To the outside world this word, “Farming” means one thing. Chicken, beets and hay etc. In the world of real estate “Farming” is the life and soul of your business.
Farming is the act of being very specific with your marketing efforts. This could be a neighborhood [ demographics ] or it could be marketing to a specific individual [ psychographics]‘
Ideally the course to take is a combination of the two.
The key action to remember is —->
When you market to everyone. you market to no one.
For newer Realtors or those that have been in the business for some time if this is not in place
you will be spinning your wheels.
- STOP now.
- Take out a pen and paper
- Work on YOUR farm area.
But Carolyn…
How do I know if an area I am interested in marketing to has not been “taken” by
another Realtor, meaning a Realtor has a strong foothold in the area.
Here is a simple solution.
Use your MLS
>Look at past sales in the designed area and who listed/ sold the property.
Then
>Look at the current activity in the area and so they are the same. Who has listed the property?
You will need to take into consideration
- The number of homes in the area
- The percentage of homes that any dominant Realtor sold/has listed.
Your MLS can be set up to provide you with this information.
This is the first step in determining your “Farm” area.
Start now. Don;t wait. Don’t waste your time, energy and S$$$.