In my continuing efforts to focus on the deals that I don’t have instead of the deals that I do have, I am ready to roll out my marketing to a Geographic Farm. In this episode I discuss a few of the “pillars” of lead generation and how the Geographic Farm will be my first priority.
Choosing the Right Area
You can’t just go and pick any neighborhood you want if you want to have the best chance to succeed. Here are 3 things to keep in mind when starting a farm:
- Select the right area – You want an area that has more than a 5% turnover rate. This means that 5 out of every 100 homes in the area will sell each year. You also want to check if there is a particular agent that is a part of a large number of those sales. If you find an agent with more than 20% of the sales in that farm then they may already be viewed as the authority in that area.
- Be Consistent – You need to commit to at least 12 months of marketing this area. Have a plan, have a budget and see it through.
- Provide Value – You can’t just send them market updates every month. Most people will through that away. Instead, give them information that any homeowner would find useful. School start times, events in the park, coupons to local stores, etc.
With those key points in mind, here is my plan for launching my farm:
I am building a website for the neighborhood to use as the hub for all things relevant to the homeowners there. Things like CC&R’s, HOA meeting minutes, links to the schools, info on the neighborhood park, neighborhood garage sales, etc.
I don’t have all the features clearly defined because I am going to ask the neighbors what they want before I build something they don’t want. As I get this built and roll it out, you can follow my progress in the CASE STUDY section of this website (coming soon)
Once I have the site roughly in place, I will post a sign as you enter the neighborhood with the URL to the site. I will mail a postcard announcing this service and follow up with some door knocking with a flyer. I plan on having a landing page that will say “Coming Soon” with an area for people to sign up to be notified when the site goes live. I will poll those people that sign up to see what features they would like to see and use that info along with the feedback I get when door knocking.
I will still do traditional postcard mailings and other means to market to this neighborhood. The bottom line is I want to be known, liked and trusted in this neighborhood. To do that, I must provide them something of value and convey the fact that I am the local expert for all things in this neighborhood.
Want to Follow Along?
If you are interested in starting your own farm, or want to improve on the one you are currently farming then I would encourage you to follow the steps I take in this launch. Remember that this is an experiment. I am not claiming to be an expert in this. But I am willing to work my but off to find what works. You may not want to build a website yourself and thats fine. There are many services that do this for you. Check Odesk or even craigslist to find someone that can build a small site for you.
Remember, I’ll be adding a whole “CASE STUDY” section on this website so you can see all the steps I am taking to launch this farm. If it works, I will roll it out to other neighborhoods as well. Stay tuned…