputation is by becoming an expert in a niche market.
Looking at Toronto’s Real Estate sector we have 5 areas agents and investors can focus on and master so they stand out from their peers.
Location is a very important aspect of Real estate wherever you’re operating your business in sales or investment. So choose a location that works best for your business. A location with ample employment opportunities attracts more people and that means a high demand for homes and rental houses as well as schools, hospitals, shops and transportation. As the saying goes: “location, location, and location”.
2. Safe and Secure Neighborhood
Become a subject matter expert on premium areas. If you’re investing in real estate go the extra mile and do your due diligence on the area. Does it have a high crime rate? A drug problem? Safe and secure neighborhoods are in demand and come with a premium price tag. Homes will value up well and command a higher weekly rent rate. People want to be able to walk around their homes with no fear of getting robbed and enjoy the surrounds too in a nice neighborhood and they’re willing to pay more to get it.
Purchasing new or refurbished property with security already at the heart of the development can work out better for the investor. For example, there are new prestige condos in Toronto at One Yonge go to the website that appears to offer it all and they may have cornered a niche market.
Plus for an investor renting out a condo, make sure to ask questions regarding the condo association’s bylaws to ensure you fully understand the existing policies regarding renting out units in a specific area. It’s also a good idea to ask the realtor if they recommend a local property management company that deals with condominiums for example in Toronto, there’s Buttonwood. Not all property management companies provide the same high quality of service and it could be your reputation on the line if you don’t choose the representation you can get for your property and your tenants.
3. Have a Niche Market
Being in the business of real estate particularly in sales can be prosperous when you work in a niche i.e with specific types of real estate e.g. standalone houses, or condos or commercial buildings. The market for condos typically attracts the retail investor while for Apartments it’s more of an institutional approach. Focusing on a particular niche market will help you become an expert in that area and an authority in the market. Having knowledge about a specific area will enable you to gain trust from your network and they will come to you for advice and also refer business to you.
4. Be Optimistic
Every business has its ups and downs and real estate is no different. Every area will go through the property cycle. Having a positive outlook no matter where the market is at e.g. in a ‘down-turn’ where fewer sales activity occurs optimism will give your customers confidence and that’s a good thing as they will recommend your services to their family, friends and colleagues.
5. Build Relationships
Success in Real Estate will come easier with good relationships and networks. Expanding your network can be achieved much easier now with social media so use it to get ahead of your competition. The most influential and successful operators in real estate have extensive networks and they’re using online and offline marketing to build their brand.