Real Estate Farming Success - Part 1

When you have identified a neighborhood or niche market you wish to pursue, you need to set your marketing plan, become an expert on the area, and build your recognition in the area. (Haven't determined a farm area or niche market? Click here for help on finding your niche.)

Now, let's look at the steps in building your market share in your farm area.

Make a Plan. Execute it.

Lay out a spreadsheet time schedule and plug in the activities that are necessary to produce a moneymaking farm area. There’s no way these activities will be carried out unless they are actually scheduled. Remember to include your prospecting time, mailing schedule, calling, private time, and time off. It’s smart to coordinate your phone calls with your mailings for increased memorability. Execute your plan and stay on target.

Know Your Farm Area.

Do your homework and know your farm area from top to bottom. Study what properties have sold, for how much, and their respective locations.

Check MLS listings to see if any REALTOR® is predominant in the area. Also check turnover in the neighborhood for an acceptable sales volume to meet your income goals.

Drive through the area to see if there are any homes for sale by owners. Check the tax records for recent private sales.

Take a few photos of the neighborhood entrance to include in your buyer book for prospective buyers to see. Include photos of the park, nearby schools, shopping, churches, and other places of interest. If possible, put together floor plans of the homes in your farm.

Become familiar with pricing, condition, market time, etc, of the properties listed in your farm. Make a few preview appointments for properties listed with other real estate companies or by owners in the area.

Attend weekly tours of homes in your area. Become familiar with each property in the area so you can be the specialist on your farm. Knowledge is power.

Next Time: Building Recognition in your Farm Area.