Core Strategies to Build a Thriving Business
With geographical farming, an agent defines a specific area for intense marketing – but success requires more than randomly picking an area off the map.
NEW YORK – Agents need to master a number of essential strategies to help expand their business, says Jimmy Burgess, CEO of Berkshire Hathaway HomeServices Beach Properties of Florida.
For instance, geographical farming refers to creating a defined area or neighborhood where the agent is known as an expert.
How to pick an area? Ideally, choose a target neighborhood in which no single agent currently listed more than 20% of the total number of homes in the previous 12 months. The best area will also have an average to high turnover – 10% or higher of the number of homes in the neighborhood. Budgeting $2 per month to area residents typically includes direct mail, open house marketing, just listed/just sold marketing and community events.
Meanwhile, circle prospecting stems from a traditional practice of drawing a circle on a map around a group of homes with a subject property in the middle, which is identified by such things as a new listing, pending contract, recent sale or upcoming open house.
Agents also need to maintain a robust database that includes every single person they’ve done business with, every person they know who owns a home, and anyone they know who will consider buying a home in the future.
Another option is buying online leads. The aim is to have to have a consistent, steady flow of new leads coming into their database.
Source: Inman (06/12/22) Burgess, Jimmy
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