If you’re looking to farm a particular area or demographic group for real estate business, the process may seem overwhelming at first. Narrowing down your options, analyzing markets, selecting an area, or defining your niche client base are all big tasks and weighty decisions. Here are some questions to ask that may help you along the way:
How well do I know this area/group?
Do I have experience with this area/group that I can leverage?
Where would I set my specific area/demographics borders?
Is there a subset of this area/group that I can focus on?
What would the median home sales price likely be with this area/group?
What is the average income for this area/demographic?
How much new home building is forecast for this area?
How often do homes turn over within this area/demographic?
How long do homes take to sell in this area?
Is there enough room for future revenue growth within this area/group?
Are there any economic indicators that might affect this area/demographic?
Are there other real estate agents already farming this area/group, and if so, how many?
What is the potential within this area/group for referrals and repeat clients?
What is my annual marketing budget for farming this area/demographic?
How could I market and build my reputation/recognition within this area/group?
What platforms could I utilize to network, get leads, and build my client base?
Are there any online forums for this area/demographic?
How can I position myself as an expert within this area/demographic?
What advertising avenues would best reach this area/demographic?
What changes can I make to my website to reflect my expertise in this area/demographic? Are there any keywords I should be sure to include?
Are there community or social events I could get involved with that include this area/demographic?
How can I encourage referrals and repeat business within this area/demographic?
What resources can I use to stay current on issues and events that are important to this area/demographic?
What are my monthly, yearly, and long-term goals for this farming area?
What is my deadline for seeing a return on my investment in this area/demographic?
Once you answer these questions and define your farming parameters, it’s time to start marketing. Some of the most effective ways to market to your farming area include direct mail, door hangers, door knocking, targeted advertising, just listed/sold flyers, social media platforms, and market update emails.
HSA Home Warranties are another highly effective marketing tool with benefits for sellers, buyers, and agents alike. In addition to providing valuable protection for home systems, HSA offers free coverage for sellers during the listing period, comprehensive coverage and convenient service for buyers, and important marketing differential to help listings stand out. Plus, in the event of a covered mechanical failure after closing, buyers will turn to HSA for solutions, freeing agents to focus on their next real estate deal. Ask your HSA Sales Representative for more information.