5 Real Estate Niches That Will Be Huge in 2024

Is it better to be a generalist or a specialist? It’s a debate that professionals in countless fields have been asking for a long, long time — real estate agents included.

Of course, everyone starts out as a do-it-all agent. As you gain experience in the industry, though, you realize there are certain clients or properties you enjoy working with, either because they align with your interests or they’re more lucrative (perhaps both).

So in your context, specializing in a certain niche is not a question of either/or, but rather when. If you’ve been asking questions like “What does niche mean” and “Which niche should I focus on,” this blog will be well worth the read.

Why choose a niche?

Before anything else, what does niche mean exactly? In simple terms, it’s a specialized sector in the market. That may mean a certain price level (luxury), property type (condos), location (Hawaii), demographic (Over-55 neighborhoods), or interest (golf club properties).

What does choosing a niche mean to your bottom line as a real estate professional? A lot, actually.

• Standing out from the competition
  In this low-inventory, high-interest environment, every agent is battling it out for every client. If you’re the known expert in a niche, you won’t even have to seek out clients — they’ll come to you for your knowledge.

• Attracting high-quality leads
  A prospect inquiring about a fly-fishing ranch in Montana has likely done their research and is truly keen on buying property. This means you are more likely to convert such a lead into a customer.

• Streamlining your operations
  The more you focus on a certain niche, the more you’ll learn the ins and outs, and the faster you can close deals. For example, you’ll know the most effective strategies for working out water rights issues in ranch properties, which could otherwise scuttle a deal.

• Higher income potential
  The truth of the matter is specialized real estate services come at a premium. Moreover, niche properties tend to cost more than your typical house, meaning higher commissions for you.

So what real estate niches should you be exploring in 2024? Here are five recommendations.

Realty Auctions

In a real estate auction, non-distressed properties are opened to competitive public bidding. Such auctions offer a broad range of benefits, primary of which is speed since you’re targeting highly motivated and pre-qualified buyers. Moreover, sellers can rest assured that their properties are sold at least at market value and they don’t have to worry about being dragged into long price negotiations — the bidding process will take care of that for them.

Why get into realty auctions?
As you might have guessed, real estate auctions have a shorter timeline, meaning you could close deals much faster. You also don’t need to book multiple viewings for multiple prospects — once the hammer falls, the property is considered sold. Auctioned real estate also often exceeds the baseline listing price, meaning more commissions for you. That said, you may need to get an additional auctioneer license to ensure that you follow legal regulations for auctions and to ensure that your clients get a fair deal.

Excellent example
Simon Polito’s real estate agent website hosts short videos that give agents the inside track into realty auctions. In one video, he discusses the common misconceptions about realty auctions — and draws parallels between this way of selling houses and how priceless works of art find new owners.

Lifestyle Real Estate

There are countless luxury properties throughout the world. But how many can offer unique lifestyle experiences? Think ski cabins in Colorado, vacation homes in Lake Tahoe, or horse ranches in Texas. More than just expansive square footage or scenic views, these properties allow people to live as if every day were a getaway.

Why get into lifestyle real estate?
Ultra-high-net-worth clients can afford any home, so they’re looking for one-of-a-kind properties that allow them to indulge in their favorite activities — and are willing to pay a premium for it. If you corner the market for a specific lifestyle real estate niche, you’ll be the go-to agent for it and can reap all the benefits, too.

Excellent example
Wildlife Ranches specializes in properties that offer unmatched biodiversity and caters to buyers who have a genuine love for conservation. Its real estate website has convenient portals for both buyers and sellers, while its featured listings take up the full screen, effectively displaying the beauty and expansiveness of the ranches this team sells.

Destination Real Estate

Here’s an interesting statistic from Coldwell Banker Global Luxury: in a survey, nearly 40% of participants said they were intent on buying a home in a foreign country within the next year. It’s an especially enticing figure given the lower inventory and skyrocketing costs of buying luxury homes in the U.S. Beyond that, the opportunity to own a home in an exotic locale that offers unique experiences is truly a major draw.

Why get into destination real estate?
Simply put: that’s where the money is going. What’s more, operating in two or more countries shields you from a downturn; if one market isn’t performing as well, you have another market to make up the difference. Developing expertise in serving international buyers and sellers also opens a world of lucrative opportunities for you.

Excellent example
The Oppenheim Group is already a force to be reckoned with in Southern California and it recently opened its first international expansion in Cabo. We created a separate real estate website just for this market and created a portal for it on the main site. Our team made sure to apply the same overall look and feel to the Cabo website for branding consistency, but also added features that give it a unique identity.

Luxury Rentals

Luxury vacation rentals is another growth market you should consider tapping this 2024. According to Grand View Research, the global vacation rental market will grow at a compound annual growth rate of 5.4% from 2022 to 2030. This just goes to show that when the well-heeled want to vacation, they prefer well-appointed lodgings.

Why get into luxury rentals?
Real estate investors will be keen to take advantage of this uptrend in vacation rentals, making it another segment an agent like you can specialize in. What’s more, the rise of vacation rental platforms like Vrbo and Airbnb has made renting homes that much easier, creating a bigger market for such properties. Even better, many of the high-net-worth homebuyers you’ve already sold homes to are likely interested in investing as well, giving you a built-in market to work with.

Excellent example
Brett Harris knows that sunny Florida is popular with discerning vacationers. On his real estate agent website, there is a dedicated section called “Luxury Rentals” that showcases prime investment assets, including turn-key homes, flip-worthy properties, and even renovated hotels.

Military Homes

Members of the Army risk life and limb to protect the country’s freedom. At some point, however, these brave men and women want to put down some roots. Luckily, the military offers generous benefits to members, including VA home loans that come with zero downpayment. Is it any wonder why 80% of veterans own a home versus just 60% of non-veterans?

Why get into military homes?
For starters, the military is 18 million members strong (both active and veterans), many of whom will likely settle down and look for a home sooner rather than later. By catering to this set, you cultivate a large pool of clients who will always require an agent. What’s more, the armed forces is a tight-knit group; if you offer excellent real estate services to one member, they’re very likely to recommend you to their comrades in arms. And thanks to very favorable mortgage lending terms, military members are very motivated buyers, too. Of course, you’ll want to get a Military Relocation Professional (MRP) Certification to position yourself as an expert on VA loans and relocation for military families.

Excellent example
As a veteran, Jason McIntosh knows the opportunities and challenges military members face when buying a home. So it was only natural for him to lend his expertise to military personnel navigating today’s housing landscape. To give this audience all the information they need, we included a section called “Military Sources” on his realtor website, which offers an in-depth home-buying guide.

Broaden your real estate horizon this 2024

Getting ahead in real estate is never easy, but finding and cornering a niche means you’ll always have a steady stream of clients, whether the market is up or down. Rest assured that Agent Image will be there to support you as you branch out by offering you expert website design and digital marketing services.

For a FREE consultation, call 1.800.979.5799 or send a message here.