Understanding Common Real Estate Farming Mistakes
Geographical farming can provide a valuable stream of leads when it is executed properly. This niche marketing approach allows agents and brokers the ability to see when potential buyers or sellers become hot leads, eliminating the need for time- and energy-consuming prospecting efforts such as door knocking and cold calling. Essentially, hot ranked leads are brought directly to the agent.
As easy (and wonderful!) as this sounds, many agents make mistakes when it comes to implementing and enacting their geo farm marketing strategy. Let’s take a closer look at a few of these common errors.
Funding Your Farm
Your marketing budget is an extremely important factor when it comes to managing a geographical farm. The goal is simple: to invest enough money into your geo farm until, as it grows, it eventually becomes self-funding. This often requires setting money aside (a certain percentage from each sale) far before you even launch your farm so you know the money is there when you need it.
However, this also means that those invested funds MUST remain untouched as your farm does its job. Many agents are tempted during slow months — as well as by the siren call of a new car, house, or boat — to pull from their geo farm and marketing budgets. It can be difficult to see the reward when you know you have several thousand dollars, if not tens of thousands, sitting within reach. Stay devoted to your budget and don’t undercut yourself by getting impatient.
Lack of Attention
Unfortunately, money alone isn’t enough to ensure the success of a geo farm. You can throw thousands of dollars into your farm, but if you are unable to dedicate time and effort to working it, it will never grow into a beneficial arm of your business. In fact, it will end up costing you in the end.
Make sure you have systems in place to optimize your geo-marketing strategies, such as a weekly texting plan. Geo farms require constant activity and attention; the more you’re able to experiment with new strategies, the more likely you are to see a high return on your investment.
Once your geo farm is up and running (and self-funding), it can be easy to slip back into your old way of doing things. Maintaining the incredible momentum you’ve established is essential to the overall success of your business. A healthy geo farm brings with it the opportunity to expand your marketing efforts in a variety of directions to create multiple channels of revenue, hence the term “multi-channel” marketing.
Rather than stick to the relative simplicity of a single farm, look to other forms of digital marketing that will help you establish a community. At the very least, you should run with email, text, and Facebook retargeting campaigns.
Geo farms aren’t miracle workers. While they can bring a considerable amount of business (and revenue) your way, they take discipline and dedication to get up and running. If you’re on top of your budget, paying consistent attention to your farm, and expanding your marketing strategies as soon as you’re able, you’ll see just how much geo farms can boost your business.
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