According to Google/  AI / Dictionary:

A "niche" can refer to several concepts. In ecology, it's the role an organism plays in its environment, including its habitat, food, and interactions with other species. In a broader sense, it can describe a small, specialized area of interest or expertise, like someone's passion for antique teacups.

In business, a niche market is a focused portion of a larger market that is served by specialized products or services. 

When your Book of Business (the people you know who are the target of your marketing system) is not returning enough repeat and referral business to sustain/grow your income, consider diversifying with prospects in a niche market. If you are looking for leads outside of your social and professional network, the experts say to look for a “target-rich environment.” 

In real estate, you would be looking for those people who have a high probability of selling their homes.

For Sale By Owners, for instance. As we say in sweathogs.com – “How many for sale by owners do you have to contact to find one who is thinking of selling?”  Answer: One. Now, that is the definition of a high probability.

But maybe FSBO’s aren’t your bag.

Or maybe there aren’t enough of them in your market.

That would mean it’s a target-poor environment. 

The first criteria for a niche to supplement your Book of Business is abundance – that there is enough of them.

And the second criteria is that you have a passion for or special interest in serving these particular clients.

Here are 10 niche market suggestions (in no particular order) that you might want to consider

1.     For sale by owners
2.     For rent by owners
3.     Expired, cancelled and withdrawn listings
4.     Probate
5.     Pre-foreclosure
6.     Divorce
7.     Bank-owned properties
8.     Short sales
9.     Seniors
10.     Distressed properties

There are also traditional approaches to lead generation that deserve mention, including holding open house, circle prospecting around recent listings or sales, prospecting in neighborhoods where you have buyer interest, HOA farming, geographic farming and social media farming. 

Whichever niche you decide to pursue, do your investigative work first. Determine abundance.

Then decide you’re going to love being the expert who serves them. Work up a marketing plan that is affordable, and based on building relationships. Be consistent.  

Adding a niche to your Business Plan is smart when you need to increase your income.

There are definitely riches to be had in niches!