On Wednesday, July 28, we hosted the “How to Find Your Niche” breakfast featuring guest speakers Joseph Morris, Keller Williams ONEChicago, Rafael Murillo, COMPASS, Ryan Smith, RE/MAX Properties, and moderated by Melanie Miller, Keller Williams ONEChicago. Here are key takeaways from the breakfast and business tools we think you’ll enjoy.
Why Find A Niche?
The journey to finding your niche may not be straightforward, but it’s a path worth exploring. It’s about aligning your passions with market demands and becoming the go-to expert in your chosen field. Whether you’re drawn to luxury properties, veteran homebuyers, or foreclosures, there’s a niche waiting for you to claim it.
Melanie Miller specializes in investing in multi-units, something she was doing long before she earned her license. Now, her passion lies in helping others invest in multi-units as well, but she doesn’t let that “niche” limit her success!
The Power of Passion
Rafael Murillo emphasized that success stems from genuine interest. He got his start as a luxury leasing agent by joining a brokerage known for high-end properties and immersing himself in the luxury market. “I had a very targeted approach,” Rafael explained. “I showed up to the office every day, paid attention to top producers and listened to how they negotiated deals.” His persistence paid off. After building relationships as a leasing agent, Rafael landed his first million-dollar listing through social media connections.
Joseph Morris found his niche by combining his military background with real estate expertise. “Veterans follow your advice. They know how to follow orders,” Joseph noted. By establishing trust quickly and educating clients on the realities of VA loans, he’s built a thriving niche.
Ryan Smith found his calling by following his mom into the REO and foreclosure market. Ryan has taken this passion and used relationships in corporate America and those he’s met at events to build his business.
Putting your passion into Action:
- List your top 3 passions or interests within real estate.
- Research how these interests align with market demands in your area.
- Identify potential niches where your passions intersect with market needs.
Cultivating Expertise
Choosing a niche isn’t just about narrowing your client base – it’s about deepening your knowledge. “I was reading Crain’s, The Real Deal, and Forbes – just reading everything possible about the luxury market,” Rafael said, sharing how he immersed himself and gained knowledge about the luxury market.
This laser focus allows agents to become true experts in their field. As Joseph put it, “You’re a new agent, but you’re confident in what you know.” This confidence translates into trust from clients, which is crucial in any real estate transaction.
When it comes to REOs and foreclosures, Ryan explained that his specialization is a small portion of the real estate industry that typically takes time to break into; however, networking with hedge funds and attending conferences those hedge fund managers also attend within this sector of the industry can help you gain knowledge and make connections.
Ryan also puts in time to visit properties around the city. He drives to physically see every one of his properties and even the one she personally isn’t tied to. He has studied how to conduct a drive-by BPO (Broker Price Opinion), and he joins walk-throughs and inspections, learning every aspect of the craft. Not only has he studied the data, he shows up. His niche may seem less glamorous, but it’s highly lucrative and speaks to the diverse opportunities within real estate.
Action Steps to Cultivate Your Expertise:
- Subscribe to 2-3 industry publications specific to your chosen niche.
- Set aside 30 minutes daily for niche-specific reading and research.
- Identify and join a professional association related to your niche (read more below!).
Building Your Brand
Once you’ve identified your niche, it’s time to let people know. Social media is a tool that has helped these REALTORS®. Rafael stressed the importance of consistent, professional content: “You just have to post consistently and don’t be afraid to share all your success stories.”
Joseph added a crucial point about authenticity. “Post what you think your target audience will want to see,” he said. Your online presence should reflect your niche and attract your ideal clients. He dresses how his audience dresses, presents himself and speaks in terms he knows they will understand. He’s set a goal to get his brand in front of every veteran in Chicago! And, most importantly, he has a plan on how he’s going to get there.
“Always come from value,” Joseph added. His brand is about educating people on their options. He explains common misconceptions, breaks down and challenges misleading stereotypes and he explains it from a place of someone who wants to come with solutions.
Ryan Smith has over 6,500 transactions under his belt, and this impressive volume reflects the time he’s put into building relationships and expanding his “brand.” His brand doesn’t need to exist on a website or on social media; it exists in his relationships and his contacts.
Putting your brand into Action:
- Create a content calendar for consistent posting on your chosen social media platforms.
- Share one success story or niche-specific tip each week on your social media.
- Identify two events each month that you’ll attend with the intent of networking and promoting your expertise. Then, go to them.
Your Niche Awaits
The key takeaway? Find your passion in real estate and lean into it fully. Whether it’s luxury properties, veteran homebuyers or foreclosures, there’s a niche waiting for you.
As Melanie Miller said, “When you find that passion and you lean into it, I promise you, not only are you unlocking doors for your clients, but you’re unlocking doors for yourself.”
Remember, success in a niche market doesn’t happen overnight. It requires patience, persistence, and a willingness to continuously learn and adapt. But as our panel of experts demonstrated, the rewards can be substantial.
Final Action Steps to find your niche:
- Conduct a self-assessment of your strengths, interests, and market opportunities.
- Choose one niche to focus on for the next 90 days.
- Create a detailed action plan for developing expertise and marketing yourself in this niche.
- Schedule a review after 90 days to assess your progress and refine your strategy.
How to Get Started
Upcoming Designations & Certifications
Designations and certifications acknowledge experience and expertise in the industry. These programs assist REALTORS® in increasing skills, proficiency and knowledge. Upcoming classes include:
- Accredited Buyer’s Representative (ABR) Designation
- Certified International Property Specialist (CIPS) Designation
- Real Estate Negotiation Expert (RENE) Certification
- Seller Representative Specialist (SRS) Designation
- Short-Sales & Foreclosure (SFR) Certification
Find a Special Interest Group
We offer many special interest groups and networks to help you find like-minded professionals to connect with. Check them out below!
CommercialForum
CommercialForum (CF) is the commercial division of the Chicago Association of REALTORS® and connects commercial real estate professionals with legislative influence, education & professional development, tools & resources and networking opportunities.
Diversity Committee (The 77)
REALTORS are champions of local communities, and the Diversity Committee puts that into action. Named after Chicago’s 77 unique neighborhoods, our diversity committee – affectionately known as The 77 – tackles topics like Fair Housing and economic development and engages with local chambers of commerce and quasi-governmental bodies (i.e. TIF Boards).
Global Real Estate Council
Members of the Global Council are experts in international real estate transactions, representing local and global investors. The Council also fosters strong relations with local organizations representing diverse ethnic and cultural communities in Chicagoland.
Sustainability Work Group
Sustainability Ambassadors provide industry-leading education, networking opportunities and resources on sustainability and “green” real estate practices.
Young Professionals Network
The Young Professionals Network (YPN) is a growing group of career-minded real estate professionals who want to stay well-versed in the latest tools, resources and networking opportunities available to them as REALTORS®.