Marketing to a geographic area:
Keeping your name in front of the neighbors is a great way to position yourself as the local expert. You can become THE agent to go to whenever anyone in the neighborhood wants to buy or sell a home. There are some important things to keep in mind, though. In order to achieve success, we have come up with the following questions to ask yourself:
Is there enough activity in the neighborhood to justify marketing to it?
How many homes have been sold in the last 12 months?
In order to get a timely ROI, at least 8% of the homes in a neighborhood need to be "turning". (Divide the number of homes sold in the last 12 months by the total number of homes in the neighborhood. As long as it's 8% or more, you have a good chance.)
Is there a dominant agent?
If so, does this agent handle more than 50% of the listings?
Do I live in the neighborhood?
Is it in my budget to stay consistent with my marketing?
If you plan to farm a neighborhood, calculate the cost to farm every month for 8-12 months without getting a single transaction. Consistency is the most important success factor. If you want to try it out for only a few months, we recommend that you focus your marketing efforts elsewhere.
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