Selecting the best geographic farm — Step 4. This is the fourth step in making a wise decision with geographic farming. Days on market can sometimes become a tipping point between two areas you want to target. Days on market can make a big impact in terms of how quickly you can actually earn money. Learn why in this short video.
How to select the best geographic farm for real estate seller leads Part 4 – DOM
In doing geographic farming, we want to get precise about the location we choose to implement these real estate marketing strategies. In the previous blogs, we’ve looked at how to determine the turnover rate, we’ve looked at all these different areas we want to target, and we’ve taken the turnover rate and the average sales price and have multiplied them together to get the sales turnover number. That allows us to rank them. We’ve looked at agent domination to figure out which real estate agent is more dominant in any given area.
The fourth thing that you can do before choosing a geographic farming location to add to your real estate marketing products is to look at days on market (DOM). Let me give you a contrasting example so it makes sense.
Using days on market as one of your real estate marketing strategies to determine prime locations for geographic farming
Let’s assume that you’ve now found two or three farms that all look perfectly identical and you are trying to decide which to target in order to get the most seller leads. You look at average days on market. You find that the sellers and real estate agents in farm number 1 have an average days on market (DOM) of 122. Farm number 2 has an average days on market (DOM) of 30. Which one do you want to farm for real estate lead generation? I want the one with the average of 30 days on market because I’m going to get my money back quick. These real estate marketing ideas show you why you want to look at days on market.
Keep in mind that days on market is going to be subjective. The real mathematical analysis is going to be the turnover rate times the average sales price. Everything else starts to be subjective and you start to make assessments to help you maximize your investment in geographic farming as one of your real estate marketing tools.
Real estate marketing tips to keep in mind for maximum real estate lead generation when using geographic farming as one of your real estate marketing products
Days on market is not the final thing; there is one other thing that we will discuss in the next blog. Now that we are getting down to real estate marketing tips number 4 and number 5 as it relates to geographic farming, each of these have smaller, incremental advantages. In the grand scheme of things, however, if you are going to spend a lot of your real estate agent marketing budget and a lot of your time, you want to look at all of these real estate marketing strategies.
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