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

2. Power Session 6 In this Power Session … Introduction What Is Farming?
Myths about Farming
Selecting Your Farm
Working Your Farm
Putting It All Together
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3. 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!
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4. 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)
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5. 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
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6. 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
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7. 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!
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8. Read, underline, and share …
Introduction
Power Session 6
Why You Are Here
The Power of Prospecting to a Targeted Market
Read, underline, and share …
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9. Introduction What Will Make This a Great Training Experience Page 8
Power Session 6
What Will Make This a
Great Training Experience
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10. 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?
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11. What Is Farming?
Power Session 6
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12. 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
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13. 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.
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14. 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.
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15. 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.
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16. 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.
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17. 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.
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18. 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
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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
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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
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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
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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
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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
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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”
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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?
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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
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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
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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
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29. Chris and Nikki Buckelew
Selecting Your Farm
Power Session 6
Building Strong Relationships
Chris and Nikki Buckelew
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30. Maximize your marketing efforts
Selecting Your Farm
Power Session 6
Boomer or Gen Xer?
Matures (born before 1947)
Boomers (born between )
Xers (born between )
Generation Y/Echo Boomers (born after 1980)
Maximize your marketing efforts
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31. 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
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32. 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.
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33. 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.
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34. 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.
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35. Selecting Your Farm Luxury Home Clientele
Power Session 6
Luxury Home Clientele
92 percent of buyers are years old
51 percent of buyers are entrepreneurs
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36. 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.
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37. Selecting Your Farm Defining Your Identity and Positioning Personality
Power Session 6
Defining Your Identity and Positioning
Personality
Fit
Image
Values
Interests
Lifestyle
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38. 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
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39. 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
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40. 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.
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41. Working Your Farm Establish Your Reputation First
Power Session 6
Establish Your Reputation First
Reputation vs. Relationships
Be sincere about who you are
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42. Working Your Farm Prospecting in Your Farm Relationship Farming
Power Session 6
Prospecting in Your Farm
Relationship Farming
Prospecting Based, Marketing Enhanced
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43. 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
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44. 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.
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45. Working Your Farm Come from Contribution
Power Session 6
Come from Contribution
Have something of value to give.
Meet people face-to-face.
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46. 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 “list serve” group or blog.
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47. 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
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48. 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?
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49. 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.
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50. Working Your Farm Be Prepared Learn your scripts. Ask for referrals.
Power Session 6
Be Prepared
Learn your scripts.
Ask for referrals.
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51. 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?
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52. 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!
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53. 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?
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54. Working Your Farm Question
Power Session 6
Question
What are some actions you can take to make your 12 Direct plan more effective?
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55. 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.
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56. Working Your Farm Question
Power Session 6
Question
What are some services you could offer to establish yourself as the expert?
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57. 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?
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58. Putting It All Together
Power Session 6
Power Session Aha’s
Your Lead Generation Action Plan
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59. 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).
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60. Thank You for Being Here!
Don’t forget your evaluations!