Simple farming techniques for growing your real estate business.

1. By Nikitas Kouimanis
Maverick Funding Corp.

2. 6 Touches to 6 Figures
How to Work Your Farm
How effectively do you work your
farm? Does it produce the
expected number of listings for
you each month? Are you an agent
who works hard to get new
listings? If you are not generating
enough listings, it begs the
question, “How much is this
costing you?”
Well, let’s say you would like to
have just 2 more listings each
month that turn into sales. If your
average commission is $2,000 per
sale, then not having enough
listings is costing you $4,000 per
month. But consider this: the
leading real estate agents in the
country say that for every listing
sold, you should count on 1 new
buyer. So now instead of losing
$4,000 per month, you in fact are
losing $8,000, which alone is
nearly $100,000 per year.
It doesn’t stop here. If you are
servicing your clients correctly
with a systemized Client
Retention Plan, you should be
receiving a great deal of repeat
business and referrals, giving a
tremendous boost to your future
earnings and lessening your
prospecting burden. When you
think about it, there really can be
no debate that becoming proficient
at generating more listings will
have a huge impact on your
earnings and future earnings,
success, and happiness.
This is no secret to the top
performers in the industry. They
know the importance of listings.
The fact is that the top real estate
agents in the country are “Listing
Pros”. They know the value and
leverage that listings deliver. Yet
still, many agents that I consult
with tell me they are a “Buyer’s
Agent”.
They tell me that it takes too long
to farm an area, or they tell me that
other agents already dominate the
farm in the area that they work in,
so they don’t bother to even try.
Still other’s say they do not have
the time to farm effectively, or lack
the budget. What they are really
saying is that they do not know
how to work their farm! It’s really
no surprise.
Most agents do not receive very
much, if any training. Preparing
for and passing the real estate
agent’s exam made you familiar
with terminology and legalese and
other important “need to know”
information, but it did not prepare
you to succeed.
However, there is hope. Success in
this business means hard work. If
you are in it for the right reasons,
then the work you see outlined for
you in this report will, in fact, be
fun. You will get to know people
in your target neighborhoods. You
will become someone they know,
like, and trust. You will do more
business and receive more
referrals. And best of all, you will
have found the key that will unlock
the door to long-term success.
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3. 6 Touches to 6 Figures
Organization
Choose Your Area
How much money do you plan to
earn? In this market, there is no
reason not to earn a high six-figure
income.
However, money should not
dominate your life. Choose a goal
that is realistic. Any campaign that
you set out on will yield results in
direct proportion to your effort. If
you are a full time professional,
you will plan to work more than
the average 40 hour work week.
Example
Let’s say you plan to earn
$100,000 per year. How large
does the farm need to be in order to
generate this income? Well, let’s
make some assumptions and they
may vary, based upon your
commission arrangement with your
Broker.
Assumptions
Nationally, people move every 3.7
years. To be conservative, let’s
assume people move every 5 years.
Also, consider the national median
existing single-home price is
$227,500.00 1
, and a commission
rate of 2.5%. Your average
commission per sale would be
$5687. That means to earn
$100,000, you need to have 18
clients annually from your Farm.
Let’s assume that 80% of the
people in your farm will work with
a real estate agent when they sell
their home. Of these people, you
plan to help 80% of them.
The formula works like this:
Size of your Farm = # of clients /
% of people who work with you /
% of people who work with and
agent x Average # of years people
move.
In our example, just plug in the
numbers:
18 / 80% / 80% x 5 = 141 homes in
the Farm.
Planning
You will need to choose an area
that is large enough for your plan
to work. Pick a neighborhood that
you are comfortable.
Some Agents work only “high
end” neighborhoods. Others
choose their own. Others choose
diverse ones. Consider the people
who live there. Ask yourself, “Am
I comfortable working with these
people?”
You need to be comfortable
speaking to the people in your
farm.
1
2006 - National Association of Realtors, 2nd Quarter Report
You’ll need CRM software to
effectively work your farm. It will
help you easily look up any of your
contacts and help keep you
organized.
It will also help you in the long run
to keep in touch. Your Broker or
top agents in your office should be
able to recommend several
different CRM solutions.
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4. 6 Touches to 6 Figures
Finding the Homeowner’s Information
First Touch: Letter of Introduction
Once you choose your farm, you’ll
need to locate each homeowner’s
name, address, and phone number
(if available).
With the “Do Not Call List”, you
may not have very many phone
numbers to enter. That’s OK
because you will ask for this later
when you visit the homeowner
face to face.
Where do you get this data? A title
company. Most title companies
have a marketing representative
who can give you all the data you
With your CRM software you can
enter each homeowner. Enter their
name, address, and phone number
(if available).
Next, plan to visit the homeowner
the day after they receive your
letter. Check with the local post
office and ask how many days it
will take to receive the letters you
send. Please note: Only send the
number of letters that you can
reasonably follow up with face-to-
face visits. Plan weekday visits
during the time homeowners will
most likely be home. On
weekends, you have all day to visit
the ones you missed during the
week.
The number of letters you send out
each day depends on the size of
your farm and how efficient you
can follow up. In this example
with 141 homeowners in the farm,
you can mail out 10 letters each
day (Monday through Friday). At
this pace, it will take you
approximately 1 month to
complete your first round of visits.
Getting Started
Sample Letter of Introduction
Dear _______________,
My name is _______and I represent ABC Realty. Our focus is helping families in the neighborhood learn
how home ownership adds to their prosperity. In the next few days, I’ll be stopping by to briefly introduce
myself. I look forward to meeting you.
Warmest Regards,
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5. 6 Touches to 6 Figures
Second Touch: Knock on the Door
Before leaving your office, print
out the list of homeowners you
plan to visit. You will be able to
ask each one by name, which adds
warmth and professionalism to
your visit.
Carry a Homeowner Survey (see
sample on final page) with their
name on it and dress
professionally.
This is your first face-to-face
contact, and the impression you
make is important to shaping their
perception of you. We all make
judgments about people we meet.
It’s important that your attire and
personal grooming be perceived
favorably if you hope to someday
work with these people.
Introduce yourself with a smile and
tell the homeowner you are
stopping by to meet their
acquaintance.
Let them know that you represent
your Company in the area and that
you would like to ask them a few
survey questions about the
neighborhood.
Without hesitation or waiting for
their approval, begin asking
questions. Be careful to pay
attention to their demeanor. If they
seem the least bit annoyed at any
point, stop questioning. Thank
them for their time and wish them
a good day. You can ask them
more questions the next time you
pop by. After each visit, you
should immediately write down all
notes of the conversation for later
use.
Third Touch: Deliver a Neighborhood Restaurant List
A simple and cost effective gift to
give every homeowner is a
Neighborhood Restaurant List.
You put it together by getting
familiar with the local eateries.
You can find the business name
and phone number by either
visiting the business in person, or
by using the local phone book.
On your PC, you can create a cover
page that contains your name,
company name, and contact
information.
Attach one of your business cards
to the cover. Place it in a nice
binder for the homeowner for your
face-to-face delivery.
On your next visit, hand them your
Neighborhood Restaurant List as a
gift, then ask them a few more
questions from your survey.
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6. 6 Touches to 6 Figures
Fourth Touch: A Small Gift
When you visit the homeowner
again, bring a small, inexpensive
gift.
You can be as creative as you like,
after all, it’s the thought that
counts. After they answer the
door, greet them warmly and
mention that you really appreciate
them taking time to answer the
survey questions. To show your
appreciation, present them with the
small gift.
Explain that you are nearly
finished gathering data, and that
you will soon have some
interesting information to share
with them about the neighborhood.
Keep an eye on what they are
communicating to you, both
verbally & non-verbal.
By this point, the homeowner is
familiar with you and likes you. If
they are open to conversation,
engage socially for a short time.
However, do not wear out your
welcome.
After a few minutes, you should
break away and continue with your
other homeowner visits.
Remember to write down all the
notes of your conversation on their
contact sheet right away.
Fifth Touch: Survey Results
At the conclusion of your data
gathering, prepare the results of the
survey for delivery.
All this requires is sitting down at
your PC and compiling your data.
Of course, you should not include
any of the homeowner’s names or
contact information in the report.
Prepare one and memorize
interesting points. For example,
count the number of Professionals
who live in the area (i.e., Doctors,
Lawyers, Real Estate Agents, etc).
When you see the homeowner, you
can say, “I’ve got some good
news! The survey results show that
37% of the home occupants have a
professional designation like a
doctor or a lawyer, and did you
know that home values have
increased on average ___%
annually over the past ____years.
That’s great for you if you ever
decide to sell. And it’s wonderful
for people who want to buy a
house, knowing that this is such a
great neighborhood!”
You can add, “According to my
research, 80% of the residents
move every 3-5 years. Isn’t it
amazing how often people move?”
Your goal is that some of the
people will open up to you in
conversation and you can uncover
some details. Perhaps they are
expecting a baby, or they be
preparing for a promotion and big
pay raise that will motivate them
about moving. Don’t be surprised
if this round of visits generates
some business for you.
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7. 6 Touches to 6 Figures
Sixth Touch: Survey Results
On your sixth visit, you have
earned the right to ask for their
business. You are someone who
they know, they like, and they
trust.
Tell them, “I’m excited to be
representing my Company in such
a wonderful neighborhood. I’d
like to continue providing you with
valuable information about the
area. Would you mind if I sent you
information periodically, with the
hope of one day having the
opportunity to serve you?”
Next, ask for their email address so
you can keep them up to date. It
will be more cost effective to start
an email campaign, along with
periodic phone calls. Your CRM
software will make it easy to track.
Also, ask if they belong to any
social clubs. Assuming they say
yes, ask if there is someone in their
group that might be thinking of
selling or buying a home. Ask
them for their name, phone
number, and permission to contact
that person.
This is a more effective method for
generating referrals. For instance,
if you ask someone if they know
“anyone” who might have a need
to buy or sell their home, they will
often have trouble thinking of
anyone.
By asking about a social group or
club, it will help them narrow
down the list of people they can
tell you and make it easier to come
up with a name.
Summary
Use this approach in developing
your farm carrying out the six
touches over a period of one year.
You will see a steady increase in
listings, just from your activity
alone.
Someone once said “Activity yields
Productivity”. I have always
found this to be true. Good things
happen when you are walking in
the neighborhood meeting people.
You never know when the next
person you meet will become a
client. The key is to be
professional and prepared.
Furthermore, you should find it
easy to continue staying in touch
and keeping “Top of Mind” with
everyone.
Your CRM software will make the
entire process easy and efficient.
With the extra time you gain, you
can work other sources of business,
like “For Sale By Owners.”
Now go ahead and get started! If I
can be of any assistance, please do
not hesitate to give me a call.
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8. 6 Touches to 6 Figures
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Nikitas Kouimanis
Maverick Funding
Office: 646.801.2228
Mobile: 516.206.0000
Email: nkouimanis@maverickfunding.com
Website: www.mylendernikitas.com
About Nikitas Kouimanis
Nikitas Kouimanis service focuses on providing clients
with a stress-free lending experience and helping real
estate agents build loyal clients.
If you are searching for ways to increase your referrals
and improve client loyalty, contact him to learn how his
strategies can help make a difference.
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9. 6 Touches to 6 Figures
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10. 6 Touches to 6 Figures
Homeowner Survey
Homeowners:
Children’s Names:
Pet’s Name:
1. Do you think this neighborhood is improving or regressing?
2. How long have you lived in your home?
3. What is your opinion of the shopping in the area?
4. Where do you buy your groceries?
5. Not including pets, how many are in your family?
6. Do you both work outside the home?
7. Where are you employed?
8. How do you like the school system here? Is it doing a good job?
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