Every agent is constantly searching for a means to stand out to generate more leads, command authority in their chosen niche and become relevant in the business. This whole struggle is what spawned the idea of real estate farming and smart farming.
Real estate farming refers to a marketing strategy that allows REALTORS® to locate a particular area, cultivate, plant and nurture their leads. It helps real estate experts to know their prospects better and to feed them with the best information while building relationships with new and old homeowners in their geographical area. Depending solely on traditional strategies will be less achieving in the long run, however. Therefore, as much as you may be an established household name in your geo-location, scaling up your business requires scaling your ideas to meet your goals.
Smart farming in real estate
Smart farming refers to the use of predictive analytical systems for prediction in real estate farming. It is the act of using AI (artificial intelligence) machine learning and algorithms to predict which homeowners are most likely to sell their home within the next 12 months.
The use of AI machine learning and algorithms for prediction will make it easier for you to nurture your target customers and understand the turnover rate. For instance, your predictive analytics system would have studied the present and past behaviors of homeowners, and on your part, efficiently focus on the predicted prospects for successful real estate marketing.
Benefits of smart farming in the real estate market:
- Help identify the best prospect—After the AI sorts through all the data from each homeowner, it will provide you with the best prospects to focus your marketing campaigns.
- It saves you time and money—Marketing your brand to your target audience involves lots of money and time. Access to predictive analytics tools can alleviate these pressures in a multitude of ways. For example, smart farming can save you time on prospecting as it provides you with a list of likely to sell homeowners (top 20%).
- More sales and more income—Since you are provided the top 20% of homeowners in your neighborhood, you are spending less on mailers, but targeting a more potent audience.
For real estate professionals to better farm their area of choice, there’s a need to tailor their marketing strategies to meet their target audience in a smarter and efficient way.
This includes:
1. Direct mailing or email
Since smart farming helps you focus on a specific area of choice, sending out direct mail and emails to your listings is easier considering the size. To be successful at this strategy, you must provide value with whatever content you’re pushing out. Subsequently, you can follow up with local daily advertisements, showing up at local events, or getting involved in your community.
2. Using predictive analytics to generate listings
Knowing the best predictive analytics system that will provide you with satisfying results is the first step to take. Use a system that will consider and study past occurrences and provide you with the real-estate futuristic forecast in your farm.
3. Online ads
With over 246 million unique Google users in the United States, and 190 million people on Facebook, the internet spaces provide a massive reach for real estate agents. Through these platforms, you can reach out to your prospects via online advertisements.
In conclusion, smart farming is a marketing strategy that will make your farming efforts productive. It will boost your business and your prospects will know that you know what is best for them. You will be able to focus on true homebuyers and sellers.
Through smart farming, your real estate will march to the next level!
If you are ready to take your marketing to the next level, reach out us today for a demo.
Robert Reardon
General Manager, Constellation Data Solutions.
Robert is an entrepreneur and operator with a background in finance and technology. He is passionate about building real estate technology products that bring together real estate professionals and consumers in meaningful new ways.
