Geographic farming has remained one of the most effective techniques to find and sell real estate listings. However, in order to earn maximum benefit from farming, it is important that a real estate agent selects the best location after careful evaluation.
Just like real farming, the success of geographic farming highly depends on where you plant the seeds. Also, it is important to understand that it may take time for the seeds to sprout, and in order to grow them into a tree, you must use nurturing techniques and cultivate them at the right time.
To help you select the right geographic farm in today’s thriving real estate industry that offers innumerable Atlanta real estate agent careers opportunities, I am sharing some tips on how you can analyze a county or sub-division to determine if it’s the right geographic farm for you. We have been using these techniques for years at Platinum Real Estate, and they have delivered us great results. Apart from this, I have talked about these techniques in several of my video lectures, eBooks, and workshops, which you can find on my websites, Luther Ragsdale.com and Platinum Real Estate.
Factors to Consider When Selecting a Geographic Farm
In order to determine whether the geographic farm will offer you good real estate listings and sales opportunities, you need to consider the following factors:
- The type of real estate – Is it a high-end community? Are there any corporate facilities?
- The number of agents working in the farm – How many agents are prospecting actively in the farm? Remember, more real estate agents translate into tough competition, but it also means better real estate opportunities.
- The amenities present in the location, such as shopping malls, parks, museums, high-end restaurants, etc. – All of them contribute to property values and their presence increases the attractiveness of a geographic farm for a real estate agent.
Numbers to Look At When Selecting a Geographic Farm
Once you’re done analyzing your farms on the basis of three factors that I highlighted, you need to move forward and gather some data about your prospective farms. Collecting the following information can help you determine the best sub-division or county to farm.
- The average sales price of the properties – Both residential and commercial
- The average commission earned by real estate agents per transaction
- Number of properties sold in the last 3 years
- The average days-on-market for both residential and commercial properties
- The turnover rate for the community
- Market share of your direct competitors
- Ratio of renters versus homeowners in the community
Once you’ve collected this information, you can compare different locations and select the one that offers you good opportunities in your real estate specialty.
Remember that geographic farming does not deliver immediate results. You need to prospect consistently and nurture your leads in order to convert them into customers.
To find more Atlanta real estate agents careers opportunities and other useful information, you may read my blogs on Luther Ragsdale.com and Platinum Real Estate. I have also set up a YouTube channel for real estate agents who want to learn advanced prospecting and marketing techniques. In addition to this, if you want to strengthen your online presence, you can download my free eBook on social media marketing and register for my free workshop ‘To List is to Last’.
Good luck farming!