Does spending money on fliers, postcards, and bench ads get the results you want from your real estate farm area? These “market and wait” approaches will work to generate some listings, but more proactive farming techniques will help you generate the leads (and income) you desire. These techniques unravel the science of real estate farming to help you dominate the market and take control of your farm area.
The 7 Farming Techniques:
Technique 1: Start With A Conversation
Technique 2: The Right Time For Farming
Technique 3: “Land and Expand” in Hot Markets
Technique 4: Keep The Seller Promise
Technique 5: Open House “Micro Farming”
Technique 6: From Just Listed to Just Sold
Technique 7: Use The Right Tools
Technique 1: Start With A Conversation
Geographic and demographic prospecting (aka “farming”) is when you focus the bulk of your prospecting efforts on a specific area or type of client.
If you’ve ever farmed an area before, you’ve probably used traditional marketing such as postcards, fliers, market reports, and emails. These efforts will generate some business, but do they provide you with consistent listings? Maybe this is why you wonder (and worry) about when you’ll see your next commission check.
And to make things even trickier, most homeowners in “hot markets” receive the same marketing from every agent who’s interested in their neighborhood. So how can you set yourself apart and create a solid farming strategy that actually works?
The answer is simple: have quality conversations. Think about it. Who would you trust to sell your home? Some random agent on a flier? Someone who takes the time to call you? Or better yet, someone who knocks on your door to introduce themselves directly? Whether it’s over the phone, at an open house, or face-to-face on a doorstep, having a strong voice sets you apart from the other “ad-only” agents.
Technique 2: The Right Time For Farming
According to recent research, the best time for farming is between 3 and 5 P.M. in the location you are targeting. However, its best to make sure you fit your farming strategy into your (already) busy schedule. How you break up your day and optimize your lead stack is essential to maximizing your day and your prospecting sessions.
Here’s how profitable neighborhood farmers organize their daily routines:
• 5:00 – 7:30am — Morning routine: Gym, shower, breakfast, get to the office
• 7:30 – 8:00am — Prospecting warm-up: Journal, meditate, roleplay, import new leads
• 8:00 – 12:00pm — Prospect: New expireds and FSBOs and other “hot” leads
• 12:00 – 1:00pm — Lunch
• 1:00 – 3:00pm — Lead follow-up and more prospecting
• 3:00 – 5:00pm (or even later) — Farming time: Knock doors, organize open houses, call JL/JS (Just Listed/Just Sold)
The specific times and lead types for your own schedule will vary depending on your market, but dedicating 2-3 hours a day to farming will allow you to make new connections, build neighborhood rapport, and market your current listings to different areas.
Technique 3: “Land and Expand” in Hot Markets
The more experience you gain, the more opportunities you’ll have to test out a variety of farming techniques. One that you can do right from your office is called “Land and Expand.”
Start by searching for neighborhoods with a high turnover rate (number of homes listed to number of homes sold in the past three months), then use geographic prospecting software to drop a pin in the center of that neighborhood and call the closest 100-250 neighbors following this script:
“Hello! I’m [YOUR NAME], a local real estate agent with [YOUR BROKERAGE.] I’m calling because there has been a high turnover rate for homes in your area in the last 90 days. I sell homes [FASTER, FOR MORE MONEY, WITH LESS HEADACHE, ETC.] than [%%] of agents in this area. Do you know anyone looking to buy or sell in the next 30 days? Or are you looking to buy or sell in the next 30 days?”
This simple farming script gets right to the point of, “Are you ready to sell?” and positions you as the proactive agent. In these conversations, you’ll also get a feeling for how “hot” the neighborhood actually is while practicing your scripts and improving your conversation skills (like every agent should).
Technique 4: Keep the Seller Promise
Although farming is an amazing way to find and take new listings, it’s also a great way to boost local attention and interest in your current listings. Isn’t that what sellers pay you for? To fulfill your promise as their agent by actively selling their property? It’s Real Estate 101. Don’t let current listings slip through the cracks in the search for new business.
So if you’re trying to sell a property that’s been on the market for over 30 days, drop a pin and call the closest 250 neighbors to the property using this script:
“Hello, my name is [YOUR NAME], a local real estate agent. I’m calling about a property I’ve listed [DOWN THE STREET / AROUND THE CORNER / JUST WEST OF YOU / ETC.] I’m working hard to get that property sold for my clients. Are you aware of anyone who might be interested in moving into the area?”
As the conversation takes off, get more specific and see if they (or anyone they know) are looking to buy in the next 30-45 days. This not only works to help sell your current listings, but boosts your reputation as a well-established agent who knows the neighborhood and works hard to keep your sales promises.
Technique 5: Open House “Micro Farming”
Are you planning an open house for a new listing, but are unsure of how to best promote it? One way to create attention for your new listings is through what top prospector, Edward Estrada, calls “Micro Farming.”
Start by dropping a pin on the listing. Search the area immediately around the pin (about a one-mile radius) and follow this farming schedule to promote your open house dates:
Day 1: The day you take the listing, post a sign on the property to advertise the open house, then knock five doors to either side of the listing to get the neighborhood excited about the new listing on their street.
Day 2: The day after you take the listing, call the nearest 100 neighbors and invite them to the open house. Mention that you (the agent) will be there to show the house and answer any questions.
Days 3-4: Call every home within a one-mile radius to your listing and invite them to the open house. Mention that you (the agent) will be there to show the house and answer any questions.
Day 5: Call back any remaining neighbors you haven’t yet connected with, and finalize any traditional marketing materials for the open house such as fliers, yard signs, or local online ads. Make sure the house is ready to show.
Day 6-7: The open house! This should take place over a weekend, preferably the one nearest to when you took the listing. If it suits the neighborhood, hold an open house on Saturday and Sunday to maximize traffic.
Show off your listing! Following a “Micro Farming” schedule like this one shows the neighborhood that there’s a professional agent nearby who can help them navigate their next home-buying journey.
Technique 6: From Just Listed to Just Sold
Promoting “Just Listed” properties allows you to keep your promise to the seller, but what should you do when you close a sale? Easy! Let the neighbors know. This “Just Sold” strategy will help you land and expand in neighborhoods that you’ve made “hot” (with all the proof you need to back it up).
After you close a sale, gather some quick facts on how fast and how well you’re able to sell the listing, then call the closest 100-200 neighbors and let them know. Like “Just Listed” farming, ask if they, or anyone they know, are looking to buy or sell in the next 30-45 days, and use your recent sale as proof that you’re the agent they ought to list with.
This “Just Sold” farming practice will demonstrate the neighborhood’s selling potential while positioning you as the most qualified agent for the job. In time, you’ll be able to repeat this pattern from “Just Listed” to “Just Sold” and create a self-sustaining cycle of contacts, leads, listings, and sales.
Technique 7: Use The Right Tools
You’ve got the techniques and tactics, now all you need are the tools. If you’ve got the time, the easiest (and cheapest) tools at your disposal are your own feet! Pick any neighborhood, hit the pavement, and start knocking. It’s free, effective, and will immediately put you in front of homeowners for quality conversations.
For quicker results, use software to get phone numbers and start calling from the comfort of your office with GeoLeads™. This tool allows you to drop a pin on a recently listed or sold home and instantly get surrounding addresses and phone numbers.
With just a few clicks, you’re on the phone with real people, filling up your sales pipeline and setting new listing appointments. Without tools, prospecting is going to take longer and is more laborious. Ultimately the choice is yours. But the right tools with help you prospect with less frustration.Â
Time to Stand Out
One common theme among all these farming techniques is building your sphere of influence. Geographic prospecting is about putting yourself out there in a memorable way so that you’re the first agent homeowners think of when they want to buy or sell a home. It’s the way to become the local expert and get more listings.
So as you start to ramp up your farming strategy with the techniques you’ve just read, remember that relationships, rapport, and repetition unlock the science to success for geographic prospecting.
About REDX
REDX offers real estate professionals a complete all-in-one prospecting platform for generating listing appointments. The platform includes seller leads, a dialer with up to three lines, and a lead management tool for simple follow-up. REDX maintains the position that all agents should be compliant with state and federal telecom laws – learn more here. Call (800) 731-7339 option 1 to learn more about prospecting FSBOs, Expireds, FRBOs, Pre Foreclosures, GeoLeads, and our Power Dialer – or visit www.redx.com
