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This post is the first in our series Farming is Not Dead. (Farming IS Not Dead=FIND)
Choosing the right area to farm can be the most crucial decision of them all. You do not want to be stuck putting in a lot of effort, time, and cost into an area that does not have a high turnover rate or is already over saturated with real estate agent marketing material.
Here a few things to do to help you find the right neighborhood to farm:
1. Choose a price range: The primary goal of a farm is to earn more in commission. You will need to decide which price range will result in the most commissions for you. Many agents think they would fare better with only high end listings. However, if high end listings do not turn over as fast as low or mid end listings, you may be cutting yourself short.
2. Research, research, research: Once you’ve settled on a price range, it’s time to choose the neighborhood that best meets your farming needs. Ideally you will want a neighborhood that regularly has 3 or more houses for sale in it each month. Every market will vary, but the more active a neighborhood is, the more likely you will see business. Go through your multi-list and scan for neighborhoods that seem the most popular and have regular sales.
3. Consider oversaturation: Chances are, there are already 3 or 4 agents trying to farm the neighborhood you’ve chosen. You can have a confidential meeting with your office manager to see if anyone else is farming that area, or if you have a friend in that neighborhood ask them what kind of real estate mail they receive. If you’re faced with choosing between neighborhoods, you may fare better overall choosing the one that receives less attention from the real estate community.
4. Accessibility: Will you be able to walk through the neighborhood? Do you know people who live in the neighborhood? Being able to meet the residents face to face will significantly increase your farming success.
These 4 tips should help you easily decide on the right neighborhood for you. If you’re still stumped, don’t be afraid to ask your office manager for suggestions. Our next post in the FIND series will cover creating a plan for sucessful farming.
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