Tips for a Better Real Estate Geo Farming

Recently, advertisers have been inclined towards a modern marketing technique called geo-farming, also known as geo-retargeting. It is a mobile advertising strategy that targets clients at a specified area – whether on-premise or near a point of interest – and then re-targets them with the same ad later. This strategy has marked a turning point for marketers and has profoundly impacted real estate.

Tips for a Better Real Estate Geo Farming

What Is Real Estate Geo Farming?

Real estate geo farming or geographical or prospect farming is a proven way to build your real estate business by marketing to a neighborhood or local vicinity by capturing leads, raising awareness of your brand, earning referrals, and gaining listings.

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Turnover Rate

You must know the number of houses which were sold in the previous years. Knowing the historical turnover rate will help you revise and improvise your turnover rate. While looking back, it is essential to consider a longer period (more than two years). This will educate you about the market trends and enable you to have a larger picture. By following this, you will gain the upper hand in geo farming.

Choose the Right Neighborhood

Choosing the right neighborhood is crucial in determining a business’s success. A decent geo farm has no more than 500 residents. Choose a location with strong demand (a high absorption rate) and a steady flow of properties for sale (a reasonable turnover rate).

Know Your Competition

It is crucial to know your competition in real estate geo farming. Having an idea about the agent saturation rate will help you decide which neighborhood to opt for. If you opt for a neighborhood with a lower agent saturation rate, it will reduce your competition and increase the chance of making a sale. It will also help you survive in a competitive market.

Develop a Plan for Delivering Farm Value

Real estate agents doing good in this farming game consistently provide value to homeowners in their farm regions. It is important to plan ahead for the “what,” “when,” and “how.” This will allow one to save valuable face-time for customer conversations that are more likely to result in a sale. Postcards, market updates, social media groups, and neighborhood websites are successful real estate farming outreach examples.

Have a Solid Client Mailing List

Having a solid mailing list will make your farming business much easier as you will be able to reach your clients regularly. Hosting client events is also an essential step to improving your sales as they help reach out to a large audience. Client events will increase your scope in making sales. Sending postcards and brochures is also a good way of marketing your real estate.

Conclusion

The beauty of real estate farming is that you’re accumulating a valuable asset. Like any wise investment, your geo farm should produce monthly rewards in the form of real estate agent leads for years to come. Thus, successful real estate farming combines long-term automated communication and smart, day-by-day, personal follow-up.

However, it is important to note that farming is an ongoing process, and monitoring the effectiveness of targeted real-estate ads and making adjustments to your campaign whenever necessary is the only way to ensure best results from the campaign.