Best Practices For Farming An Area

Here are four tools to help you determine where and how to market to a neighbourhood. BEST PRACTICES FOR FARMING AN AREA: WORKSHEET

STEP 1: Research 3 to 4 neighbourhoods you’re familiar with. You’ll want to look at the following info before choosing the one you’ll market to.

NEIGHBOURHOOD:

# PROPERTIES IN THE AREA

# LISTINGS LAST YEAR

# SALES LAST YEAR SALES TO LISTING RATIO (# sales ÷ # listings last year) x 100

TURNOVER

(# sales last year ÷ # properties)

AVERAGE DAYS ON MARKET AVERAGE SELLING PRICE

AVERAGE COMMISSION

STEP 2: Stack up the competition. If you’re planning to market to a community where a few REALTORS ® represent the majority of sales, you may want to think again. If no one has a hold on the market, there might be an opportunity for you to take over. Also review the past few years to see if one agent is gaining market share.

AGENT NAME

# TRANSACTIONS

TOTAL SALES

MARKET SHARE

YEAR 1

YEAR 2

YEAR 3

STEP 3: Look at the cost of marketing to the neighbourhood over the course of a year via print. Then use our ROI Worksheet for each neighbourhood to determine what you can expect as a return. DIY: # properties in the community X (postage + printing + delivery) = $____________ x 12 = $_____________ Outsource: # properties in the community x outsourcing cost = $_______________ x 12 = $__________________

STEP 4: Plan out what other marketing / advertising / sponsorship opportunities are available and factor those into your budget. If you need a refresher, refer to our Ways to Market Yourself Infograph.

OPPORTUNITY

COST

TIME NEEDED

FREQUENCY

phone 780 489 2969 toll free 1 800 309 1747 fax 780 486 1421 email consult@dmsmarketing.ca address 101-10620 178 St NW Edmonton, AB T5S 2E3 website www.dmsmarketing.ca

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