Real estate farming refers to the practice of honing in on a specific market area to create leads and then sales in the real estate market. Sounds easy enough, but many realtors make mistakes along the way. Here are a few to keep in mind and avoid, going forward.
1. Bad Timing
As in any other field, marketing in real estate can have its own hiccups. However, you want to avoid things like sending marketing pamphlets and postcards to a client you just closed with saying, “It’s a great time to sell!” Segment your marketing contacts to prevent this from happening.
2. Farming Too Large of an Area
Having a farming area that’s too large can make it more difficult to segment your marketing leads and create special campaigns for each segment. Don’t shoot arrows blindly in the dark, hoping to reach a target. Narrow down your market segment.
3. Incompatible Farm Area
It’s important to choose a farm area you are most competent in. For example, study after study reiterates millennials are now dominating the real estate market. However, if you’re not accustomed to working with millennials and don’t understand their quirks, it’s best to target the demographics you do know and understand well, as they will be easier to sell to.
Real estate farming is an important part of generating leads and sales in the real estate business, but if not done correctly, it can cost you. Avoid these three mistakes and you should see your sales improve over time.
