Real estate farming is possibly the most proactive position an agent can take to build inventory. Overall, you’ll want to choose an area with attributes you find personally appealing as well as professionally rewarding. Create personas for your perfect clients using data such as income, education, leisure activities and more. For example, an agent who is athletic and enjoys leisure time at coffee houses might find it easier to relate to homeowners with similar interests. The goal is to choose a farm area that you feel comfortable representing and one that will produce revenue.
Step 1: Research
Begin by assessing local demographics and psychographics: who they are, what they do and how they behave. You can do so easily by using RPR commercial data to find a neighborhood whose attributes most resemble your ideal client.
RPR’s commercial data reveals an area’s average age and income, net worth, marital status, education, and age, in addition to where they work, where and how they spend their money, and even how much time they spend exercising each week. The platform’s neighborhood data includes home values, list/sales price vs. list/sales volume, price per sq. foot, own vs. rent, local amenities and commuter times––all worth knowing.
Here’s how to find your ideal client using RPR Commercial data.
Select Go to Analysis or create your own area by choosing Go to Maps. For our purposes, we will use the analysis section.
Enter the geographic area, and then select the attributes you would like to search your area by. Each attribute you choose will reveal a new set of drop downs to glean your data. Add additional attributes by selecting the Add more criteria, or you can search by clicking Run Analysis.
From the Map, use the Analysis Panel to adjust the size of geographies and parameters. Once you’ve found a few neighborhoods that are a good fit, research recent sales to determine whether one agent has a dominant presence in the area. You can also use recent sales to predict your average commission.