Learn how to get real estate listings in specific neighborhoods by using the lead generation techniques that top producing realtors use to break into geographic communities.
Today we are going to talk about how to get real estate listings in specific neighborhoods. As you head into fall, you’ve been reaching out to your SOI heavily in the spring and summer. At this point, you may feel like you’ve run out of reasons to reach out, and you may start to feel like you are talking to these same people too much. It’s for this reason that you should now turn outside of your sphere of influence and look for listings from people you don’t already know.
VIDEO: How to Get Real Estate Listings in a Specific Neighborhood
What can I do to get more real estate listings in a specific neighborhood?
Farming is a natural “next step” when you are looking outside of your SOI for listings. In order to begin farming a neighborhood, you will need to spend time and money — but mostly time. Farming is the second most effective way to generate business outside of your SOI, so it is a worthy cause.
Here’s the catch — it is much easier to find a buyer you don’t know than to find a seller you don’t know. Buyers have less to lose. It’s less complicated. Just find them the right house and they’ll choose you! Listings most likely go to real estate agents that the seller knows personally. This makes farming for listings a little more complicated and time consuming.
When it comes to farming, it’s all about touches. You want to be getting in front of your neighborhood farm consistently over time. Neighborhood websites, mailers, community events — these methods will get your name recognized and will increase your chances of getting new real estate listings from new people. Marketing, however, is not the only method you should be using. In fact, it’s the last effort of the four key things you should be doing with your farm.
Here are the four things, in order of importance, that you can be doing right now to farm your neighborhood: 1. Prospecting for expireds/cancelled listings; 2. Prospecting for FSBOs; 3. Circle Prospecting; and 4. Marketing.
1. Prospecting for expired and cancelled listings
Propsecting for expired and cancelled listings allows you to reach out to listings that failed in the past and offer your services. This is the time that they are likely looking for another agent. Good timing to swoop in!
Oftentimes, the reason an expired or cancelled listing has not sold is due to price. The agent that listed the home may not have set the price correctly, or the seller resisted listing at a reasonable price. Now, you come in and offer your expertise and get their home sold. They are more desperate now and perhaps more willing to listen to reason.
Reaching out to old expired listings costs next to nothing, especially compared to marketing mailers and your other farming efforts. Calling people who have listed their house in the past few years but didn’t sell it is simple and effective. “There’s never been a better time than now to sell your home” and “your home value has increased since the last time you put it on the market” are two points you can use.
You can also inform potential sellers about the fact that inventory is so low right now — there are so many buyers looking for homes. These are all motivating factors that will get them interested. And, you can bring them valuable numbers about their neighborhood; how many houses are pending right now, how much homes in their area have been selling for, etc.
2. Prospecting for FSBOs
You can check on Zillow, Craigslist, etc. for FSBOs. Make contact, tell them you need listings, give them some facts about the neighborhood, and tell them you can get it sold! If they resist, you can offer to at least help them, and stay in touch. Be friends with them nurture the relationship — give them “free” help. You are building rapport. Keep in touch once a week for 6-8 weeks. That’s usually enough time to earn their trust and respect. Then, when they finally give up because their house isn’t selling, you’re there. Sticking around pays dividends.
The two most important activities you can do with your farm
Before even sending out one mailer to your farm, reach out to expireds, cancelled listings, and FSBOs. These are the most important tasks you can do to get real estate listings in your neighborhood farm. It’s incredibly simple and it can pay off quickly.
3. Circle prospecting comes next
So what is circle prospecting? If you have a listing on a map of your neighborhood and you draw a circle around it, within that circle are all the people you want to call. This is circle prospecting. Of course it doesn’t have to be an exact circle, but it’s the way you define the geographical area. The difference between circle prospecting and regular prospecting is that you’re not reaching out to people who you know want to sell their home. Not only are you reaching out to people outside of your SOI, but now you don’t even know if they are interested in selling their home.
Believe it or not, this is the only call in real estate that is actually a “cold call.” It can be uncomfortable. But, it is really powerful, especially in low housing inventory markets like the one we’re currently in. Inform the neighborhood members of some stats of where they live. Tell them about who you are and what you’ve seen in this area. “If you know any friends or neighbors who are thinking about selling right now, we can help do it quickly without even needing to put the house on the market, because the inventory is so low.” Use a “we need listings” script. You will be shocked at how many people say, “You know, we actually are thinking about selling.”
Education is key
People do not realize it’s a hot real estate market right now, especially due to COVID-19. By simply calling to educate them that the market is hot and inventory is low, you would be surprised to see how many positive interactions you may have. You may even get a few real estate listings like this, and more quickly than you may imagine.
4. Marketing to your farm
You can easily purchase the contact information for your geographic farm using a service like Cole Information (and mention Icenhower Coaching and Consulting to get a special discount). Then, with this information, you can market to your farm. Mailers, postcards, email newsletters, community events, Facebook Retargeting Ads (CLICK HERE to enroll in our course on Facebook Retargeting Ads for Real Estate Agents), etc… there are so many great ways to market, and it doesn’t have to all be refrigerator magnets.
These varied marketing tactics are all ways for you to show up over and over and gain name recognition. And, the more these people see you, the more successful they think you are. For the most part, these four tactics (expireds, FSBOs, circle prospecting, and marketing) are going to cost you more sweat equity than money. These are all fairly cheap activities. Pretty soon, you’ll be taking over your neighborhood and getting more real estate listings.