In the real estate business, farming, also called geographic farming or prospecting, is an effective way to reach out to prospective clients and generate leads in your local area, earn referrals and get listings.
Geographic farming is highly effective at connecting agents with sellers, but many agents face difficulty getting started. This article will teach you four techniques to boost your geo farming real estate efforts.
Begin Conversation
The concept of geographic and demographic prospecting means focusing your prospecting efforts on a specific geographic area or client group.
Realtors’ most common marketing methods are fliers, postcards, emails, and market reports. Do these efforts generate consistent listings for you, or are they only generating some business? This may be why you worry about when your commission checks will arrive.
Having quality conversations with your prospects can boost the effectiveness of your campaigns. You can stand out from the ad-only agents by earning people’s trust. A strong voice makes you credible and worth people’s time, whether over a call, a face-to-face meeting, or an open house interaction.
Look for High-turnover Neighborhoods
More experience will give you more opportunities to try different geo farming real estate strategies. Look for neighborhoods where the turnover is high (i.e., the number of homes listed versus the number of homes sold in the last three months). Then contact the closest 200-250 neighbors using an engaging and direct speech. Indulging in conversations allows you to predict how hot the market is in a specific area and if it is right for your business or not.
From “Just Listed” to “Just Sold”
Prospects appreciate promoting “Just Listed” properties; however, “Just Sold” properties can help you land and expand in “hot” neighborhoods.
After your sale closes, gather a few facts about how fast and well the listing can be sold, and then contact the closest 100-200 neighbors. You can also ask if they are interested in buying or selling a property in the next 30 days and use your latest sale as proof to win their trust.
Using this “Just Sold” geo farming technique will establish your position as the best agent in the neighborhood. This will also help you gain an organic and self-sustaining sales cycle. You can find templates for “just listed” and “just sold” postcards. This will help your marketing campaign move faster and engage more prospective buyers.
Share Your Market’s Statistics
To succeed in real estate farming, you must provide what buyers and sellers want. Do you have a higher income level than the average in your market area? Share that stat. The home is more than just a building – it’s an investment, and both buyers and sellers want to see their investment grow. Don’t include too many statistics, and try to limit them to the ones that are most important and interesting to your market. Postcards are a great way to share your market stats with interested individuals. This will keep them updated about your business’s recent progress.
Conclusion
A thriving farming operation depends on various factors, including the area and the neighborhood you select. With a bit of digging, each step can be accomplished with a genuine desire to make a difference.
The right approach to farming can positively impact the success of your real estate business. You must pick the right community and consistently connect with the locals. Those are your potential clients, and just waiting for your response.