Geographic farming is the most powerful way to grow and maintain a thriving business in real estate. Farming allows you to establish your brand and centralize your listings and sales in one geographic area. To be a successful farmer you must commit to an area and understand that it’s a marathon, not a sprint. The key to success is having patience and knowing that it WILL pay off in the long haul.
Here Are 5 Important Tips On How To Be Successful In Geographic Farming
1. Choosing Your Farming Location
Work in the areas where you live, that you are familiar with and that you like. Before you choose an area make sure that there is not already a dominant agent in the area. Select an area that has a turnover rate of at least 6%. Pick between 1,500-2,500 homes to start with but consider your budget simultaneously.
2. Create Your Farming Budget
What is the total amount you can designate to farming? Figure out how much it will cost to hit every house at least 1X/month at a minimum.
First, look at your marketing projects and the associated costs. Some cost money like direct mail, door knock gifts, or sponsoring a community event. Use ROI as your deciding factor as you plan out your projects for the year. Planning projects a year in advance gives you the confidence of knowing what you’re doing when you’re doing it, and how to budget for it all. Calculating your ROI is an important step in how to be successful in geographic farming.
3. Make The Commitment
Remember – farming is a long-term commitment and consistency is key. Homeowners need to hear from you and receive valuable information from you regularly.
Deliver value and be the farm expert. Your role as the go-to agent in an area is to be the most knowledgeable person about the area; you are the geographic farm expert.
Answer these questions:
What is happening with the home values in the neighborhood?
How many homes are currently on the market?
What new initiatives could be affecting home values?
Provide answers to specific issues that these homeowners want to know about and give them the inside scoop about their community.
4. Stay Connected With Your Farm
As we mentioned before, consistency is key. Your marketing plan should include various forms of engagement every month.
- Just Solds
- Proof of Success
- Market Updates
- Free Home Evaluations
- The inside scoop about the neighborhood trends and news
- Discount coupons or giveaways for various vendors you work with and local businesses
- Facebook retargeting ads
Pro Tip: Create your own customed magazine to include ALL of this in a single piece every month.
Give them something of value and they will look forward to your marketing piece every month. If you live in the farm consider hosting a neighborhood party or sponsoring a community event.
Examples of community events:
- Neighborhood garage/yard sales
- Home improvement workshops
- Sponsoring a local athletic team
- Community charities
- Easter Egg Hunts
- Free Pictures with Santa
Pro Tip: Make sure you have a banner with your name, face, and contact info on it at all events.
5. The Quickest Way To Dominate A Geographic Farm:
Know your inventory – every time a home comes on the market you should be viewing it. Homeowners may come and go, but that home is there for years to come. You need to know as much about the inside as you do the outside. Take notes after viewing to put them in your farming folder.
As soon as a new homeowner moves in, you should be the first one there with a ‘Welcome to the Neighborhood” basket of goodies (things from local shop owners are always good and they will often donate to get their names in front of new people). New homeowners have no preconceived ideas of what the neighborhood is like so it would be perfectly natural for you to knock on the door and introduce yourself as their Neighborhood Realtor. Let them know you are there to be of service to them and their family. That you will be walking the neighborhood from time to time to share valuable information. This will put them at ease with you immediately. Think about how much faster you will know everyone in your farm by following these easy steps!
Quick domination comes from having a plan and sticking to it. You must out-work and out-service your competition to succeed. Like all areas of lead generation, plan ahead. Plan your budget. Plan your marketing. Plan your schedule. Set yourself up for success so your system is predictable and profitable.