“Knowledge is power” isn’t just a cliché, it should be a rule of thumb for real estate professionals. As Jeff Petsche talks about in this week’s Mentor Mondays video, what you don’t know can hurt your business.
If you’re a lead farmer, it’s important to know core information about your target area (and not just school districts or where the good coffee place is). Specifically, by researching the turnover rate for your area, you can find out if houses are actually selling, and thus whether you’re likely to recoup your marketing costs. Taking it a step further, with a tool like ReboGateway’s Tract Utility feature, you can run the numbers for nearby tracts, which might help you find a much more effective area to farm.
Another place where information can be beyond useful is right after taking a listing. Certainly, you need to do your homework on the property before going to the listing appointment, but gathering information about the neighbors (particularly which ones might be more likely to sell due to events like divorce or pending bank action), combined with some door knocking and luck, could lead to more business in the same area! Jeff makes this strategy seem completely logical, and even provides a sample script you can use when talking to the neighbors. With these tricks, you can turn a few minutes of research into a more streamlined and efficient business strategy.