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May 24, 2011

Balanced Real Estate Farming Techniques

by mark mclean

Last week I met with one of the newer agents in my office to discuss farming areas. Earlier in the month we talked about the need to actively farm neighbourhoods as part of an overall strategy to build business. He had concerns that by picking a farm area he was actually sending a message to his own contacts that he only worked in one area of the city. I thought he made an interesting point.  Is it possible to pigeonhole yourself so much in one neighbourhood that potential clients may overlook you because they want to live somewhere else?  If the general understanding is that people list their homes and buy homes with agents who “specialize” in one neighbourhood because they understand unique area idiosyncrasies does that mean you might lose a potential client if they are outside your core area?

Not necessarily. Check out the graphs below.  I tried to demonstrate to the new agent that while it is important to have a strong understanding of your farm area, the breadth of your knowledge has to resonate throughout the city. How do you do that? It’s simple. You can learn a lot by being involved. Networking, participating in office meetings, following other agents through social media and getting out there. Nothing beats pounding the pavement, and reporting on market conditions. Going to every open house in your farm area is a good start but to be a real purveyor of knowledge, you have to broaden your horizons. This is a full time job.

So, the question is asked. If we are building our neighbourhood expertise, how much effort do we put into actively farming our area versus the rest of the city? The answer is clear. Devote your time to your core business. Learn everything there is to know about your neighbourhood and make sure people know about you. Door knock, drop flyers and buy billboards. Successful agents know that it is as much about being a smart marketer as it is about networking. Business outside of your farm neighbourhood will come once you have proven that you are knowledgeable in the market as a whole.

Finally, it is important to realize that successful agents are always building their business. Whether it’s your farm area or your network of friends and associates, your daily routine involves giving everyone a little nudge, just a little reminder that you are out there to answer questions or spring into action. Spend your day actively getting business for the Spring or Fall markets but remember to stay in contact with people who will be a source of business to you well into the future.

The views expressed here may or may not represent the views of Bosley Real Estate, Ltd, Brokerage.

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