The vast majority of real estate agents and brokers work with three major types of property. As a new agent or broker, you may want to narrow your focus and specialize in one or more types of property. A study of the number of properties of each type in your area, and their relative values, would indicate the possible financial rewards of working with those types.
Niche marketing in today’s online world has changed niche decisions a bit though. In the past an agent might specialize in just several units of real estate that are owned each separately. The Internet has made it possible to effectively market in more than one niche segment. Now Websites can be constructed and published at low cost, with each covering a specific niche exclusively. Because that niche is only covered in the site content, that result in the better SEO. Below mentioned are the 3 types of properties:
Generally the property size and price is quite large enough, with corresponding commissions. Be sure that you have understood the specific buying requirements of your prospect. Quick growing areas, are getting experts in building properties which can be profitable for an agent. As long as the spread continues, the area you would choose might get farther out from the city or possibly near your office. Vacant Lands are the best option for you as you have a choice there to build your home according to the design you have set in your mind.
The residential type of property is by far the most popular with both new and experienced agents. Real estate agents then further specialize in types of homes, including separate homes, duplexes, high value homes, vacations homes, etc.
By a large margin, the most widely practiced property type niche is residential. Whether single family homes, townhomes, most agents start in this niche. As per the family size matters, these type of property is also holding its customers to the level best. Majority of the people go for this option if they do not have a large family.
Commercial property can be empty land which can be use for commercial use, or an existing business building or buildings. Commercial property valuation requires a more complex method, that is taking into account the income potential of the property, historical revenue, cash flow with owner and much more. Commercial property includes office buildings, industrial property, medical centers, hotels, malls, retail stores, farm land. For multi-family and apartments commercial property are the best property as they provides the best return in future.