InfiNET Marketing

REALTORS, Farming & the Cash Cow or Golden Goose

Seldom do we find money growing on trees, a goose laying golden eggs or the proverbial cash cow in our backyard. Many successful REALTORS have the next best thing, a farm that produces real estate transactions year after year. Successful farming in real estate takes commitment, consistency and perseverance.

Making the decision to farm a specific neighborhood, community or condo complex is not something to rush into – unless you have a need to waste time and money.

A real estate farm isn’t a neighborhood or houses – it’s people.

Being seen as a part of the community, whether or not you live there, is critical. Host events, organize garage sales, meet people by walking the neighborhood, serve on the HOA board, volunteer for school events, local sports coaching, sponsorship, etc

Top considerations to develop a successful real estate farm:

• Size – Is it big enough-know your numbers. Depending on the turnover, a farm of 500 – 1000 homes in a neighborhood is a good place to start.
• Price point – Will this market’s average price point support your goals and objectives?
• Turnover – How many homes sell per year on average, is this enough to support your goals and objectives?
• Community Issues – How are the schools? Are their pending developments in the community? Parks? Sports? Location issues –freeway proximity? Railway, etc? Close to jobs? Shopping? Airport noise?
• Economic & Demographics – What are the community & regional trends? How’s the job market and the economic forecast for the area? What are the social demographics and trends?
• Proximity to Home or Work – Is it practical to service this area? The best farms are where you live and work for two reasons: a) you already know people there and b)your company has brand recognition there already by virtue of your office sign.
• Competition – Who is the competition? Ask a friend in the neighborhood to save all real estate pieces you receive in the mail. (Even if you live in the same neighborhood you are most likely not getting all the same pieces, as a savvy competitor will remove you from their list, knowing it is a waste of money to send marketing pieces to licensed REALTORS).
• Sellers or Buyers - By representing sellers in your neighborhood, you will gradually develop a brand as the community expert, so buyers will gravitate toward working with you since you will know of future listings in the area. When you do a good job these same buyers will become your future sellers!

You can leverage the internet and social media to give you the competitive edge in real estate farming. Remember, future buyers and sellers will use this media more and more over time, be ahead of the curve with your presence, so when they do use it – you are already there!

Next Post on Using Social Media to Dominate Your Real Estate Niche Market:

• Check back in a day or two for the next post in the series

(Read the entire series on Niche Marketing in Real Estate)