On average people sell their property once every seven years. If you have 1,000 homes in an area there is a possible 140 homes for sale in that year.
What is it?
Farming is focusing on a manageable segment of the market place and knowing everything that happens in that “patch”. Typically, is it an area of between 500 – 1,000 homes.
How does it help you?
- Farming means you can be the first salesperson to take advantage of any new
- You become known in your farm area and when the time comes to sell, you are the first person they think
- It allows you to
- It gives you a high profile
- It helps you set up longer term
How do you do it?
- Photocopy and enlarge a map of your area and put it on the wall by your desk. You could mark the last 12 months with coloured pins. There is also an electronic version of this called com.
- Get sales stats for the last 12 months and go and look at the
- Know all recent sales and the sales history of properties currently on the market.
- Create a file of computer printouts for every single home in your target
- Use a bi-line. “Living in and loving the area”.”Your local salesperson”.
- Work in a local cafe; for an hour each day
- Be presented in the local supermarket
Be non-threatening and service-orientated. Repetition and consistency is the key. Be patient. People will call you when you are ready. Always be yourself and deal with people in a consistent and authentic manner. People will appreciate it and be attracted to you.
How well do you know your farm area?
- What are the number of total active listings in the market
- Compared to last year
- Total number of listings sold previous month
- Average price
- Average days on the market
- Number of sales to date
- Overall appreciation / depreciatio
- Know the stock currently on the market (go through open homes).
- Contact the exclusive listings in your farm and get details of progress and expiry. Diary to contact again 10 days-2 weeks before expiry
- Contact all private sales advertised. Always offer something (stats of recent sales etc). Be prepared for a “No”. Typically, this can take up to 9 points of contact.
- Door knock the rest of the street immediately a house comes on the market (whether with you or the opposition). Chances are others will also be thinking of
- Drive and walk through your farm weekly. Look for indications of people selling (rubbish skips, renovating etc).
- Do 4 weekly mail out, giving information that is useful to them. Things that are happening in the local area,
- Send out current market analysis letters and
- Mix the three ways of making contact with people: face to face, phone,
- Be seen to be busy in the area: Just Listed/Just Sold cards, mail drops, properties wanted flyers, telemarketing, door knocking, private sales, generals, expired
- To have a database with name, address, email & phone number for everyone in your farm
- To have a Business Development area to work
- To develop a pipeline for the
Requirements of working a farm area:
- Regular written material to properties in farm
- Regular door knocks and /or telemarketing in farm
- Listing and selling homes in this area