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Many clients ask us where they should start when it comes to marketing and branding themselves. If you are new to real estate or a seasoned profession, building a FARM and continuously marketing to that area will build your business-brand awareness. As inventory is low, FARMing is becoming essential to gain a competitive edge and gain leads. This is where your investment starts off slow, but will build over time.

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WHAT IS A FARM?

FARM stands for Focused Area Research Marketing. It is a specific area or segmented neighborhood which you can grow your business. When you market to an area you build your reputation and connections within a certain area. Marketing in small amounts consistently is key to a successful FARM.

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WHAT IS A GEOGRAPHIC FARM?

A geographic FARM is one of the most requested types of FARMS where you can solicit a specific neighborhood for business. When marketing to a specific area, you want to establish yourself as the “Neighborhood Expert” and develop relationships with the residents of that specific area over time. 

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IDENTIFYING A FARM

It is recommended that if you are new to real estate, you may want to start with your neighborhood where your current home is located. This is a great place to start because you are familiar with the surrounding area and many residents may already know you. Below are a few items to consider when identify an area you want to target:

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• Length of Residency - Do a little research and find out how long residents have lived in your FARM area. Research has shown that most residents relocate every five to seven years. This is also a great way to find out if residents have owned their home for long periods of time. If so, this would mean they would have higher equity in their property. 
   

• Visit the Surrounding Area - Get a better understanding of the neighborhood by visiting the community and door knocking. Look for local churches, schools, restaurants, small businesses, local papers and community events that would be a good resource to partner with on marketing pieces. 
   

• Owners vs. Renters - Do a lot of renters live in the area? If so, marketing to first-time homeowners is a great opportunity to build your business. We can help you by sending out first-time homeowner cards called STOP AND THINK...
   

• Turn Over Rate - Is the number of homes sold per year in a defined subdivision or neighborhood. It is calculated by taking the number of sales in the last year (12 months) and dividing it by the total number of homes in the area or subdivision. A turn over rate of 6% or higher is a great area to target.
   

• Know Your Competition - Do some investigating and find out who is selling in your targeted FARM area. Do they have a majority of the market share? How many homes have they sold? Are you able to compete with the number of homes?
   

• Demographics -  Understand the community of the targeted area. What is the age range? What is their interest, income level, occupations, type of community living, etc. This will help you to understand the area to see if you want to market to it.