Every property owner is looking for ways to improve the value of their home, but very few people know how to do so. While some people try to beef up their properties with extra home improvements, advertise local amenities and modernise the furniture, not everyone wants those things. Whether it’s an extra swimming pool or an elaborately crafted home bar, not everyone wants to indulge in those kinds of activities. What you think is popular with potential renters might not be what they actually want.
This is why you need to get into a niche market. Every real estate agent wants to stand out from the rest. No one wants to advertise a basic vanilla property with all the bells and whistles that everyone else is selling—how can you establish yourself in a market if you’re trying your hardest to blend in with everyone else?
Break away from typical stereotypes and get involved with niche property markets. Don’t try to target a wide audience, pinpoint your properties at specific crowds and grab their attention. You’ll be surprised at how easy it is to get your property to stand out, and here are some tips to help you.
Some people like to rent homes for very brief periods. This could be anywhere from a few weeks to a couple of months. This type of rental is popular with temporary moves, such as a business person or family that needs a place to stay for a short term but doesn’t want to book a hotel. Since these are short terms, you can potentially charge more and boost your rental income.
The problem here is that you need a very steady list of clients, but that should be easy if you target holidaymakers or business professionals. Before you know it, you’ll have your property booked for several months or even years in advance if you target the right audience and get a good start.
Not everyone likes the ultra-modern and contemporary designs that are plaguing the market right now. Some people, especially older folks, don’t want to have clean designs and computers controlling everything from the toilet to their fridge. They want the basics, then want traditional and they want homely. A fireplace, large comfortable sofas, soft rugs and a basic gas stove.
Targeting a traditional market has two advantages. Firstly, you’re spending less money on ultra-modern creature comforts like smart home devices and digital connectivity. Secondly, you’re targeting a market that thrives on comfort and familiarity. Don’t use modern buzzwords when advertising your property and stick to traditional marketing terms like “homely” and “comforting”.
This can also fall under short-term rentals, but if you advertise your property as a holiday property then make sure you’re infusing the spirit and culture of the local area into your home. For example, if you have a fancy cottage near a beach in Hawaii, then you’d better decorate that house with hula girls, palms trees or other exotic decor. If you have a sleek apartment in New York, then you want to furnish it with artsy paintings and modern furniture. Attract holidaymakers and they’re guaranteed to pay a premium for the holiday spirit that you’ve merged with their property.