What is FARMing?
Target marketing is a key strategy for generating leads and expanding your business. One effective way to target the real estate market is through FARMing.
FARMing, or Focused Area Research Marketing, involves segmenting a specific area where you can grow your business, reputation, and connections. The most common types of FARMs are geographic FARMs, which focus on soliciting business in a particular neighborhood. Common methods for utilizing data pulled from a FARM include direct mailers, door knocking, or phone calls.
Why is FARMing important?
By consistently distributing information to a targeted area, you establish a strong association between your name and real estate within that community. While individuals may not be looking to buy or sell immediately, your name will likely come to mind when they are ready to make a decision. Further, after completing a few transactions in the area, satisfied clients will begin referring new business to you, reinforcing your presence and reputation within the market.
Factors to consider when choosing a FARM
- Location and demographics: When selecting a target location, ensure you are familiar with that market. Having a personal connection or experience in the area can also be beneficial. Additionally, it’s important to understand the general income level, lifestyle, age, and other demographics of the residents, which will help tailor your marketing efforts.
- Size of the FARM: Choose a manageable FARM size. The larger the area, the more resources will be required to cover it effectively.
- Competition: Consider targeting a niche market where fewer agents are working. The more competitive the area, the higher the barrier to entry may be.
- Average Home Price: Align the average home price in the area with your business goals and the type of clients you want to work with.
FARMing Tools
LT.digital offers two different options to begin FARMing your desired target market:
- Basic FARM: A simple search with few criteria such as property type, owner-occupied status, and radius. These searches are limited to certain counties.
- Deluxe FARM: A more complex search with 5+ criteria or for counties outside those specified in the Basic FARM.
Other useful tools for FARMing include email/phone number lists, printed labels, zip code analysis, market trend reports, and a 1-year general sales report. Please ask your Land Title Sales representative for more details.
