Do you specialize in a particular neighbourhood for your real estate business?
If you don’t, then you should.
Consumers have an abundance of information at their fingertips, so they expect you to be just as knowledgeable as the internet (if not more so).
Be the expert of a particular neighbourhood and your brand will resonate with consumers, as they will identify you as the go-to agent for homes in that area. However, there are some key questions to ask yourself before selecting a farm area:
• Is this an area you are passionate about and could see yourself living in?
• Is there competition amongst real estate agents in this area?
• Is there any significant real estate activity in the area?
Try to imagine yourself as the expert of an area you absolutely cannot stand. It’s a guarantee that consumers will pick up on your negative vibe – like going to a burger joint with vegetarian servers; if they can’t stand the place, why would you?
The same applies to real estate. You must show a strong passion for your farm area in order for buyers to confidently purchase a home there.
So choose carefully.
Next, it’s important to do some preliminary research and find out how many agents already operate in this farm area. Is it one agent who has market share or are there 10 to 15 agents doing regular business in this neighbourhood?
Don’t be discouraged if there is already one agent who has market share in this area, turn that into an opportunity for you. Simply outperform them. By speaking to people in the local community, you could very well discover that not everyone likes to work with this one agent.
As they say, different strokes for different folks.
Last but not least, as an agent trying to find a perfect farm area you’ll need to make sure there is frequent real estate activity happening. Is there a regular turnover of homes? Do you know of an area in which lots of new families are investing in? Are there a ton of Baby Boomers in your farm area who will be looking to purchase a family home?
You’ve found your niche, and as a result, your farm area for the foreseeable future as well.
Now let’s talk about marketing techniques for your farm area. This is arguably the key to a successful farm area. Here are a few more questions to ask yourself:
• How often do you engage with the local community? Daily? Weekly? Monthly? (Hint: monthly is not the right answer.)
• Do you regularly host open houses (to learn more about successful open house strategies, check out our open house guide.)
• How do you market your open houses?
• Do you buy local products and buy coffee at your friendly local coffee shop every morning?
• How often do you door-knock?
• Do you sponsor local events and activities?
The possibilities are endless! After you put a daily plan in place it will become a lot more manageable. Whatever your strategy, make sure it is consistent.
We would like to share some unique marketing techniques we’ve learned about recently:
- Consider sending birthday, anniversary, or holiday cards to the clients in your farm area.
- Take time to learn the names of your clients children and pets. They'll be impressed next time you come by their house (that you sold them) and ask how Spot, the dog, has been.
- Depending on the size of your farm area, knock 100 doors to the left and 100 doors to the right before an open house, so that you can drive a lot of attention towards it.
- Turn open houses into an event. Ask your clients to also have a garage sale at the same time as your open house. Or even better, turn your open house into a party so potential buyers get a glimpse into what life would be like. (See how Elite Pacific Properties turned their open house event into a true party.)
- Do you know some of your clients’ kids who are playing in a soccer game on the weekend? Head out for the game and bring some treats with you. The kids will love you and hopefully the parents will too!
This wouldn’t be a guide without a few more examples. Check out a few agents and brokerages who are experts in their local area and are total rockstars: