Farming an Area or Market Segment in Real Estate
There's one thing that almost all successful real estate Investors have done to develop their business in a specific area or market demographic.
Farming an Area or Market Segment in Real Estate
This can be a geographic area, Property type or, Price range
A lot of this depends on you and what you want to do
Farming an Area or Market Segment in Real Estate
Try and find the hot spots
I try and go where the money is
Pioneers come back with arrows in them
Let someone else blaze the path
They "farm" the area for business
The term farm implies growing something. That's what you do when you farm a local subdivision. You plant the seeds of future business, nurture them with marketing and then hopefully reap the rewards in Profits.
Farming
Farming can involve any or all of direct mail, door knocking, postcards, newsletters, email or any other form of advertising. The key to farming an area is to do it with regularity and keep on your message
To start, get in your Car and drive it
Every street
Speak with everyone you can
Realtor, Homeowners, Builders
Mail Man, Police, Fireman
Farming
Things to focus on
- Houses Listed by Realtors
Agents do most of the Mainstream Business
They are the best indicators of what's going on
Log each House and Agent Phone number and price
Go to tax rolls and get the SQFT
Farming
Things to focus on
2. FSBO's- For Sale By Owners
Log each house
Get a flyer and a price
Farming
Things to focus on
Overgrown weeds, boarded up houses
Log these in as well
Farming
Other things to focus on
Foreclosures and Tax Sales
Tax Certificates
New houses being built
New commercial projects
New subdivisions
Each event in the market has a cause and effect
Farming
Things to focus on
Electronic tools like GPS's are great
www.mapquest.com is free and works great to
Microsoft streets is an affordable program to do this with
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