5 Common Mistakes To Avoid While Real Estate Farming
Real estate farming is the most definitive way of getting leads in real estate. It is the one sure way of building the foundation of your real estate business in a specific area or market and is practiced by successful renowned real estate professionals.
The absolute purpose behind farming an area is to generate more leads to secure your business’s future and build relationships to build your referral business. Not only that but real estate farming is the target/area based approach to keep your funnel filled with leads all the time.
Clearly because, No Leads means No Sales!
But let me tell you, the one certain thing that you need to ensure the success of real estate farming is CONSISTENCY.
The concept to farm real estate is however pretty old. But, this is the one that has been paying dividends for so many real estate licence holders over the years. It’s wonderful to see how putting in the right efforts in the right place at the right time actually pays off.
However, as simple as it may sound, many real estate agents manage to complicate things up. They fail to get the concept and since their efforts were not targeted right, they don’t quite get the results they want and end up getting frustrated and quitting after.
Which is definitely unfortunate!
So, through this blog, I hope to address those mistakes. Take you through the reasons many real estate agents are failing to get the right results from their real estate farming efforts.
Grab a pen and paper, sit down and let’s go through them one by one.
Mistake #1 Agents Tend To Play It Safe
The first mistake many agents tend to make is that they play it safe and stick to what they know. They will continue to stick to their usual playing ground and keep earning the small commissions instead of thinking about stepping into an unfamiliar territory. The possibility of a higher payday will not be able to attract them in the nearby areas.
Because they’re so used to what they’re making, the idea of stepping away into a different area scares them. However, let me assure you, choosing a profitable real estate farming area is very important and decisions need to be made based on evaluation rather than sticking to just what you know.
Mistake #2 Inefficient Call To Actions (CTAs)
When most agents are asked whether they have been including call to actions in their marketing campaigns, a usual answer you would get is that they have been providing their phone number and email.
You thought the same too? Right?
Well, let me take a minute to clear this up that a specific call to action (CTA) is different from you providing your phone number and email. A specific call to action would point to your specialty, making the prospect contact you themselves.
Let’s say, if you specialize in dealing with rental homes, you could include a call to action in your marketing campaigns that lets people know that if they’re looking to rent, you’re the agent they need to be talking to.
The sample CTAs for this particular scenario could be:
- Rent A Home With Me
- Find Your Perfect Home Match
- Call Now To Find Your Perfect Match
- Let’s Find You What Suits Your Pocket Size
- Finding Your Rental Home Is Just A Click Away
Mistake #3 No Specific Targeting Campaigns
Another common mistake that most agents make is that they don’t differentiate between their open marketing campaigns from the deals they have recently closed. So what happens is that, they end up targeting the same clients they have already done a deal with either in recent weeks or a couple of months ago.
Yes, it’s the right thing to ask for referrals from your clients. But there should be a different campaign running for those people and they shouldn’t be receiving emails or postcards that are intended to target fresh prospects.
Mistake#4 Marketing To Everyone The Same Way
The times have changed, people have gotten smarter. Especially people who are looking to make a real estate transaction. So gone are the days when a one-size-fits-all marketing campaign could work for everybody.
What might work for the old couple living down the street will definitely not be suitable for a young couple that is looking to move into a bigger house. All these prospects are different and therefore they need to be marketed differently which clearly means you need to update your marketing strategy w.r.t target clientele/audience. Have targeted, personalized marketing campaigns for your diverse clientele.
Pro Tip: To make the most out of your marketing campaign, you must segment your farm into different categories. Device a marketing strategy for each of these categories that has a clear meaning and is helpful to people.
Mistake#5 Not Enough Homework In Following Up
Real estate agents spend a lot of time and money getting in new leads. However, one farming mistake that many agents make is that when these leads are coming in, they have no follow up for them.
BIGGEST MISTAKE OF THEM ALL!!
It’s best to have a follow up plan. Because you cannot afford to let all these leads slip away. It’s a crime!
Pro Tip: If you have received an email, make sure to respond back with an email. If it’s a phone call you’ve missed, call them back as soon as you can. Go door knocking if you have to. Got no idea how to door knock? Take a look at this Agents Guide To Door Knocking.
Just keep in mind, it’s important to have a follow up plan line up even before you start getting any leads. If you have a follow up plan, you can easily assess what works and what doesn’t work for you.
The Bottom Line
Your farming efforts are the fuel to your real estate business. If your farming efforts don’t work, you’re not going to get anything. But what’s worse is that you are putting in the efforts but not getting anything in return. Therefore, it’s best if you take a SMART approach to it.
A smart way of going real estate farming will be.
- Identifying The Best Market Area
- Identifying Potential Deals
- Targeted Marketing Campaigns
- Following Up Correctly
So there you have it, if you’re still having trouble getting the results you deserve from your farming efforts, feel free to shoot me an email at email@example.com or drop a comment down below.