Want to know how to do geofarming in a changing market?
The dramatic change in real estate agents and farming today has become what mentor and coach Bruce Gardner calls Hyperlocalism. I love this new and innovative way to farm in today’s real estate market.
Agents need to become experts in a geographic space now more than ever with so much readily available access to information to the consumer.
Hyperlocalism is defined as……an agent providing local, business and focused information to attract, resonate and engage with a segment, small geographic niche.
The benefit of this is a low start-up cost and not having any competition in the market for this business.
Gardner talks in his book “7 Styles” the 7 distinct and unique styles of real estate professionals in today’s market.
Which style are you?
Hunters – the agent that aggressively lead generates.
Farmers – the agent that is relational with their sphere of influence.
Networkers – the agent that is relational with their church, school, club, charity.
Lifestyles – the agent that works within a tribe. For example people who ride Harley Davidson.
Experts – the agents that focus on a niche. Property, person, geographic niche.
Hyperlocalists – the agent that is immersed in their small market segment
Billboard – the agent that is a super lead generator, high producer with a team that spends thousands
Hyperlocalism is listings focused farming because buyers connect more with listings agents today than ever.
N.A.R. reported that 80% of sellers don’t list with their agent that sold their home to them. This means that 4 out of 5 homeowners in your farm area are prospects for you and don’t have an agent in mind when they have to sell their home.
What we also know is they will choose the agent who is perceived as the expert in their area, product or demographic. Farming today is not just about postcards or newsletters anymore. It is a perfect method for lead generating in today’s digital age as well.
Here are some examples of Hyperlocal agents today. Mark Wade is an agent that farms a niche of only a 2 mile radius. His focus is www.centercitycondos.com and in a slumping market did 110 ends that year of business.
Another great example is Connie Barnes, an agent who did 48 million of business in a small town with a fantastic use of video and community content on her site www.conniebarnes.com
A Few Steps to Jump Start Your Farm and Start to Hyperlocalize
Provide as many times a year as possible the data and trends that are happening in this market segment. Stats like quarter vs. quarter or month over month changes in:
1.) Turnover rate – # of homes divided by # sold
2.) Absorption rate – # of sales divided by # of actives
3.) Average sale price
4.) Average sale price per square foot
5.) Average days on market
6.) Months of inventory
Make this data available to your niche market through video, newsletters, postcards, landing web pages, your website, blog, social media and more. The best way to determine where they are looking is to use Googles keyword tool and find out where there is no competition but a good number of consumers looking. A good example would be adding the word “market” to some of the popular keyword searches as your URL.
Produce videos or blog posts with local residents, neighborhoods, things to do, business owners, service providers and what they love most about that specific area of your farm. Begin to immerse yourself by meeting local business owners, local service providers. Attend local meetings, school functions and social events and share what is happening in and around this area.]
Two of my favorite digital marketing tools for farming are setting up neighborhood and niche websites specific to the homeowners of the area. Check out www.nextdoor.com and start one for your farm today. Another great digital tool is to subscribe to www.smartzipinfo.com and have them provide you with stats and activities of your farm area and the probability of them selling in the near future. Some very cool technology at work for farming agents.
A powerful activity for farming today is to preview every single listing in your farm area the very first day it is listed. Show people in the area how serious you are about your farm area. Take notes on your preview visit. Post Instagram photos and other details about the new listing in your farm area to really promote your expertise. Try to host as many open houses in your farm area and be as top of mind as possible including branding on your vehicle and your open house signs.
I trust these farming ideas in today’s real estate market give you motivation to start your hyperlocalized marketing plan or take your existing farm activities and escalate them to another level.
Strength and courage,
Wade
