Real estate investing is not only about aiming for financial freedom; it is also about getting happiness and satisfaction in the investor’s career. This notion is supported by recent studies concerning people’s behaviour and mindset. A group of researchers led by Andrew Jebb conducted a study involving over 1.7 million people from 164 countries using the Gallup World Poll. The objective of the study is to discover the factors leading to happiness and satisfaction. The result shows that professional employment and business-related achievements are strong contributors of happiness. Indeed, we are all in the quest to find happiness in our chosen profession; and one way to achieve it is through knowing our niches.
Exploring what real estate investing is and finding your niche
Real estate investing is like a basket of assorted goods as there are a lot of flavors that you can choose from this career. There are various strategies in real estate which you can explore and learn. You can engage in bird dogging, flipping houses, wholesaling, real estate agency, or passive investment. As you learn more about real estate investing, you will realize the crucial factors you must consider such as your personal interests, market demand, people you want to help and the matters you are most passionate about. You can have a clearer direction in discovering these paths by finding and understanding your real estate niche.
Niche Marketing defined
Niche marketing is a strategy of focusing on a specific target market,which may be an exclusive group of people or a demographic of potential clients. Niches refer to your suitable position in real estate investing. Engaging in your niches means focusing on the investment areas that you are comfortable and passionate about; and using it as the avenue to achieve your real estate goals.
“The riches are in the niches“- Dan Kennedy
Discovering your real estate niche can help you calibrate your passion because mostly, we tend to build up our weaknesses but we forget to harness our strengths. The journal “Nature of Human Behavior” suggests that emotional well-being such as happiness increases steadily with income. Professionals have a higher probability to be financially successful when they are also happy and excited about their business and profession. As quoted by Dan Kennedy, “The riches are in the niches.” For this purpose, riches mean not only financial stability but also emotional well-being such as happiness and life satisfaction.
Finding your real estate niches
Here are the tips on how you can find your real estate niches:
No.1 – Conduct a self-assessment
Self-assessment is necessary to know yourself better as a real estate investor. In discovering your niche, you may list down your strengths, weaknesses and your goals. For example, if you enjoy hunting deals and looking for potential clients, then bird-dogging may be the right strategy for you. If you find it exciting to deal with contractors and renovate an old house into something beautiful and new, you may want to try the fix-and-flip strategy. You may also get a note and list down the following details as you do a self-assessment:
- What are the things that you enjoy doing the most?
- What are your strengths and weaknesses?
- If you have the capability to invest now, where will you put your money?
These questions may help you in rediscovering yourself and in knowing your passion.
No.2 – Have an advocacy
As you grow in real estate investing, you will realize that engaging in business will not only help you personally, but it will also enable you to support others. To illustrate, Max Keller’s market niche focuses on the senior citizens because he grew up with his grandparents and from then, he established a personal connection in helping the elderly. For this reason, it became his advocacy to help elderly clients in making decisions regarding property sales and transactions.
Integrating your advocacy in your real estate niche will make you more eager and excited in whatever you do. Your cause may be personal, sentimental, or anything that you would like to value. The combination of your advocacy and market niche will inspire you to bring out the best in yourself.
No.3 – Explore your target niche NOW
Your ideas will remain intangible unless you transcend it into action. There is no better time to learn and to discover your real estate niche than now. Materializing your objectives and goals may be challenging at first, but it will truly be rewarding.
Credits: Max Keller is the co-founder of the MobileVestEd; he is an experienced investor with notable expertise in mobile home real estate investment, a successful entrepreneur and a host of the “Customer Chasing You” show. He is an author of investment books and a national speaker. He is also an honoree of the “Industry Innovator of the Year” award.
The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.