Dominating Your Geographic Farm
Deb Degrote
Transcription


If you look at the top listing agents in your area, you probably notice that most of them have a geographic farm.

My name is Debbie DeGrote, I’m the owner and founder of Excelleum Coaching and consulting. Let’s take five minutes to talk about geographic farming.  Now while geographic farming is I guess you would say an old school technique, we actually need to have a new school approach.  What Do I mean by that?  Well, back in the day we used to stick a pin in a pretty area and begin to farm it.  And yet now we know that with today’s tools, technologies, and also the competitive nature of the local community and let’s face it, everyone knows a few real estate agents, it’s more important than ever to choose that farm wisely.  Because once you choose a farm, you are making a significant investment in time and money. 

So, what are some of the things we look at when choosing that farm? Well, number one, certainly we what to choose an area that interests you, that you feel comfortable in.  And yet I might suggest upping your price point just a bit. Because you see it costs the same to mail a post card to lower price area as it does a higher price area, and yet your rate of return is so much higher. 

So, choose two to three areas you have an interest in, next, let’s check the turn-over. There may be beautiful communities that everybody would love to live in, but their turnover is one percent because nobody ever moves.  Well, that’s not going to be a great farm for you. 

So, while its hard to find farms with much more than 4 to 5 percent turnover, with some of the data analytics that’s out there and available you may be able to target specific homeowners inside the farm that are more likely to move.  So, let’s look at turnover.  Next let’s look at the competition.  Now I get it you’re strong, you’re tough, you could beat anybody you wanted to beat.  And yet it just makes sense that if there is a veteran farmer that’s been there twenty, thirty, forty years, well established with a HUGE budget, and market share, it may be more than you want to take on.  You might want to go across the street to the road a little less traveled. And gain traction more quickly.  

 You know I think geographic farming today is more important than ever considering all the disruption that is going on in the real estate industry.  Let’s face it the major real estate portals are looking to win your sellers away from you. 

And yet the good news is that 85% of home sellers still use an agent that they know and trust. Their local wise advisor.  So one last thought.   As you are putting your marketing game plan together, think about systems, and make it run like a machine.  And by the way let’s be very strategic also, with the farm messaging and the type of marketing you’re putting out there. 
You know as real estate agents, we have all the things we’d like to say, and yet, let’s enter that conversation in the mind of that consumer, what information do they want from you.  What will set you apart as that wise advisor, and cause them to raise their hand and say, I’d like to list with you.   Well thanks for watching and good luck on your geographic farm.