Real Estate Geo Farming
Whether you plan to geo farm homes in the $100,000 range, or the multi-million dollar neighborhoods, the simple and easy to follow steps I outline in the 35 minute video and no-cost download on this page will help you gain almost instant penetration into virtually any geo farm you choose!
Select The Area
First, you need to select your geo farm area! Making sure that you have the right size farm is crucial! 500-1000 homes is a great range for your first farm area. If you are already farming, having over 1000 homes in your farm area might not be a bad idea.
Next, you will need to set a marketing budget, per house, per year that you will stick to as you begin your geo farm takeover plan! This budget will vary, based on the area you are farming and the price points of those homes.
PRICE POINT MATTERS!
Speaking of price points, know this… If you want to be selling $500,000 homes, then you need to be farming an area that consists primarily of homes in that price range.
While there is an argument to be made that some agents may or may not be comfortable selling ultra-high end luxury homes, even though sellers in this price range are often easier to work with and just as friendly as those who own lower priced homes. DON’T be afraid to go after a high-end or luxury geo farm!
For example: When farming traditionally blue-collar neighborhoods, you can often get away with black and white flyers, whereas in ultra-high end neighborhoods, they will likely respond better to high quality, high gloss, full color print media!
Turnover also helps! If you farm a neighborhood where nobody ever moves, then how are you going to list and sell their homes? YOU CAN’T! Ideally you want a neighborhood with above average turnover, which provides you with a far higher likelihood of selling some of those homes.
Some important questions to ask yourself when selecting your geo farm area: Is there a dominant agent in the neighborhood? Is someone already farming this neighborhood area? If so, is that agent taking over 25% of the market share?
If there is one dominant agent, there is a possibility of getting in there and farming. If there are two dominant agents in that area, you may want to think twice about geo farming that area.
Another valid question and something you will want to find out is: “are there restrictions on open house signs?”
As part of your geographic farming checklist, you will need to be doing massive open houses in the neighborhood! If there are restrictions on signs, it still may be worth it to geo farm this area, it just might cost a little extra. Take in to account all of the factors before deciding on your farm area.
Marketing
There is a whole and entire (easy to follow) list of things you need to do to completely DOMINATE your farm area! Check out the [downloadable checklist], which includes every point you need to check off, to cultivate this farm! Start your marketing plan with the following:
- Set up a hot sheet with MLS, so you know about ALL listed property changes; ACTV, EXPD, CANC, TOMK, BOMK, NEW, & SOLD. You need to know everything that goes on in this neighborhood, including death, divorce and recently sold properties. (A great place to get that information is Rebo Gateway)
- Call all EXPD, CANC, FSBO (including and especially the old ones!)
- Door knock all EXPD, CANC, FSBO (again, especially the older ones!)
- Hold MASSIVE open houses for all that will allow you, including FSBO and other agents listings!
- Add as many people to your CRM as possible, being sure to tag each person properly. (add everyone as a C client, unless they prove to be an A +, A, B or D.) Tag the farm name and tag buyer, seller, tenant, or absentee owner (where appropriate)
- Find reasons to get email addresses right away! (drip campaigns and adding value)
- Knock on every door once per quarter (yes, 4x per year AT LEAST!)
- Send a personal hand written note to those you speak with.
- 3-5 lines
- Broad tipped, blue-ink pen
- Express gratitude
- Unique close
- Adding those same people you spoke with to your client appreciation program and inviting them to your Client Appreciation Events (YES, you need to be doing these…)
- Send a monthly email to your entire farm, customize it to that farm area!
- Create a blog site and Facebook group SPECIFIC to that neighborhood. (i.e. QuietWater.com or Quiet Water Neighborhood Facebook group) Leading discussions and giving quality, detailed answers to the questions in these will help with engagement and adding value to your farm! Always “come from contribution!”
- Hold client events RIGHT THERE in the farm area neighborhood and invite every neighbor to the event. Be sure to hold at least 4 per year (1 per quarter) and market the heck out of them!
- Mail out your Perfect Client Newsletter via snail mail to your B and higher clients! This is a big deal, and will make a MASSIVE impact! Do it yourself or, if you prefer, you can use the Club Wealth done-for-you customized newsletter that is a proven attention and response catcher!!
50% of all listings are off the table in a farm. Why? Because many have licenses so they list with their neighbor if they know them, friends and family. Understand this number! An 8% turnover ratio is actually a 4% turnover ratio. The other 50% is up for grabs. Most likely 25% is the dominate farming agent that has been there for years but make no mistake… Many don’t like that person. Probably for no reason other than gossip and success but that gives you an advantage to build relationships.
Schools
This is for the big kids! Getting involved in schools (assuming they are in your farm area) can have massive value! P.S. it won’t be cheap! When you do this in conjunction with the other things however, it will bring you to a deeper level with your farm.
First thing you can do is sponsor a school event or sports team. You can also create a scholarship fund. These are great because you can present them at the big graduation assembly all the parents attend! You also get tons of traction from the kids and their families who apply for the scholarship!!
If the school has a local ball field, a lot of times you can get a spot for signage and promote yourself there!
Other Suggestions for TOP Agents
Here are some additional rapid fire suggestions from some of the top agents here at Club Wealth!
- Create a neighborhood directory
- Establish a neighborhood watch
- Community garage sales
- Welcome BBQ for new neighbors
- Send off BBQ for neighbors moving out
- Specialty business cards with local vendors (25% off dry cleaning)
- Best yard contest
- Best Christmas light contest
- Best Halloween decoration contest
- Neighborhood clean up party!
- Discount program for people who visit the community website and/or Facebook Group!
There are so many things you can do to be involved in your geo farm area, you just need to go out and engage with people and sincerely look for ways to add value to their lives!
DON’T FORGET
Brent Conley, my friend and broker with Solutions Real Estate in Carlsbad, CA gave us the opportunity to share this AWESOME extra information with you guys! Brent says doing ALL of these combined will win you listings!
- Focus on neighborhoods with an 8% 12 month turn ratio or higher. In CA, 6% or higher is optimal. Ask title reps to find you a good geographic farm with these ratios if you don’t have one. Double check them: as you are making a big financial and time commitment, and proper geo farm selection could be the difference between getting rich and going broke!
- Mixture of price points / types of homes. (Condo, townhome, SFH, Luxury Homes) with the ratios above. This diversifies your listing inventory, opens up opportunity to learn luxury for some and keeps cash flow consistent during market fluctuations.
- Know where the hot market is. (What sells the fastest. Condo, SFH,homes with pools, etc)
- Track divorces, Pre foreclosure, FSBO and Expireds. Go visit the houses after your mailer hits. Introduce yourself as the neighborhood specialist and marketing expert.
- For Divorces Use: ReboGateway if service is available in your market.
- FSBOs & Expireds: Landvoice.com or Vulcan7.com or bestexpireds.com (The Red X) are good.
- Use giveaways like a sign in someone’s yard that says: “This months Best Lawn Award”, “Best Curb Appeal Award”, “Voted Best and Number 1 Listing on Broker Tour”. Etc.
- With your newsletters… Make them with comps and neighborhood vendors so it’s kept (has shelf life). Brag a little about you or your company but not too much. (Try to brag about your clients and the neighborhood, not yourself.)
- Put on neighborhood events. [Easter, summer solstice event when it’s hot or super cold in the winter.] [Halloween event, Christmas Neighborhood block party, etc.]
- Incorporate everything with stuff for kids if you want people to show up. Drinks, cool stuff for their kids to do and free stuff that they don’t have to spend their money on is optimal for attendance.
- Incorporate the brick and motor businesses around your farm in your marketing. This is huge. Branding in their shop or place of business I trade for free ad space in my newsletter.
- Drive traffic to your website using your brand or a neighborhood brand. Use mailers like newsletters, postcards, notepads, magnets of sports team, circle dial the neighborhood and calendars.
Essentially, become and remain both socially active and professionally competent in and around your geo farm!!