Becoming the go-to agent for seller leads takes some strategy. Potential clients are armed with more intel and DIY tools than ever online, but they still want the reassurance and guidance of an agent that’s known as the specialist in their location. So how do you differentiate yourself from your competitors and position yourself as the trustworthy expert? Hone in on a target area.
Geographic farming is a great way to focus your experts and “farm” a specific area for leads. You’ve probably heard about this method before, or maybe even tried it yourself, but we want to share what experts and our top clients have figured out about finding the right area for your efforts and then reaching out to them effectively.
How to Choose the Right Area for Geographic Farming
Let’s start with choosing the right area for your geographic farming. What’s worked for you in the past? Determine where you’ve closed the most transactions and think about building a strategy from there. Here are some other critical components to consider:
Average selling price
Profit is built on the number of deals you close and the average price of each transaction. If you’ve had success with a pricing niche, target an area with a similar average price. The general rule of thumb is to focus on neighborhoods where homes sell around the average price for your region, not less!
Here’s where you want to find a good balance. Your target area should have enough sales opportunities to turn a profit, but not too many that your marketing is spread thin or becomes too expensive. Keep things manageable. A neighborhood or area with around 500 homes is a good starting point to brand into a new area. Make sure it’s an area with enough activity and turnover rates (ideally around 6-8%, and some will even recommend them as high 12-16%).
Who else is working in the area? Research your competitors to get the lay of the land. If there aren’t any real competitors, that’s great! If there is a clear “agent in charge” though, think about this as a great opportunity to give residents another (better!) option, and angle your marketing accordingly.
Feel passionate about a particular up-and-coming area, or want to work your own neighborhood? Go for it! While the numbers and the competition are important, when you love what you’re doing and where you’re doing it, it shows. Enthusiasm for an area will add authenticity to your marketing and enhance the positive interactions you’ll have with residents.
Marketing Best Practices for Geographic Farming
Once you’ve chosen the right area to farm, it’s time to start some targeted, compelling marketing. The goal is to build a real presence in your target neighborhood. Unfortunately, this doesn’t happen overnight, but here are some best practices to position yourself as a trustworthy source of local knowledge:
Keep all marketing consistent.
Position yourself as an expert on pricing, buyer demand, and communicating these stats effectively.
Invest in relationship building. This means your money and your time!
Budget appropriately so you get enough exposure, but limit your scope to stay within your means.
Offline Marketing for Your Farm Area
“just listed” and “sold” cards are still an effective way to supplement your digital marketing efforts. Keep your branding consistent and streamline your focus. Mailing to too many homes, or too frequently will keep your costs high.
Building personal relationships is what this business is about. Attend community events, host open houses and send personal invitations to neighbors. Look for any way possible to get yourself out in from of the neighbors and start conversations! And yes, even door-knocking still proves to be a viable way to get seller leads.
Online Marketing for Your Farm Area
Website and Landing Pages:
An online presence is the first step to generating seller leads online. Make sure you have a strong presence, successfully conveying your branding and value prop. A home valuation page is a great way to target seller leads. With the promise of a free estimate and market report, potential sellers happily sign up and you have some great conversation starters.
Sellers are searching online based on their specific neighborhood. This is a huge opportunity for you to gain exposure and reach them with digital ads that show your brand, value, and expertise in that neighborhood. These folks want to do business with the real estate agent who appears to be the specialist in their area, so it’s key to stay visible.
With geographically targeted ads. You can easily and efficiently choose your target areas so you know you’re reaching the right audience. These ads drive prospects back to you seller conversion page, or home valuation page, so they register for an estimate and market report, and you get their property details and contact information.
Keeping in Touch:
When you’re targeting the right type of leads with ads and sending them to register their information on your home valuation page, it’s crucial to keep up with your contacts and nurture the relationships. Having a system to keep your clients organized makes this process worry-free. For example, with BoomTown, leads who register on the home valuation page are automatically logged in the back-end of the system. (Even if they only enter an address, the system has a simple reverse-lookup tool to instantly populate the missing information.) A seller dashboard lets you organize leads and even quickly create a CMA with direct links to Realtors Property Resource (RPR), simply by clicking on the lead’s address.
Geo-farming a high-opportunity area, and combining your offline and online marketing efforts is the most effective way to capture seller leads and land more listings. Prospects can enjoy a tangible introduction with your brand coupled with a tailored and valuable digital experience. In no time you’ll be building your subscriber base and continuing to create opportunities!