EP 55: Create the Niche, B**ch! 😉
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Welcome to The B Word, the podcast for women in real estate who want to unlock the clarity needed to put your big girl panties on and rock your career like the true boss you are. I'm Joanne Bolt, your host, and together we'll dive into the things your broker doesn't teach you in order to own your own path, disown the things getting in the way to finding your place, and stop apologizing for the obstacles you had to overcome along the way.

If you're ready to stop playing small and take action in your professional life, this is the place for you. One of my favorite things to do in business is to really solidify a brand so that when I market and work with it, I'm the expert. If you're a realtor, I can guarantee you're asking yourself right now, Joanne, why would I niche? I want to work with all the buyers and sellers. Well, my friend, that is actually the wrong mindset.

That mindset thrives on a scarcity mentality that you need all the buyers and sellers because you have absolutely no clue when and where your next commission check will come from. So I challenge you to consider niching down so that you can create a steady, scalable, and sustainable business.

But just what is a niche? It's a specialized segment of the market for a particular kind of product or service. IE in real estate, your product or service is selling homes, but the niche would be to whom you sell homes to, or to whom you work with on the buy-in side.

When you niche down in real estate, you become less of a jack of all trades, master of none, and you move yourself into the true expert in your area that you are known for. And even better, the more you work in a niche, the better you become at honing all the various aspects of your business that you'll need. Your knowledge gets better. Your social media becomes more targeted. Your referral systems are refined and heck, even your contract to close process becomes buttoned up.

which I promise you is a really good thing. So grab a glass of Prosecco with me and let's dive into a series I've created just for you agents that's all about niches. Today's episode in particular, I'm getting really candid on two of what I think are the best niches for new agents who are also high eyes on the disc profile. And those niches are first-time homebuyers and moms of young toddlers.

Now, if you're an excellent communicator and love the people aspect of the business, um, AKA you are that eye on the disc profile, then you may want to consider catering to first-time homebuyers. First-time homebuyers are on average more excited than others to be in the process of house hunting, according to the national association of realtors. And if you don't pay attention to their statistics, I highly encourage you to.

But according to NAR in 2022, this group represented 34% of all home sales. That's a pretty big number, you guys. And that number has been steadily increasing over the years. And my favorite part about this group is they will never be non-existent. We will always have some percentage of home buyers who were in fact buying their very first one.

And what's super interesting is that the median age of first-time homebuyers has also crept up over the years. NARS statistics tell us that in 2022, 25% of first-timers, their age bracket is roughly 36 years old. And most first-time homebuyers are purchasing a resale home versus a new construction.

Why is that important to know? Well, it means that you should expect to be educating them in all aspects of owning a home from the first steps of obtaining the right mortgage to general timelines of when they should expect to be replacing fixtures that wear out over time. You know, like roofs, HVACs, appliances, flooring, you get the drift.

Part of working with first-time homebuyers is diving into the experience with them and understanding that they don't know what they don't know. So you're going to need to handhold them slightly more than any experienced buyer. And this can be both time consuming and exhausting for a realtor who isn't very organized themselves or one who's not as familiar with the overall process of buying a home. So kind of watch out for those things.

I tend to recommend that new agents find a good mentor and really learn this industry before truly jumping into first-time homebuyers as their niche. Because while first-time homebuyers may frighten a new agent less, I mean, after all, you don't know everything and neither do they. So you may not have that real fear of looking stupid, but you also have to ensure that someone is watching over your shoulder because you don't want to lead a first-time homebuyer down the wrong path. And

misplace something in their contract, make a mistake on their transaction and cause a lot of financial stress because of your inexperience. I also tend to find that former teachers make excellent first-time home buyer niche realtors because quite frankly, those ladies have learned the art of patience and explaining things to students well before the student even knows they need to have explained to them.

They have also really learned the art of having to repeat themselves over and over and over again. Working with first-time homebuyers tends to also come with a lot of excitement on the behalf of the buyer. And that can be a lot of fun and very gratifying. When you hit the closing table with a first-time homebuyer and hand them their very first key, there's an emotional thing that comes with it that a lot of agents really respond well to because it's that sense of accomplishment.

Be warned though, the buyer's excitement can also lead to last minute request to see homes. So you'll need to perfect the skill of setting boundaries on your time and expectations on moving them through the process. Otherwise you'll find yourself every Saturday morning needing to get up, get dressed and get ready because you never know when they're going to call.

I also recommend walking them through all of the potential cash outlay prior to showing them any homes. They need to fully understand that they may have to pay for a title exam or an appraisal or an inspection, a septic checkout, or any other items outside of the closing table that they don't know ahead of the time that they're going to have to write a big check for. And you don't want to catch them off guard. You need to always be one step ahead, especially in first timers.

And speaking of paying for things, when you work with this group of people, you should get very familiar with a few home loans that are quite popular in this niche. Fannie Mae's HomeReady and Freddie Mac's HomePossible loans are seeing a lot of popularity right now because they have 3% down payments and reduced mortgage insurance premiums if your buyer is within the income limits. FHA is another go-to for this bracket and is typically made for buyers with a 680 or below FICO score.

As a niche specialist in this area, you need to be well versed in these loans and have several lenders on your recommendation list that also are well versed in these loans. While you don't handle the loan yourself, obviously the lender does this. Your buyer may ask some general questions to you. And quite frankly, you should have an overarching knowledge of what they're talking about.

Understanding the loan at a very high level also helps you anticipate those extra oddities like the costs associated with the loan or things to watch out for inspections. I found that FHO loan exhibits in most states have a special wording for parts of the process that are different from other conventional loan exhibits, and it is your job to know the difference in those exhibits yourself.

Know the different things the loan is going to need to have, you know, from your perspective and understand that in order to educate both your buyer and well, let's be frank, sometimes the co-opting agent you're working with, because you can't assume that when you bring a first time buyer who's using FHA to a listing that that listing agent has any clue what that exhibit means either. Marketing as a niche to first time home buyers is so much fun.

This is when you lean into their lifestyles and activities that the group could be interested in. Bear in mind that sending out value added items like coupons to Home Depot, because they're going to have to make a run for, you know, paint or a hammer to hang something up or even better arranging painting discounts with your favorite painter painter or gift cards to restaurants that are close by the neighborhoods that are in the price point of first timers. It really sets you apart from the competition.

And what sets you apart from the competition could very well be the main reason your buyer ends up recommending you to their friends and family. The little details matter, people. The second niche I recommend for newer agents is the mom of the young toddler. You may question me about this niche, but I promise you, if you work with these people, you know what I'm talking about. And boy, oh boy, do I love this niche. There's just so much you can do with it.

And I'll add in that many of the same reasons a realtor gets going into the first time home buyers applies here as well.

Your patient level needs to be up at all times. Moms are often hectic. They come to showings with their toddlers and they need handholding at a higher level. They often utilize the same loans as the first time home buyer. And because they're first timers or they're moving into their second home because now they've had the kids and they've outgrown the first home, they can often feel like their cash outlay looks a little bit different because now they've also purchased the minivan. They have the cost of preschool education. They have the cost of

They have extra clothes to be purchasing, extra laundry detergent, and all the snacks and things that come with kiddos. But here's where your mind shift occurs. As a niche realtor in this market, I recommend taking the time to ensure that you've thought through your boundaries. I mean, will you allow the kids to come to showings?

It's up to you really as the agent. If you're a hard no on that, then a fierce conversation needs to be had with your buyers prior ever having the first showing and a good list of reputable babysitters, maybe something you want to add to your vendor database. If you do allow your moms to bring their kiddos, then I recommend popping a basket in your car and always having a few items handy.

Personally, I always carried around juice boxes, crackers, baby wipes for spills, and those coloring books that the markers use water instead of ink because that way no one is writing on any walls, floors, or your car.

After all, you don't want a huge mess being made. And quite frankly, having a few snacks on hand can ease a cranky toddler out of their funk and allow the parents to concentrate on seeing the home versus rushing through it because of a fussy kiddo. For your social media, I would focus on things that moms need to know about. You guys know if you've listened to me for a hot second, I fully believe that your social media does not need to scream real estate. Instead, it

especially when you're niching down, your social media needs to address your niche. In this instance, the local ice cream place, advice on getting grass stains out of baseball pants, the best places for mom and me experiences, when the local library has a reading hour, or a clothing store that offers moms a place to sell their gently used items and purchase other things. These are great stuff and you'll become known as an expert in where moms go to for advice.

Think of your social media as the Pinterest for your niche. You'll gain a following of other moms too. And this also increases the chance of landing a lead you can work with. The more you're out there and are catering to your audience, the more they come to you.

Now, if you're super interested in the concept of niching down, and I sure hope you are because I promise me, I promise you, you will thank me for it later. I wish to God someone had told me 20 years ago to niche down. It might've saved me a lot of pain and effort, but I digress right now. Let's do two things.

The first is to text the word Niche Quiz. And for those of you that need a little bit of help spelling, I know you have mom brain. It's N-I-C-H-E-Q-U-I-Z. So text the word Niche Quiz to 678-968-7740. I have a quiz designed to lead you down the right path of what your best personality type is and what some recommendations are for who you need to niche down and work with.

And once you know that, I've also curated a list of podcast episodes that you should dive into in order to get the right mindset to go forth and make your niche happen with ease and efficiency. The second thing I want you to do right now

is to hit that subscribe button on your podcast player, because when Thursday's episode drops, you'll have it loaded up and ready to go. On Thursday, I'm diving into a few other niches I love in real estate, and I think that you will too. For now, I'll leave you pondering if first-time homebuyers or moms of young toddlers is the right niche for you. If you decide they are, oh my gosh, drop me a DM on Instagram. I'd love, love, love to hear from you. And

And if those aren't the right niches, but you want to know some other good ones to look into, well, you know where to find me next Thursday. Same place, same time. See you soon.

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We have got a free gift that we are changing every single month here on The B Word. So head on over once you've given your review, grab a screenshot of it, and then go to thebwordpodcast.com forward slash review. Upload it for me and I will send you a free gift immediately. Thanks in advance.