Navigating today’s real estate market is nothing short of an arduous task. The market has changed drastically during and after the pandemic. It is continuously behaving in unpredictable ways, with popular markets now seeing people abandon them and move into lesser-known ones.
No fortune teller can predict the future for this turbulent market, but according to industry veterans, here are some real estate niches that are most profitable today and in the upcoming years.
Why Choosing a Niche is Necessary
Each main real estate field involves a wide range of property types, which is why agents prefer to specialize in a particular niche. “Niching down” permits you to specialize in one area. This also helps to preserve marketing resources.
For example, you may use online marketing to target particular phrases or mailings to a specific neighborhood. By emphasizing your brand, you may improve recommendations. This way, you’ll be renowned as an expert in your field.
Rentals
The most profitable niche is arguably rentals right now. With home prices increasing steadily and as job growth remains stagnant, people flock towards rentals. In this day and age, more and more people are working freelance or remote jobs. People these days want the freedom to work anywhere. These digital nomads drive growth for rentals and make it a lucrative niche.
A strong digital presence is the best way to stand out in a booming rental market. A simple website or a relevant social media handle can give you a significant edge over the competition. For example, Graana.com, Pakistan’s First Online Real Estate Market Place, has listings for rental houses or properties.
Vacation Homes
As the pandemic fades, the demand for vacation rentals will increase as it has been pent up since lockdowns were set in place. This niche saw a high influx of buyers as many people witnessed an increase in their net worth during the pandemic. Highly affluent areas will be the target, and the commission on these properties is usually higher than average.
Corporate Relocation
As more companies continue to relocate to countries with lower costs, more workers are requesting work from home. This has made more prominent companies leave a specific region and relocate to places with lower costs of operation and regulation. This is a lucrative niche as more and more countries will follow suit.
Companies are leaving silicon valley as the ROI of being headquartered in high prices and affluent areas adds little to employee attraction and retention in these troubled times. LinkedIn is a good source for leads to corporate relocations. Good content can be marketed to top management and they can contact you for assistance and it can help you close more deals.
Millennial Homebuyers
The majority of buyers in the market today are millennial home buyers. Millennials buying homes is counterintuitive but millennials are now in their prime earning years and many are on their way to buying their first house. So, if you are one of the millennials and looking to buy houses in Bahria town Karachi or elsewhere, visit Graana.com.
Many millennials are now getting educated on investing through social media platforms. This trend is seeing a high influx of millennials looking to invest in real estate. Shared property buying and other methods that help with financing are increasing the sales of property among millennials.
This presents an ideal opportunity for real estate agents to assist millennials and earn good commissions on many deals.
Source: Pro Pakistan