Here Are The 5 Most Important Tips For Being Successful at Geographic Farming:

1. Choosing a farm location:

  • Work areas where you live, that you are familiar with and that you like, or a price range you would like to be in. Before choosing one of these areas make sure there’s not a dominate agent already in the area.
  • Pick areas that have a turn over rate of at least 6% 
  • Choose between 500-2,500 homes and consider your budget simultaneously. Tom Ferry suggests you begin with 250-500 homes to begin and then expand as saturation and desired ROI is accomplished.

2. Creating a farming budget:

  • What is the total amount you can allocate to farming? Figure out how much it will cost to hit every house at least 2X/month at a minimum
  • How to calculate ROI of farming:

    First look at your marketing activities and the associated costs.
    Some cost $$ like direct mail, holiday door knock gifts, sponsoring a community event.
    Use ROI as your deciding factor as you plan out your activities for the year.  Planning activities a year in advance gives you the confidence of knowing what you’re doing, when and how much of your budget is going to marketing.  

3. Committing to a successful farm: 

  • Remember farming is a long-term commitment…and CONSISTENCY of connecting with the people in your farm is key.  Homeowner’s need to hear from you, see you and receive information from you on a regular basis. 
  • Deliver value – be the farm expert.  Your role as the go-to agent in an area is to be the most knowledgeable person about the area…you are the FARM EXPERT.   Specifically, what is happening with the values in the neighborhood, how many are currently on the market for sale, what new initiatives can possibly be affecting their home values. What are the specific issues these homeowners want to know about and how can you bring them the answers and give them the inside scoop about their community.
Tom Ferry - Summit 2022