Tips for Successful Farming
“Farming” is associated with growing, and growing your business as a real estate agent is exactly what you want to do. But how? Many successful real estate agents base their farming of a certain area or demographic on research, more research, and smart, tactical marketing moves. Here’s a quick rundown on how to go about doing this:
Do your research to know exactly what area you would want to have as your target market. Even if you have your eye on a single subdivision - there may be a specific price point within, or a specific style of home or specific geographic area to focus on. A few tips on choosing your target:
Stay close to home (you’re already an expert!) and have many connections. Staying close also means you would already be a neighbor for a potential client which also boosts trust and helps form a relationship.
Make sure there are true boundaries with your target. You want to have this well defined.
Understand competition and turnover in neighborhood. Include these factors in your decision making for choosing your area to farm. You want to make sure it’s worth your efforts.
Do more research and understand how you can be of value to the group - for both people who are planning on selling, as well as not currently planning on selling. Either way, homeowners are always interested in knowing about how their home stacks up in the current market. Understanding a little more about the demographic can help come up with a targeted plan, as well. Use Google and Census data to identify what you can on the population and area, such as:
What are the large employees and industries?
Is it a commuter area?
Recent or upcoming changes
Local highlights and neighborhood favorites
Use your research, and compile your resources to provide value. Decide what makes the most sense in order to provide value, and then decide on a monthly or quarterly way to communicate your value. How do you do this?
Here are the ways you can market your value:
Direct Mail - Use a company like Every Door Direct Mail or Quantum with information on something that your target market would want to know with the option to go on your site, provide their information and “opt in” for more frequent information from you. (Remember: Everyone wants to know about the value of their home and neighborhood!)
Door hangers - They can’t get lost and demands someone’s attention (more on that here). Door hangers can be the same type of information in a direct mailing, only they are literally on the front door knob.
Knock on doors. Old school, yes - but effective? Also, yes. Introduce yourself as a neighbor and a resource and give your information. Don’t be surprised when people reach out!
Use targeted online advertising and try Zillow by zip code or Facebook by target audience. Reach people where they are … online!
Become a helpful neighbor on online forums (Nextdoor, Facebook neighborhood pages).
Run a community event like a food drive, coat drive, or 5k. The amount of advertising it takes for the event to happen makes your name and contact information a staple all over the neighborhood!
Remember to be patient. “Farming” doesn’t happen overnight, but becoming a certain area's local resource as a real estate agent is a value that will certainly heighten your business if done calculated and diligently!