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


Power Session 6 In this Power Session … 1) 2) 3) 4) 5) 6)

Introduction What Is Farming? Myths about Farming Selecting Your Farm Working Your Farm Putting It All Together

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Introduction

Ground Rules 1) Arrive on time. 2) Form groups quickly. 3) Limit side conversations. 4) Turn off cell phones and pagers. 5) Be comfortable. 6) Respect time. 7) Respect each other. 8) Help each other. 9) Respect confidentiality. 10)Have fun! Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Introduction

How You Will Learn Learning Methods 1) Manual • • •

Models/Systems Exercises/Discussion Stories

2) Classroom • • •

PowerPoint slides KWConnect videos Classmates/Instructor

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

(continued)

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Introduction

Power Session 6

How You Will Learn Accountability Methods 1) Lead Generation Action Plan 2) Accountability Partner/Program 1. Set Goals

5. Make Adjustments

Accountability Feedback Loop

4. Evaluate Process

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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2. Do Key Activities

3. Measure Results

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Introduction

Power Session 6

EXERCISE Where You Are Today 1) 2) 3) 4)

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 Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Introduction

Power Session 6

Why You Are Here How do you target a specific group of Haven’t Mets?

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

You are here!

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Introduction

Power Session 6

Why You Are Here The Power of Prospecting to a Targeted Market

Read, underline, and share …

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Introduction

What Will Make This a Great Training Experience • • •

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

What Is Farming?

Farm = market segment =narrow market = niche

1. Where do they live? 2. Who are they? 3. What do they like?

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Lead Generation 36:12:3

What Is Farming?

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

What Is Farming?

EXERCISE Which Type of Farm Is It? 1) Mark the following as geographic (G), demographic (D), or psychographic (P). 2) Be prepared to discuss your answers.

Time: 5 minutes

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Myths about Farming

Power Session 6

Myth 1 Farming takes too long and costs too much.

Truth Farming can become the core of your business.

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Myths about Farming

Power Session 6

Myth 2 Someone else already dominates the area.

Truth No one is ever as dominate as you think.

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Myths about Farming

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.

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Myths about Farming

Power Session 6

Myth 4 It’s all about mailers and mass marketing.

Truth It’s the synergistic impact of both marketing and prospecting.

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Myths about Farming

Power Session 6

Myth 5 You can stop and start your farming efforts.

Truth You must pursue your farm consistently and persistently.

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

Niche within a Niche • •

Niche categories overlap Select a farm and intensify your efforts

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

Geographic Farm 10 Factors to Consider 1. 2. 3. 4. 5.

Your Goals Your Budget Size Location Haven’t Mets vs. Mets

Lead Generation 36:12:3

6. Average Sales Price 7. Turnover Rate 8. Market Conditions 9. Competition 10. Your Fit for the Farm

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

1. Your Goals – Market Share – Gross Closed Income – Number of closed transactions

2. Your Budget – Time – Money Prospecting Based, Marketing Enhanced Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

3. Size of Geographic Farm – Option to start small – Grow to adjacent streets or neighborhoods – Easier to meet everyone

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

4. Location of Farm – – – –

Accessibility Existing geographic boundaries Kind of homes Desirability

5. Number of Haven’t Mets vs. Mets

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

6. Average Sales Price – Will this support your goals?

7. Turnover Rate – National Average is 16.6 percent – Target a farm of at least 10 percent

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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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

11%

16 years or more

18% 6 years

Median Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

Source: “2006 NAR Profile of Home Buyers and Sellers”

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Selecting Your Farm

Power Session 6

8. Other Market Conditions – Days on market – Expired listings

9. Competition – Market Share vs. Mind Share

10. Your Fit for the Farm – Can I relate and fit in with them? Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

Demographic and Psychographic Farms 10 Factors to Consider 1. 2. 3. 4. 5.

Your Goals Your Budget Size Accessibility Haven’t Mets vs. Mets

Lead Generation 36:12:3

6. Average Sales Price 7. Motivation 8. Current Trends 9. Competition 10. Your Fit for the Farm

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

Popular Niches • Specific Generations • Hispanics/Latinos • Foreign-Born Customers • Second Home and Investment Buyers • Luxury Homes Clientele • Other Real Estate Agents Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

Other Niches • Single Buyers • Pet-Friendly Neighborhoods • Student Housing • Waterfront/Golf Course Properties • First-time Home Buyers • Condos/Urban Development Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

Building Strong Relationships Chris and Nikki Buckelew

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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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 Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

Hispanics/Latinos • Fastest-growing group of buyers • Prefers to be closer to extended family Foreign-Born Customers • Homeownership #1 priority

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

Finding Success with Foreign Customers 1. Be prepared to explain. 2. Focus on one or two groups. 3. Understand their needs. 4. Take it slowly. Lead Generation 36:12:3

5. Develop core resources. 6. Make the buyer feel comfortable. 7. Get your CIPS designation.

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

Additional Tips 1. 2. 3. 4.

Learn the language. Learn their customs. Market in their language. Check the census numbers.

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

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. Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

Luxury Home Clientele • 92 percent of buyers are 40-65 years old • 51 percent of buyers are entrepreneurs www.kwluxuryhomes.com

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

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.

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Selecting Your Farm

Defining Your Identity and Positioning • Personality • Fit • Image • Values • Interests • Lifestyle Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

EXERCISE Refine Your Style Analysis 1. Brainstorm your personal style. 2. Determine what type of farm you could support best. Time: 10 minutes Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Selecting Your Farm

Power Session 6

EXERCISE Brainstorm your USP Review the USP you created in Power Session 1: Building Validity and Positioning. Time: 10 minutes Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Working Your Farm

Power Session 6

Myth I don’t have the money to lead generate.

Truth Lead generation doesn’t have to cost money.

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Establish Your Reputation First • Reputation vs. Relationships • Be sincere about who you are

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Prospecting in Your Farm • Relationship Farming • Prospecting Based, Marketing Enhanced

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

EXERCISE Geographic Farm ____ number of homes in my farm á ____ weeks I will knock on doors = ____ x 3 minutes = ____ minutes I will devote every other week Time: 5 minutes Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Work Smarter, Not Harder Mary Harker: • Find your “bird dogs.” • Core Advocates who refer business.

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Come from Contribution 1. Have something of value to give. 2. Meet people face-to-face.

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Come from Contribution 1. Create a directory. 2. Organize a neighborhood yard sale. 3. Start a website. 4. Create an email “list serve” group or blog.

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Working Your Farm

Power Session 6

EXERCISE Low/No Cost Items for Giveaways Brainstorm low/no cost items to drop off. Time: 15 minutes

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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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? Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

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.

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Working Your Farm

Power Session 6

Be Prepared • •

Learn your scripts. Ask for referrals.

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

EXERCISE 12 Direct 1. Determine how many people you need 2. What would a balanced database look like? Time: 5 minutes Will the farm you selected support your goals? Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your a Farm

Create a mini-farm–with a call to action!

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Question What are 12 items that you might send as part of your 12 Direct plan?

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Question What are some actions you can take to make your 12 Direct plan more effective?

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

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. Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Working Your Farm

Question What are some services you could offer to establish yourself as the expert?

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Working Your Farm

Power Session 6

Working Toward Higher Goals 1. Increase the size of the farm • •

Increased costs Increased efforts

2. Increase Prospecting •

Increase efforts

3. Increase Marketing •

Do you consider a different farm area all together?

Increased costs

4. Increase all three Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Power Session 6

Putting It All Together

Power Session Aha’s

Your Lead Generation Action Plan

Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Putting It All Together

Power Session 6

The 3-Hour Habit 1) Time block 3 hours every workday before noon. 2) No skipping. If you must erase, then you must replace. 3) Allow no interruptions (unless they truly are emergencies).

Lead Generation 36:12:3

Š 2008 Keller Williams Realty, Inc.

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Thank You for Being Here! Don’t forget your evaluations! Lead Generation 36:12:3

© 2008 Keller Williams Realty, Inc.

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Ignite Session 6  
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