Power Session 6: Farming Lead Generation 36:12:3 Power Session 6: Farming

Power Session 6 In this Power Session … Introduction What Is Farming? Myths about Farming Selecting Your Farm Working Your Farm Putting It All Together Page 1

Introduction Ground Rules Arrive on time. Form groups quickly. Power Session 6 Ground Rules Arrive on time. Form groups quickly. Limit side conversations. Turn off cell phones and pagers. Be comfortable. Respect time. Respect each other. Help each other. Respect confidentiality. Have fun! Page 3

Introduction How You Will Learn Learning Methods Manual Classroom Power Session 6 How You Will Learn Learning Methods Manual Models/Systems Exercises/Discussion Stories Classroom PowerPoint slides KWConnect videos Classmates/Instructor (continued) Page 4

Accountability Feedback Loop Introduction Power Session 6 How You Will Learn Accountability Methods Lead Generation Action Plan Accountability Partner/Program 1. Set Goals 2. Do Key Activities 3. Measure Results 4. Evaluate Process 5. Make Adjustments Accountability Feedback Loop Page 4

Introduction EXERCISE Where You Are Today Time: 10 minutes Power Session 6 EXERCISE Where You Are Today Lead Generation Activities My aha’s from these activities The most difficult part of these activities What I will do differently in the next 24 hours Time: 10 minutes Page 5

Introduction Why You Are Here How do you target a specific group of Power Session 6 Why You Are Here How do you target a specific group of Haven’t Mets? You are here! Page 6

Read, underline, and share … Introduction Power Session 6 Why You Are Here The Power of Prospecting to a Targeted Market Read, underline, and share … Page 7

Introduction What Will Make This a Great Training Experience Page 8 Power Session 6 What Will Make This a Great Training Experience Page 8

Farm = market segment =narrow market = niche What Is Farming? Power Session 6 Farm = market segment =narrow market = niche Where do they live? Who are they? What do they like? Page 9

What Is Farming? Power Session 6 Page 10

What Is Farming? EXERCISE Which Type of Farm Is It? Time: 5 minutes Power Session 6 EXERCISE Which Type of Farm Is It? Mark the following as geographic (G), demographic (D), or psychographic (P). Be prepared to discuss your answers. Time: 5 minutes Page 11

Myths about Farming Myth 1 Truth Power Session 6 Myth 1 Farming takes too long and costs too much. Truth Farming can become the core of your business. Page 13

Myths about Farming Myth 2 Truth Power Session 6 Myth 2 Someone else already dominates the area. Truth No one is ever as dominate as you think. Page 14

Myths about Farming Myth 3 Truth Power Session 6 Myth 3 A farm limits you to that area or specialty. Truth A farm does not have to be your only source of business. Page 15

Myths about Farming Myth 4 Truth Power Session 6 Myth 4 It’s all about mailers and mass marketing. Truth It’s the synergistic impact of both marketing and prospecting. Page 16

Myths about Farming Myth 5 Truth Power Session 6 Myth 5 You can stop and start your farming efforts. Truth You must pursue your farm consistently and persistently. Page 17

Selecting Your Farm Niche within a Niche Niche categories overlap Power Session 6 Niche within a Niche Niche categories overlap Select a farm and intensify your efforts Page 19

Selecting Your Farm Geographic Farm 10 Factors to Consider Your Goals Power Session 6 Geographic Farm 10 Factors to Consider Your Goals Your Budget Size Location Haven’t Mets vs. Mets Average Sales Price Turnover Rate Market Conditions Competition Your Fit for the Farm Page 20

Prospecting Based, Marketing Enhanced Selecting Your Farm Power Session 6 Your Goals Market Share Gross Closed Income Number of closed transactions Your Budget Time Money Prospecting Based, Marketing Enhanced Page 21

Selecting Your Farm Size of Geographic Farm Option to start small Power Session 6 Size of Geographic Farm Option to start small Grow to adjacent streets or neighborhoods Easier to meet everyone Page 22

Selecting Your Farm Location of Farm Number of Haven’t Mets vs. Mets Power Session 6 Location of Farm Accessibility Existing geographic boundaries Kind of homes Desirability Number of Haven’t Mets vs. Mets Page 23

Selecting Your Farm Average Sales Price Turnover Rate Power Session 6 Average Sales Price Will this support your goals? Turnover Rate National Average is 16.6 percent Target a farm of at least 10 percent Page 24

Tenure in Previous Home Selecting Your Farm Power Session 6 Tenure in Previous Home Less than 1 year 6% 1–2 years 24% 3–4 years 19% 5–6 years 11% 7–10 years 12% 11–15 years 16 years or more 18% Median 6 years Source: “2006 NAR Profile of Home Buyers and Sellers” Page 25

Selecting Your Farm Other Market Conditions Competition Power Session 6 Other Market Conditions Days on market Expired listings Competition Market Share vs. Mind Share Your Fit for the Farm Can I relate and fit in with them? Page 26

Selecting Your Farm Demographic and Psychographic Farms Power Session 6 Demographic and Psychographic Farms 10 Factors to Consider Your Goals Your Budget Size Accessibility Haven’t Mets vs. Mets Average Sales Price Motivation Current Trends Competition Your Fit for the Farm Page 27

Selecting Your Farm Popular Niches Specific Generations Power Session 6 Popular Niches Specific Generations Hispanics/Latinos Foreign-Born Customers Second Home and Investment Buyers Luxury Homes Clientele Other Real Estate Agents Page 28

Selecting Your Farm Other Niches Single Buyers Power Session 6 Other Niches Single Buyers Pet-Friendly Neighborhoods Student Housing Waterfront/Golf Course Properties First-time Home Buyers Condos/Urban Development Page 28

Chris and Nikki Buckelew Selecting Your Farm Power Session 6 Building Strong Relationships Chris and Nikki Buckelew Page 29

Maximize your marketing efforts Selecting Your Farm Power Session 6 Boomer or Gen Xer? Matures (born before 1947) Boomers (born between 1947-1966) Xers (born between 1967-1980) Generation Y/Echo Boomers (born after 1980) Maximize your marketing efforts Page 30

Selecting Your Farm Hispanics/Latinos Fastest-growing group of buyers Power Session 6 Hispanics/Latinos Fastest-growing group of buyers Prefers to be closer to extended family Foreign-Born Customers Homeownership #1 priority Page 31

Selecting Your Farm Finding Success with Foreign Customers Power Session 6 Finding Success with Foreign Customers Be prepared to explain. Focus on one or two groups. Understand their needs. Take it slowly. Develop core resources. Make the buyer feel comfortable. Get your CIPS designation. Page 32

Selecting Your Farm Additional Tips Learn the language. Power Session 6 Additional Tips Learn the language. Learn their customs. Market in their language. Check the census numbers. Page 32

Selecting Your Farm The Second Home and Investment Buyers Power Session 6 The Second Home and Investment Buyers 40 percent of home sales are second homes. Buyers are typically baby boomers. Millionaire Systems Check out The Millionaire Real Estate Investor, MREI Client Workshop Kit, and FLIP. Page 33

Selecting Your Farm Luxury Home Clientele Power Session 6 Luxury Home Clientele 92 percent of buyers are 40-65 years old 51 percent of buyers are entrepreneurs www.kwluxuryhomes.com Page 34

Selecting Your Farm Other Real Estate Agents Power Session 6 Other Real Estate Agents See Power Session 9: Agent-to-Agent Referrals for more information Truth Determining your farm or niche is only limited by your imagination and your opportunities to target them. Page 34

Selecting Your Farm Defining Your Identity and Positioning Personality Power Session 6 Defining Your Identity and Positioning Personality Fit Image Values Interests Lifestyle Page 35

Selecting Your Farm EXERCISE Refine Your Style Analysis Power Session 6 EXERCISE Refine Your Style Analysis Brainstorm your personal style. Determine what type of farm you could support best. Time: 10 minutes Page 36

Selecting Your Farm EXERCISE Brainstorm your USP Power Session 6 EXERCISE Brainstorm your USP Review the USP you created in Power Session 1: Building Validity and Positioning. Time: 10 minutes Page 37

Working Your Farm Myth Truth I don’t have the money to lead generate. Power Session 6 Myth I don’t have the money to lead generate. Truth Lead generation doesn’t have to cost money. Page 39

Working Your Farm Establish Your Reputation First Power Session 6 Establish Your Reputation First Reputation vs. Relationships Be sincere about who you are Page 40

Working Your Farm Prospecting in Your Farm Relationship Farming Power Session 6 Prospecting in Your Farm Relationship Farming Prospecting Based, Marketing Enhanced Page 41

Working Your Farm EXERCISE Geographic Farm Power Session 6 EXERCISE Geographic Farm ____ number of homes in my farm ÷ ____ weeks I will knock on doors = ____ x 3 minutes = ____ minutes I will devote every other week Time: 5 minutes Page 42

Working Your Farm Work Smarter, Not Harder Mary Harker: Power Session 6 Work Smarter, Not Harder Mary Harker: Find your “bird dogs.” Core Advocates who refer business. Page 43

Working Your Farm Come from Contribution Power Session 6 Come from Contribution Have something of value to give. Meet people face-to-face. Page 44

Working Your Farm Come from Contribution Create a directory. Power Session 6 Come from Contribution Create a directory. Organize a neighborhood yard sale. Start a website. Create an email “list serve” group or blog. Page 45

Working Your Farm EXERCISE Low/No Cost Items for Giveaways Power Session 6 EXERCISE Low/No Cost Items for Giveaways Brainstorm low/no cost items to drop off. Time: 15 minutes Page 46

How can you modify this for your niche? Working Your Farm Power Session 6 Housing Update Newsletter Average List/Sale Price Sales to List Price Ratio Average Days on Market Current Inventory Number of Expireds Question How can you modify this for your niche? Page 47

Working Your Farm Be Where Your Customers Are Internet Lead Generation Power Session 6 Be Where Your Customers Are Walk your neighborhood. Repetition is key. Join a club. Internet Lead Generation Be sure to check out KWU’s Internet Lead Generation course. Page 48

Working Your Farm Be Prepared Learn your scripts. Ask for referrals. Power Session 6 Be Prepared Learn your scripts. Ask for referrals. Page 49

Working Your Farm EXERCISE 12 Direct Power Session 6 EXERCISE 12 Direct Determine how many people you need What would a balanced database look like? Time: 5 minutes Will the farm you selected support your goals? Page 50

Working Your a Farm Create a mini-farm–with a call to action! Page 51 Power Session 6 Create a mini-farm–with a call to action! Page 51

What are 12 items that you might send as part of your 12 Direct plan? Working Your Farm Power Session 6 Question What are 12 items that you might send as part of your 12 Direct plan? Page 52

Working Your Farm Question Power Session 6 Question What are some actions you can take to make your 12 Direct plan more effective? Page 53

Working Your Farm Build Trust and Recognition Power Session 6 Build Trust and Recognition Market your listings aggressively. Concentrate your open houses. Host seminars and classes. Join local organizations. Get to know the renters and landlords. Contact every FSBO and expired listing. Create a local flavor for your marketing. Page 54

Working Your Farm Question Power Session 6 Question What are some services you could offer to establish yourself as the expert? Page 54

Do you consider a different farm area all together? Working Your Farm Power Session 6 Working Toward Higher Goals Increase the size of the farm Increased costs Increased efforts Increase Prospecting Increase efforts Increase Marketing Increase all three Do you consider a different farm area all together? Page 55

Putting It All Together Power Session 6 Power Session Aha’s Your Lead Generation Action Plan Page 57-58

Putting It All Together Power Session 6 The 3-Hour Habit Time block 3 hours every workday before noon. No skipping. If you must erase, then you must replace. Allow no interruptions (unless they truly are emergencies). Page 59-60

Thank You for Being Here! Don’t forget your evaluations!