"AGRICULTURAL" WISDOM… one of the most tried and true techniques to developing a strong Real Estate business is to "farm" an area. Farming means this… you develop a market presence in a particular geographic area, you maintain that presence by ongoing contact with the residents, & you "harvest" the results. Why?… because you establish yourself as the "Go To" Salesperson for that area. If you decide on this method of creating business, one of the first items is to decide on which area you will "farm".
Here is your ACTION STEP… there are some very specific criteria to consider when deciding on which geographic area you are going to "farm". Start by picking an area that:
1. Contains approximately 400 to 600 homes/condos…you can expand on that after you develop your own system for ongoing follow-up
2. Minimum 8-10% sales turnover per year
3. Look for a "bread and butter" market… highly desirable & a medium price range
4. No competitor has a huge dominance (less than 15 to 20% maximum)
5. Make sure you "like" the area… you're going to be spending a lot of time there
Two cautions: 1. Farming requires constant visibility. While this needs to be supported by frequent flyers and/or correspondence, the most effective method is personal contact (by phone or face-to-face). Do not make the mistake of overspending on the mailers and underspending on the time spent meeting and talking with the residents of your farm. 2. Farming takes time…it usually takes 10 to 15 months to realize a return on your investment. Have a plan, be consistent, and most of all be patient. Be sure to do it right. NO Excuses.