Among the means at your disposal for collecting leads and growing your quick-turn real estate business is establishing a farm area where you do business on a regular basis. This is a technique used by many different types of professionals to assure themselves a steady supply of business.
So what are the advantages to having a farm area? Familiarity is the big one. As you stake out and cultivate your territory you will become familiar with the area, the market, what types of people live there, what types of people are buying there, what types of properties are being sold, and for how much.
This makes it easier and quicker for you to evaluate deals. Having a farm area also allows you to consistently focus your marketing, leading to repeated exposure and increased response rates. If you continually market to an area with signs, fliers, business cards, and direct mail, it will become essentially saturated with your marketing message and your response rates will soar.
There are some drawbacks to farming as well, which are fairly easily overcome. The main one could be that your focus is narrowed to the area you are farming, but if you choose your farm area well then this should really be more of a help than a hindrance, because it will mean more business for you overall.
Farming does require a large time and energy investment on the part of whoever does it, but this can either be you or it can be someone you hire on a wage or commission basis or someone you partner up with. The only real reason for concern might be if you feel uncomfortable in the neighborhood you are farming, but then you might want to work in a nicer neighborhood anyway.
There are some specific tools that are necessary to employ this technique, for you or your help. A car or similar means of transportation is at the top of the list. A digital camera is also essential, as well as a notebook with a log sheet and printed maps of the farm area. The best use of the digital camera comes from using it in conjunction with a small dry erase board to capture information. And finally, any time you are in your neighborhood you should have a stack of business cards handy.
When you farm, you’re just in the field looking for leads. Go street by street, recording and photographing anything that looks interesting to you: abandoned properties, fsbos, ongoing rehabs, and anything else that gets your attention and that might put you in touch with a motivated seller or buyer.
It’s important that you be consistent about farming and about placing your marketing. The more you talk to people in the neighborhood and hand out your business cards, leave your fliers on doors, and place signs in visible locations, the more business you will have, and if you are consistent your business will be. While you are driving track your progress on the map with a highlighter, so that you will be sure to cover the entire area.
If you use farming as a tool you will enjoy the benefits of working in an area where you are familiar with the neighborhood, your customers are familiar with your marketing, and your closing officer will become familiar with you.
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Source by Omar Johnson