Top Producers have a farm which provides them a steady stream of clients.
( a Real Estate farm is a subdivision where you plant your Real Estate name into every house and keep in touch)
How to build your own farm- by Keith Hartke
Selecting your farming area:
- Your farm should be close to where you live.
- Start with a turn-over ratio study that you can do using the MLS.
- Choose to dominate a subdivision with a high turnover ratio. It must be higher than 8% and with no established listing agent with more than 30% of the sales.
- Compare the ratio of a few subdivisions near your home. Price should be in the range of $300k-$500k. You want a ratio over 8%.
- To find “turn-over ration first search “tax records” for a subdivision and count the number of homes. Then search the “number of homes sold” in the last year in the same subdivision. If you have 100 homes and 12 Sold, you have a 12% turn-over ratio. Choose the subdivision with the highest turn-over ratio.
- Highest turnover ratio is first but second, check that the same listing agent does not have more than 30% of the homes Sold. If so, that means that agent is already farming it. Move on to another.
Preparation:
* Create a one-page flier with your name, headshot, email and cell. Logos for the flier are at the bottom of www.nat22.com
* Go to Stitching Station at Dulles Town Center mall for a $12 logo to be stitched on a shirt you bring in. When going door to door, it gives you credibility.
* Carry your fliers in your National Realty Notebook.
Starting your campaign:
- Open with a door-to-door campaign introducing yourself as the National Realty specialist for “subdivision name” and will be doing a free comparable market analysis next week. Would they be interested? If so, get their name, cell and email and say you will be in touch next week. (Later, schedule a time and date to come over. This might be a listing appointment, so be ready with a listing agreement. )
- Monthly send a direct mail to the community for a year. Each jumbo-sized postcard mailout should have MLS statistics and local Real Estate news. Alternatively you can walk a flier door to door again with MLS stats such as best values nearby etc.
- The “Direct mail” campaign should go out every 19 days to your farm. Be sure your postcard mail out has neighborhood MLS stats such as Solds in the area, new actives, rentals, local best deals, best pool homes and homes in adjacent subdivisions priced just a bit higher to move up to.
* Farming requires persistence (not just one flier or one mail out). After first year, clients will then come to you automatically for years to come.
- Offer their Homeowners Association to sponsor a free BBQ lunch for the community by your hiring a professional company. The Fermented Pig is a small local farmer. Joshua’s email is: info@thefermentedpig.com
Get your fliers and business cards ready and be there to meet neighbors.
- In one year, you will dominate the listings for the farm area and as long as you follow up with the community, it will be yours forever.
Successful agents are enthusiastic, pleasant and smile.
A fake smile beats a sincere frown every day.
This has been another exciting “Training in a Minute” from Keith Hartke,
your Broker, mentor, advisor and friend who is “on call.” 703-932-6501 or email keithhartke@gmail.com