Most real estate agents will take on as much work as their networks can generate, but some also become known for their ability to sell particular kinds of properties. Niche work can be profitable and fulfilling, but it takes time, effort and expertise to pull it off.
Every agent interviewed for this story stressed that there are no shortcuts to developing a niche. The knowledge and experience required to build a successful niche business take years to develop. Some built their niche deliberately; others didn’t realize they had one until it happened.
“In my case it’s been organic,” said Susan Condrick, vice president at Gibson Sotheby’s International Realty. “Most of my business is typical real estate sales. Whether it’s a one-bedroom condo or a 20-room house, it’s the same set of skills. You just pull in other elements for historic homes. But in the end, it always comes back to negotiating.”
While Condrick sells in many communities, her business is centered in Cambridge and Belmont, home to numerous historic districts displaying diverse home styles. Condrick said she has always loved and appreciated older homes in the 16 years she’s been selling real estate. In the last several years, she’s developed a reputation for being a go-to agent for historic properties. Last year she sold a $7.4 million historic home in Cambridge and co-authored an article about it
published in a literary journal
.
“I love social history, architecture and stories,” she said. “They intrigue me. Buyers and sellers love to hear a story and I love to research them and share them. It resonates with people.”
Condrick begins researching a property as soon as she gets a call from an owner thinking of selling. She arrives to a listing appointment with a deep understanding of the home and its owners, not just a few recent, comparable sales.
“People like the stories; it brings the house to life,” she said.
Build on What You’re Good At
Jim Morrison
While Condrick’s niche growth was organic, it was very intentional for Ricardo Rodriguez of Coldwell Banker in the Back Bay.
“I wanted to get into the construction end of the business from day one,” he said. “A good chunk of my business is traditional business and I never say no to that, but I came from a background in the arts and I’ve always had an affinity for design.”
Rodriguez thrives when working with developers on projects of about 200 units, he said. He likes to be involved with the design, finding the right architect, defining the value proposition and developing brand and marketing strategies.
“I am one-stop shopping for the developer, from concept to closing,” Rodriguez said. “It usually takes a year and a half to two or three years. It’s a time-intense project, but then I establish a relationship with my clients. Most of the developers I work with are people I’ve worked with before or who were referred to me by people I’ve worked with.”
Rodriguez’s sales totaled over $130 million in 2017.
“The most important thing is to follow your instinct,” he said. “One major mistake that agents make is they pay too much attention to what other people are doing and they’re not playing on their (own) strengths. That’s what really successful agents do. There is something they are amazing at.”
The agents interviewed for this story said their niche business comprises up about half of the business they do each year. They’re all careful not to turn their niches into pigeonholes, as they also rely heavily on traditional sales.
His Niche Helped Revive a Style
While exploring his new hometown of Lexington by bicycle in the late ’90s, Bill Janovitz discovered the mid-century modern neighborhoods like Five Fields and liked them, even before he knew what they were. After becoming a Realtor in 2001, he became even more interested in the style and movement that other agents disparaged.
“I understood that the other agents devaluing the houses was an opportunity for me to demonstrate to sellers that proper marketing would in fact bring the value up over the pure commodity valuation based on living area and number of bathrooms,” Janovitz said. “Now, many mid-century modern houses we work with sell for a much higher price-per-square-foot than much of the more traditional houses that compete as inventory.”
Janovitz created the website modernmass.com and partnered with John Tse in 2005. He’s written extensively about the mid-century modern aesthetic and, like the architectural style he loves, he’s developed a very loyal following.
“The ideals behind these designs and planned communities are very much still alive and well,” Janovitz said. “If I were a deep-pocketed developer in 2018, I would be taking note and investing in less cookie-cutter takes on Colonials and shingle style, and build something lighter, brighter, more open and bold.”
Market Forces Drove Him to his Niche
Mike Becker had been a Realtor for several years when the real estate downturn pushed his into his niche: he specializes in short sales and distressed properties sales for Atlantic Cost Homes in Salem. The work can be intense and the banks’ rules are constantly changing, but it can also be financially and personally rewarding. But it’s definitely not a market for beginners.
“If you don’t know what you’re doing, don’t attempt to negotiate short sales,” Becker said. “This is peoples’ lives. Agents who don’t know what they’re doing often can’t sell them and the house gets foreclosed on. Your best bet is to hook up with someone who has experience or an attorney who specializes in short sales.”
Becker advised agents who want to get into short sales to connect with an experienced broker or agent, because it’s “an ever-changing market.”
“The protocols have changed several times since I started,” he said. “There are guidelines relative to valuations and hardships. Banks were more flexible five or six years ago. It can be frustrating, but we have very few that don’t close.”
Whatever the niche, “we gravitate to this career for various reasons,” Condrick said. “Some people are just great salespeople. Some love new construction or a particular neighborhood. For anyone who wants to stay in this business, you have to listen to yourself and see what works and what doesn’t. It takes trial and error. Eventually, you learn what works for you – and that’s what is great about this business, and why there’s plenty of business for everybody.”
