A farm area is a neighbourhood or niche that a real estate agent can focus their efforts on in hopes of becoming a REALTOR of choice for that area. And just like a farmer would carefully select a plot of land to plant seeds, a REALTOR can do the same. But why farm?
Farming is a strategic move that focuses your efforts to one area instead of spreading your efforts thin over an entire city. By segmenting and focusing on clients bound within one neighbourhood, you can create a stable base for your business with more local referrals and marketing dollars that go a lot further. In virtue, the aim is to become a local celebrity or be referenced to as “that real estate agent” with all the “For Sale” & “Sold” signs.
Prospecting and developing your farm area is a constant battle, but here a few techniques to help dominate your neighbourhood and generate sustainable business:
- Knowledge is key – Be the expert and stay abreast of all the news happening in your farm: city hall initiatives, new developments, schools, restaurants, recent house sales, etc.
- Knock on some doors – Get some face-to-face time with the people in the area and make personal connections
- Open Houses – Host as many open houses as possible in your farm area. This way you can get to know the neighbours as well as build contacts with those interested in the area.
- Lunch & Learn – Offering advice to those interested in buying and selling their homes is a great way to become a local thought leader. Providing people a casual environment to ask questions about real estate things alike is a great way to build rapport and potentially secure new clients.
- Social media presence – Extending the personal connection to an online setting is a great reinforcer. Post relevant articles in local Facebook groups and connect with people who are tech savvy.
- Volunteer – Get involved with local charities and volunteer your time! Showing you genuinely care about the community will build trust with the locals.
For further reading check out the book Real Estate Prospecting: Strategies for Farming Your Markets by Joyce I Caughman.