ShareThe global real estate market is expansive, broad, and varied. In order to successfully grow your business and attract the right clients, you need to build expertise in a specific area. Finding a niche within global real estate allows you to immerse yourself fully into the culture and area of your target market, understand best practices, and build connections within the area.
Some agents find it useful to choose a niche based on geographic location, language skills, or a specific culture and heritage. If you find it difficult to determine your specific approach, below you will find prompts to help you identify which global clients may best fit your business.
What draws foreign buyers to your local area?
Research the property types in your local area and consider what buyer segments they might attract. Think through foreign companies that may have facilities nearby. Are there any vacant spaces that you could market to an international buyer? Are you located near a university or corporate hub that may attract students or employees from other countries? Consider the coastlines and other lifestyle and cultural attributes of your local area that may draw global interest. Are there luxury properties, condos, or sites with interesting histories? Think through how you can market these overseas.
What international activity or global connections already exist in your community?
Many cities partner with sister cities overseas. These international links between municipalities foster a long-term partnership that could lead to opportunities for global transactions. Check with your local government to see what cultural and commercial ties may already be in place. Pay attention to international events and cultural festivals in your area. Many organizations, colleges, companies, and local civic groups sponsor festivals and gatherings with a more global focus. These activities can provide great opportunities for networking connections.
Don’t Miss These Resources for Choosing a Niche
State International Business Reports
Available to you at: bit.ly/NARStateEconomicDataReport.
Global Business Councils International Transactions Report
bit.ly/NARGlobalTransactionsReport
This annual report contains useful data and statistics to understand where global buyers are searching for property both within the United States and internationally. Look through the report to find data relevant to your interested markets and your local area.
Local boards around the United States have established Global Business Councils, dedicated to globally-themed education, programming, and networking for their members. See if you have an active council in your area and if so, participate in the meetings and events to build partnerships globally.
RPR - REALTORS® Property Resource
This is a member benefit only available to REALTORS® with an active NAR membership. This tool gives you access to school zones, flood maps, heat maps, and demographic information and other data you need to become a trusted subject matter expert. RPR also allows you to view information on any parcel and identify residential and commercial properties within the United States. Many agents find it a helpful tool to pinpoint local features and locations that may draw international buyers and create personally branded reports for your leads and clients.
Visit blog.narrpr.com.