Farming for prospective business does not have to be a geographical farm area. I "Farm" expired and withdrawn listings in the mls and it is something I have done everyday since I first obtained my license.
Expired Listings are homeowners who are ready, willing and wanting to sell. It's like fishing in a barrel. Here's how we do it.
Keep in mind that when a home expires their mailbox fills up in a day or two and you have some serious competition. This is where a phone call with a great script can mean the difference between getting the listing or not. Phone Calls Trump All Other Marketing!
Whether you can or can't get a phone number to call the owner, mail them a promotional item. A letter and/or flier that is targeted to expired homeowners. I include a letter and a full color flier explaining how I am the residential sales specialist in the area and a local expert.
"That is all fine and good Mike, but it doesn't sound much like Farming".
We track the expired listings we want to list in a google drive spreadsheet. You can use excel also. We "copy and paste" all the information right from iMapp or the appraiser website. We have a section for "notes" and our system is set up by month. This way you can go back to January in Feb and see if the expired listing has been re-listed or not. If not, we market to them again. Our columns are as so: Date/Subject Address/Mailing Address/Name/Phone/Subdivision/Notes.
If the owner tells me to call them in 30,60, 90 days or "in the spring" Imake a note of the conversation and set a task on my google calendar to call them and this way I never forget or let that prospect wither away. You can do this in your CRM if you have one.
One call may not do it, One Letter May not Do it, having the prospect in a database or spread sheet allows you to farm and market to them in the future.
Time Block to Prospect Expired Listings Every Morning!