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Category: 1. Geo Farming

  • Why Every Agent Should Become a Geo Farmer

    Why Every Agent Should Become a Geo Farmer

    When I started my career as a brand new agent, I had ZERO clients and ZERO prospects. 

    But I didn’t just sit around waiting for the phone to ring. My previous business experience taught me that if I wanted success, I first needed excellent systems and procedures. So I worked on those.

    I also took time to have some fun by previewing properties every day.

    After a while, I developed a system where I kept track of every property I saw, noted its strengths and weaknesses, and guessed the future sale price. I was way off at first, of course, but the more I did this and the more I improved my system, the more accurate I became. 

    Aside from becoming the Area Expert, I learned many other skills, including becoming a Pricing Expert. It’s surprising what you can learn by concentrating your energy in one particular area.

    And once I figured out the next steps (demonstrating my newfound expertise), it started to pay off in commission cheques. This happened quite naturally, without any preconceived plan on my part. I just learned these skills by fluke, more than anything.

    Even though it took me months to complete my first transaction, I ended up earning $186,000 in my first year, then $590,000 in my second year, and my career took off from there. But here’s the critical point:

    By consistently looking at hundreds of properties and following a simple system, I turned myself into an EXPERT. Then, I learned how to leverage that expertise into commission cheques, which is easy once you learn a few more simple skills.

    This is why I believe strongly that every agent should become a Geo Farmer, but not the prevailing definition of a Geo Farmer, which seems to be “the agent who spends the most money marketing themself.” 

    My definition of being a Great Geo Farmer has nothing to do with spending the most money. It’s about gaining the most knowledge.

    This is why the first module of my course (The Agent Skills Master’s Program) is all about Geo Farming: How to identify the best farm for you, how to get started, how to become the Undisputed Area Expert in a matter of a few weeks, and how to then leverage your newfound knowledge.

    There’s much to learn in becoming a highly successful real estate agent, but it’s surprisingly easy to become the #1 most knowledgeable agent in a particular area. Even a brand new agent can become the legitimate #1 expert in any area they choose with a little effort. I’m living proof.

    Once you are the #1 most knowledgeable agent in a particular area, you’ll be surprised how much easier this business becomes, how much more confidence you have, and how you can apply the skills you’ve learned to many other areas of your practice. 

    But let’s return to the fact that you’re now the #1 most knowledgeable agent in a particular area.

    Now you’ve got something of real value to talk about!

    I like the idea of becoming an expert in the area where you live because this is where you meet the most people, including your neighbours, other parents from your kid’s school and sports teams, or even just doing a little laptop time at your local coffee shop. You should be constantly seeking out ways to meet more people.

    Once people learn that you’re a real estate agent, it’s easy to demonstrate your expertise because everyone is curious about what’s happening in the market within their community.

    For example, someone mentions a new listing on Mulberry Street. This is an easy opening for you to chip in your two cents (both pros and cons). You’re able to speak knowledgeably about it with authority. Why? Because you’ve already seen it! You viewed it the day it was listed (or the day after), which means you’ve got way more information than anyone else who has merely seen the listing on MLS.

    Do you know how powerful this is when chatting with people at an Open House? Or even more so at a listing presentation? 

    After a few weeks, you’ve seen ALL the active listings and EVERY recently sold listing!

    And, by the way, NONE of your competitors can say this because they’re too lazy to do the work.

    You probably won’t see an instant return on your investment of time, but one day, you’ll surprise yourself with the volume of knowledge you’ve accumulated and how it pays off in the most unexpected ways. Keep it up, and the benefits will compound over time.

    Over the years, I’ve quit doing this, started it again, then got lazy and stopped doing it again. But every time I start doing it again, I’m pleasantly reminded of why I do it, and before I know it, it starts paying off again!

    Writing this post is just what I needed to incorporate this into my daily routine once again. What about you?

  • How to Get More Clients by Demonstrating Your Expertise

    How to Get More Clients by Demonstrating Your Expertise

    Last RAM, I talked about How to Become the True Area Expert.

    If you followed my advice consistently for the past two weeks, you already know more than any other agent in town about your chosen Geo Farm area. 

    Amazing, right? What a massive difference a little effort can make!

    The next step is to learn how to demonstrate your expertise by getting face-to-face with as many future clients as possible.

    There are numerous ways to do this, including getting involved with various events and groups within your community. However, the #1 best way to meet future clients is still to consistently and effectively host Open Houses within your chosen Geo Farm area.

    Let me repeat the two keywords in that last sentence:

    Consistently and Effectively

    Most REALTORS® are neither consistent nor effective. And, most hate doing Open Houses. Why? Two main reasons:

    1. They behave like Salesy Slicksters without even realizing it. The last thing anyone wants is to get stuck talking to a Salesy Slickster.

    2. They feel awkward and underconfident in their skills, and that’s precisely how they come across. (Skills are earned; you don’t just get them by magic.) 

    In either case, these agents are better off staying at home rather than wasting their time at an Open House. After all, if you’re not going to make a positive impression, what’s the point? If you’re making a negative impression, you’re hurting yourself more than you’re helping.

    So, how do you become an Open House Expert? Well… TBH, I was reluctant to write this RAM because it’s impossible to learn this vital skill by reading a two-minute blog post.

    There’s an entire module in the Master’s Program dedicated to becoming ‘The Open House Expert,’ as well as other modules, such as ‘Relationship Selling’ and ‘Communication Styles.’ These and portions from several other modules provide a clear path to earning the skills you need to put on a hugely successful Open House. Eventually, you’ll be able to use Open Houses to pick and choose your future clients.

    We’re HALFWAY through 2022, and it’s Canada Day tomorrow! To celebrate, get the Agent Skills Master’s Program for HALF PRICE (until midnight, July 1). Simply use the discount code ‘CANADA155’. American readers, you can use the same code (it’s almost July 4!)

    As I said, it’s impossible to teach this in a two-minute blog post, but here are a few highlights:

    1. Consistency is the key. Ideally, you should be doing Open Houses within your Geo Farm at least once every two weeks during the spring, summer, and fall, so that people will start to recognize your name. 

    2. By concentrating your efforts within your Geo Farm, it will be easy to make positive impressions on future clients by demonstrating your deep knowledge of the listings within the community. Read this again: How to Become the True Area Expert. 

    3. Make your signs stand out from the crowd by using bold colours and a unique design. You want people to recognize that those are your signs.

    4. Invite the neighbours! I’m not a proponent of door knocking, except when you’re inviting neighbours to your Open House! This is a fantastic excuse to meet future clients face-to-face, and there are several techniques to make this fun and highly effective.

    5. As the Boy Scouts say, “Be prepared!” Do you know what turns people off at an Open House? When the host can’t answer a simple question, such as “How old is the hot water tank?” So make sure you brush up on all these odd questions that people ask, no matter how inconsequential you think they are.

    6. Find the right balance of confidence, authenticity, friendliness, and professionalism. Very few agents know how to achieve this. That’s why there’s an entire module dedicated to it in the Master’s Program.

    7. Understand that everyone communicates differently. If you’re communicating with everyone in your style, you’re missing out on making connections with three-quarters of your potential future clients.

    8. Don’t try to convert strangers to clients in one conversation. Developing a trusting relationship with your future clients is a multi-stage process. 

    9. Learn how to handle a room and concentrate your attention on the right people (the ones you want to work with).

    10. Learn how to easily and naturally get people’s contact information by establishing rapport and offering to send them valuable information that they can’t get anywhere else. Then learn how to follow up appropriately, without being annoying.

    That’s a lot of stuff. As I stated, you can’t learn it all in two minutes. But you could try to learn it on your own over the next few years for FREE (if you don’t count the lost commissions).

    Or take advantage of this offer. If you’re a procrastinator, I’ll probably offer this deal again in a few months. Or, you can learn not to be a procrastinator in the module “Getting Stuff Done!”

    We’re HALFWAY through 2022, and it’s Canada Day tomorrow! To celebrate, get the Agent Skills Master’s Program for HALF PRICE (until midnight, July 1). Simply use the discount code ‘CANADA155’. American readers, you can use the same code (it’s almost July 4!)

  • How to Reap a Bountiful Harvest from a Tiny Geo Farm

    How to Reap a Bountiful Harvest from a Tiny Geo Farm

    99% of agents do NOT run a Geo Farm. But you should, even if it’s only a tiny patch.

    Let’s call it a Geo Garden! 

    It’s good to start small. Just make sure your Geo Garden is expandable because you’re probably going to want a full-fledged Farm once you start reaping the harvest.

    There are numerous factors to consider when you choose a location for your Geo Farm/Garden, but one of the most important is this:

    You like the vibe!

    You feel an affinity to the area. You like the local businesses, the type of predominant homes, and, most importantly, you like the people who like those homes.

    There are numerous benefits to running a Geo Farm/Garden—aside from the obvious (more moolah).

    One of the most important is the opportunity to practice and improve your skills.

    For example, I became a pricing expert in my first year of business by following the exact protocols I teach in the Geo Farming module of the Agent Skills Master’s Program.

    (Yes, you need a clear plan to learn the skill. It doesn’t happen by accident.)

    I could price any property in my Farm extremely accurately, more so than any agent, even if they had 20 years more experience than me. 

    But here’s the key point:

    I quickly realized that my pricing skills had transcended my Farm. I was now a highly-skilled pricing expert. Period.

    Being a Pricing Expert is a critically important skill that gave me a distinct advantage over my competitors for my entire career.

    I earned this skill through concentrated practice in  my Geo Farm.

    I believe that a Geo Farm/Garden to a REALTOR® is like the driving range and putting green to a professional golfer.

    A golfer doesn’t get better by merely smacking 500 golf balls a day. They try new things. They experiment. They think about cause and effect.

    Tiger Woods didn’t PAY for any of his trophies. He earned them. 

    Mostly on the putting green and the driving range. ‍♂️

    It’s the same for you in your Geo Farm. 

    By the way, you don’t need to spend thousands of dollars on advertising in your Geo Farm. Better to invest your time into earning the title, ‘Area Expert’.

    I learned waaaaaaay more than pricing on my Geo Farm.

    My Geo Farm was like a microcosm of my business. It’s where I honed ALL my skills. 

    Like, how to communicate more effectively, for example.

    How to hold an Open House. How to Follow-up. How to Market Myself. Etc.

    This is why Geo Farming is the very first module in the Agent Skills Master’s Program.

    It’s easier to hone your skills in your Geo Farm because that’s where you already have the most confidence.

    Earned confidence makes everything easier.

    You can spend money on flyers and bus benches if you want to. (I teach how to do that more effectively also.) 

    But your paid marketing efforts are secondary to:

    Step 1) Becoming the Area Expert

    Step 2) Making it known that you’re the Area Expert

    That’s the main thing I teach in Module #1.

    This article was inspired by module #1 – Geo Farming – part of the Agent Skills Master’s Program. 

    Here’s another article inspired by the same module: The Bus Bench Conundrum

    In the Geo Farming module, I explain step-by-step how to determine the right Geo Farm for you, how to become the “go-to” Area Expert, and how to create a raving fan base utilizing numerous free marketing opportunities. Also, how to massively improve results from traditional marketing methods.

  • The Accidental Geo Farmer

    The Accidental Geo Farmer

    I started my Real Estate career just like you did, with zero clients, zero prospects, and not a clue what to do next.

    Since I had nothing better to do, I decided to go out and preview listings. Why? Because I LIKED looking at houses!

    There was no master plan, I assure you.

    I chose properties that were close to my home. Why? Because it was easier.

    After a while, I made a game out of it, and started taking notes: This is what I think buyers will like, what they won’t like, how much I believe it will sell for, etc.

    Then I tracked how well I did at the “Guessing the Sale Price Game.”

    Of course, I was terrible at first, but gradually my skills improved to a level I never would have dreamed of a few months before.

    I could walk into a house, look at it, and write in my notes, “Price needs to come down $10K, then it will sell for this much.” And I was right. Not every time, of course, but more often than not.

    Then I started doing Open Houses. I didn’t have any listings, so I borrowed them from other agents in my office.

    One day, I was chatting with a young couple at an Open House. They didn’t like the house I was showing, but I mentioned a nice one nearby that I had seen a few days before.

    They thanked me and said they would check it out.

    As an afterthought—just as they were walking out the door—I managed to squeak out, “I could show it to you if you like?”

    They looked at each other and said, “Sure!”

    It turned out they didn’t like that home either, but there’s a happy ending anyway. Within a couple of weeks, we found them a home they loved, and they bought it.

    Yay!!

    Later, they told me they appreciated my “expertise.” I knew about every house in the area, and I gave them my “expert” opinion on each one we viewed. They said I was very different than every other agent they’d ever met.

    Wait…

    Expert? Me?

    Yes! 

    No matter that I was only a few months into the business. I knew more about my area than any other agent.

    Next, I figured out how to leverage that expertise, and my business started booming. Starting from nothing, I earned $590,000 in commissions in my second year.

    I had accidentally become a highly successful Geo Farmer, not in the traditional sense of spending gazillions on marketing, but in something far more critical.

    I was the true AREA EXPERT. ‍

    Realizing the importance of this “secret” I had stumbled across, I continued previewing properties for the rest of my career.

    Knowing more than any other agent made me an indispensable source of valuable information.

    Anyone can spend money on marketing, but you can’t spend your way to being the most knowledgeable and skilled agent. You’ve got to be willing to do the work that others won’t.

    That’s one of the foundational principles of the Agent Skills Master’s Program.