Finding Your Lucrative Niche in Real Estate: Lessons from Efrain Daza
Struggling to find a lucrative niche this year? You’re not alone. With leads scarce and deals drying up, many agents are considering niches they wouldn’t have touched with a ten-foot pole just a couple of years ago. Probate, divorce leads, short sales—everything is on the table when you have a mortgage to pay. But there’s one problem: every agent in your office is in the same boat.
Enter Efrain Daza, a real estate agent who found a niche that not only launched him onto the Real Trends Verified list after just five years in the business but also made him the number one agent in his office. In a competitive market like Miami, where luxury condos often get snapped up by insiders before construction even begins, Daza has carved out a unique space for himself by selling pre-construction condos to foreign buyers—primarily plastic surgeons and doctors from his native Colombia.
We recently sat down with Daza to learn how he did it. He shared insights on generating and vetting foreign buyer leads remotely, his white-glove approach to client service, and offered advice for agents considering entering this lucrative niche.
Efrain Daza: By the Numbers
Market: Miami
Niche: Pre-construction luxury condos for plastic surgeons from Colombia
2024 Sales Volume + Sides: $25.7 million + $172,284 in rental volume
RealTrends Verified State Ranking: 381
Current Brokerage: Coldwell Banker
Primary Lead Generation Strategy: International networking
Real Estate Coach: Micheal Suarez
Highest ROI Real Estate Software: WhatsApp
No Pressure, No Diamonds
Daza’s journey into real estate began during a challenging period in his life. After filing for bankruptcy in Colombia, he relocated to Miami, where he struggled to find high-paying jobs. Amidst the stress and uncertainty, his mother suggested he consider a career in real estate.
“Going into real estate was my mother’s idea,” Daza recalls. “I told her I was unhappy, but if I left my job, I didn’t know how I would pay my bills each month. She told me, ‘Efrain, you’re good at selling. Why don’t you try selling houses?’”
Expand Your Sphere of Influence
Building trust with clients from another country is no easy task, especially if you lack experience in international transactions. Daza emphasizes the importance of starting with your sphere of influence (SOI). He recounts a pivotal moment at his local gym when he met someone from Colombia who needed help finding an apartment for his daughter moving to Miami.
While you might not get as lucky as Daza, expanding your SOI is crucial. Set aside time each week to intentionally develop connections with expatriates. Start with expat Facebook groups, but remember that in-person networking often yields better results. Visit local coffee shops, restaurants, or community centers to meet people and build relationships.
Learn How International Transactions Work
Daza’s first client had a $1 million budget for an apartment, but with guidance from his broker, Micheal Suarez, he advised the client to purchase multiple investment properties instead. This not only satisfied the client’s needs but also earned Daza more money than he had made in several months at his previous job.
Recognizing that wealthy Colombians view U.S. real estate as a safe investment, Daza and Suarez developed a business plan to target other plastic surgeons in Colombia. They had found their niche.
Next Steps:
Consider rebranding yourself as an international real estate investment advisor. Familiarize yourself with the basics of transacting in the U.S. as a foreigner. You might be surprised to learn that foreign national loans often have lower interest rates than loans for citizens.
Become Your Office’s Investment Property Guru
After mastering the international transaction process, Daza focused on learning everything he could about pre-construction luxury condos, the properties his clients were most interested in. He began touring new developments and building strong relationships with developers.
His dedication paid off; he became the go-to pre-construction expert in his office. Developers often cover the costs of Daza’s trips to Colombia to network with potential clients.
Next Steps:
If you’re working with condo buildings, immerse yourself in their details. Know which buildings have the best amenities, which units are most sought-after, and what views are available. This knowledge will be invaluable when working with international clients.
Create a White-Glove Client Service Plan
As referrals began to flow in, Daza realized that his clients needed more than traditional buyers. He adopted a concierge-level service approach, handling nearly every detail of their experience in Miami. He picks clients up at the airport, arranges accommodations, and drives them around the city to showcase neighborhoods and new developments. He even purchased a second car to lend to clients who prefer to explore independently.
While some may see this as overkill, Daza attributes his success to his commitment to exceptional customer service. It sets him apart from other Colombian immigrant Realtors in Miami.
Next Steps:
Identify the pain points for international buyers—such as opening a bank account or finding transportation—and develop a detailed plan to address these challenges. Personalizing their experience can make all the difference.
Your Turn
Are you an agent thriving despite the odds? Do you have actionable insights to share? We’d love to hear from you. Reach out to us at [email protected].
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In a challenging market, finding a niche can be the key to success. Efrain Daza’s journey illustrates that with determination, strategic networking, and exceptional service, you can carve out your own path in the competitive world of real estate.