The old paradigm is to increase productivity to drive profit. Today's model has changed to affect profit first. It's time to learn how to run your business like a business, and show a real profit for the investment of your time and earnings.

Here is a checklist to kick start your career in real estate, or infuse a few new ideas if you are experiencing a slump, or would just like to have more money left at the end of each transaction. A good place to begin is by branding yourself to a specific area, group of people or segment of the market, called “farming”

Farming allows you a way to develop new business while you are working other areas of the real estate business. With diligence and consistency, you will become a “house-sold” name in a specific area. As your signs and direct mail target an area, the name recognition will help develop business on a regular basis.

Schedule your time

Begin by laying out this week's spreadsheet to plug in the activities that are necessary to produce moneymaking farming activities. The only way you will insure doing the activity is if it is actually scheduled. Remember to schedule prospecting time, calling, private time, and time off. The power is in executing your plan and staying on target. Real estate offers many opportunities to be busy and work, but not necessarily in the profit zone… So here we go:

Identify your farming area

Identify an area you would like to specialize in and brand yourself to. It can be a geographical area of homes where you live or a group of people (new buyers, seniors, VA/FHA-Government waterfront properties, commercial, etc.) Choose a group with a minimum of 250 properties with good turnover activity. Build the database so you can bulk mail and will have enough of a group to expect turnover or activity.

Do your homework and know your farm area(s) cold. Study what properties have sold, for how much and their respective locations. Check them out by driving through the area to see if there are any homes for sale by owners. Check the tax records for recent private sales that went through without the MLS. Take a few photos of the neighborhood entrance to include in your buyer book prepared for prospective buyers coming in to the area. Include photos of the park, nearby schools, shopping, churches, etc. Put together the floor plans of the homes in your farm area when possible. Check out all properties listed in your farm and adjacent areas to become familiar with the pricing, condition, market time, etc. Make a few preview appointments for properties listed with other real estate companies or by owners in the area

Go on tour

Don't miss weekly tours of homes or caravans of homes in your area. In order to build your knowledge base, you want to become familiar with each property in the area, so you can truly be the "Neighborhood Specialist." As you build listings and sales in the area, you can honestly claim the specialization. Knowledge is power.

Produce a newsletter

Produce a newsletter to begin branding your name and services to the area. If you don't have your own stationery use your company letterhead and add a unique selling proposition like your own logo, slogan and your photo. Show all the active, pending and recently sold properties in the area. Incorporate the same style, colors, etc.every time you mail, and mail regularly to immediately build branding and identification. Incorporate a short note that is friendly and to the point. State that you specialize in the area and listed are the latest updates for information. Let the prospect know the particular models for sale when available. Don't put the sold price down until the property has actually sold.

Be sure to plug in an urgency note like: “We'll sell your property FAST and for MORE MONEY” And “GET MORE INFO…No Hassles…No Obligation! Use your hard copy mailer to ask recipients for their e-mail addresses so you can send them your online electronic newsletter as well. Get the cooperation of a local lender to help defray costs. Include local information, neighborhood activities, etc. special events, etc. and keep it current.

Set up an open house system in the area.

If you don't have your own listing, offer to sit property for an agent in your office or a for sale by owner in the area. Pass out invitations to each home within the prospective home being offered for sale. Introduce yourself to the neighborhood, and create a distinction in who you are and your services by developing a “USA” (Unique Selling Advantage) or personal unique service. It is not necessary to run a 3 or 4-hour open house. Think about running several open houses in that same time period, but for shorter periods of time. This will help maximize exposure on a given day. Use plenty of signing, and be sure the open house is advertised prior to the event. Develop an “Open House System” with a full checklist that includes advertising, handouts, promotional brochures of other properties available, sign in sheets, surveys asking for more business and referrals, specialized signing, etc. Ask open house visitors for their e-mail addresses so you can send them your online newsletter. Make your time count and create HIGH visibility!

Follow up

Follow up with calls to your farm area. Ask if they know of anyone that wants to be their neighbor. If they don't, ask if they are planning to move in the near future. Then offer the services of SOAR eMLS (electronic MLS notification system) to update them on their own neighborhood activity. Another script is to ask them what they like about their neighborhood specifically, as you will be including this information in a new neighborhood report you will have available on your website and in the buyer package you prepare for each new buyer coming into the area. Ask their permission to use their positive comments on your website. Ask if they are interested in a photo of the family with that testimonial for upcoming ads or flyers for the area to be used in your next newsletter or buyer book. Scripts are available through Isucceed or STAR POWER products. Ask!

Published: November 19, 2001

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