One proven method used by real estate agents to cultivate fresh leads is geographic farming or geo farming.
Geo farming has nothing to do with crops or cattle. It is a real estate marketing strategy where a real estate agent focuses on a single neighborhood, subdivision, or a specific area of just a few blocks.
In targeting a limited, core geographic segment to work in (the “farm”), an agent can become an expert about that particular neighborhood while building local brand awareness (“cultivating” the farm), acquiring new leads, and earning listings and referrals (the “harvest”) in a concentrated area.
The most successful Geo farmers have a regular personal and professional presence in the neighborhood. They advertise locally. They engage community members with a quality website. They attend and sometimes sponsor local community events to build brand awareness. Done correctly, Geo farming can be a successful strategy to boost closings and commissions.
Let’s take a brief look at how successful real estate agents who decide to geo farm go about establishing, cultivating, and harvesting their Geo farms as a part of their real estate sales tool kit:
Find An Ideal Market For Geo Farming
Location: The first and most important thing to decide when establishing a Geo farm is selecting a place to focus on and its boundaries. Agents should target an area they are familiar with or are willing to research thoroughly – preferably one near their home or office to reduce travel time and expenses. Several questions arise:
How many homes should a Geo farm include?
What type and price range of homes should be targeted (smaller homes aimed at first-time buyers, luxury homes for wealthier buyers, or something in-between) to align with a real estate agency’s mission?
How much time, effort, and financial resources can be dedicated to a geo farm as part of the real estate agency’s marketing strategy?
The answers to these and other questions require an examination of a real estate agency and its employees’ priorities and budget. Geo farmers are most successful when they control the scale of the targeted area and when the area aligns with their agency’s other marketing endeavors.
Exclusivity: Another important consideration is exclusivity. Successful geo farmers can avoid areas where several veteran agents are already established.
Suppose half the sales in a particular neighborhood are coordinated through one or two agents. In that case, those agents have something of a stranglehold on the area (probably due to their geo farming), and it’s best to find an area that a single agent does not dominate.
Adding value for clients: Why should home sellers or buyers choose to work with a geo farm agent? Along with being an expert about a particular neighborhood, top geo farmers offer added value by engaging potential clients. They do this by providing salient information through emails, postcards and mailings, a quality website and sponsored events – and even knocking on doors – among other strategies to build knowledge and trust.
A Geo Farm Can Help Agents Boost Sales
Real estate agents seeking to improve their bottom line should consider establishing a geo farm in a local community, neighborhood, or subdivision. This type of intensive, targeted micro-marketing can lead to establishing stronger brand awareness, more listings, and increased sales in the future.
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