Geographic farming and how to generate real estate seller leads … for realtors
I was recently asked: “Why should you do geographic farming?” and the simple answer is that using this real estate agent marketing tool makes realtors a lot of money by generating seller leads.
I would also put that in perspective. Don’t just do geographic farming because people say you need to do geographic farming. Look first at where you are going to market, considering your sphere of influence. When you are building your real estate business, you only have so much money that you can spend on real estate marketing products.
Maximize your current real estate marketing ideas by developing seller leads in your sphere of influence
What you want to do is maximize how much you earn from the money that you spend on your real estate marketing tools. If you earn less than you spent on your real estate marketing products, that is not beneficial to your real estate business. However, if you earn at least a little more than you invested on your real estate agent marketing, you are at least making a profit.
Take the money that you have budgeted to spend on marketing, and use your personal list first in order to maximize your seller leads. As a realtor, your personal list drawn from your sphere of influence is one of your most powerful real estate marketing tools. What I usually tell our clients is that when you are looking at where to target your money for marketing, the most important place to start with geographic farming is in your sphere of influence, your past clients, and what we call your ‘met list’. People who know you and trust you and your real estate business are the most likely candidates for potential motivated seller leads because those people are 8 – 10 times more likely to respond than seller leads through geographic farming.
After maximizing seller leads from sphere of influence real estate marketing, begin geographic farming
So let’s assume you have maximized your investment with your real estate business’ list or your personal list of possible seller leads, or you don’t have a personal list for whatever reason. The next of the real estate marketing ideas you want to think about is geographic farming.
The reason to implement geographic farming as one of your real estate marketing strategies is simple. Within that geographic farming area, we know that potential seller leads are going to be putting their homes on the market. If you can get a foothold in there and start to get your name (as a realtor) and your brand (as a real estate business) recognized consistently, then that means you are going to generate an ongoing source of new seller leads and listings. This means you will gain an ongoing source of new transactions. Your real estate business is all about real estate lead generation, so geographic farming is a great place to start.
Geographic farming is one of the real estate marketing products that is most effective in real estate lead generation
One last thing about geographic farming is that it is a long-term investment, a long-term deal. What happens is that the longer you implement these real estate marketing products in your sphere of influence or your geographic farming area, the higher your real estate brand increases within that market space and the higher the real estate lead generation.
On that note, to do geographic farming you’ve got to do it right. There are some right ways to do implement these real estate marketing strategies and some bad ways. You have to be careful because some ways are just going to suck every dime that you have to spend on real estate marketing.
So why do geographic farming? It can make you and your real estate business a lot of money if you do it right. In the next blog, we will discuss how to do geographic farming effectively.
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