Don’t “Farm” Your Luxury Buyers
A number of real estate trainers, speakers and gurus say that farming is dead, foolish, for losers, and it doesn’t get you anywhere. However, I don’t agree with those assertions at all.
Gardening, Not Farming
Farming involves unfavorable conditions: driving around in a hot field in an un-air conditioned tractor with manure, dust, dirt, grime everywhere, and planting similar crops year after year in the same large area. I realize this doesn’t appeal to everyone, but I have nothing but admiration for people who farm and it’s been a fantasy of mine to have my own little farm some day.
Gardening, on the other hand, is about nurturing. It’s directing people to plant at specific locations – locations that need to be filled. Thus, gardening is similar to farming, but raised up a couple of notches.
When you're thinking of marketing to high net worth individuals in your marketplace, take your “farming” up a couple of notches and make it “gardening.” Share on XHere’s Why “Gardening” Works in Luxury Real Estate
The decision for people in high net worth areas to buy and sell can be impulsive. For example, people in your high net worth marketplace may have no thought whatsoever of selling their property. However, this can change in an instant after attending a party at another lavish home or place and hearing what someone else is doing. They can quickly decide that they’re going to sell and buy something else. You need to be in front of these impulsive individuals all the time.
Moreover, we have this whole thing called “musical houses” in my marketplace. People just move around in that area. For example, people who live in non-waterfront homes move to the waterfront homes and people who live in waterfront homes move to non-waterfront homes. Thus, this impulsive nature of high net worth individuals is the reason why “gardening,” or nurturing your prospects works.
Be Consistent
You have to be consistent and you’ve got to do it on a regular basis. Create a calendar for one year so that your marketing – or your “gardening plan” – actually gets executed and you’re not trying to play catch up. Understand that everything you do and send out has to reflect the quality of the service you provide and the quality of the product you represent. This means no shortcuts and standardizing. Everything’s got to be personalized.
Connections
I find that it’s very rare for an expensive property to sell to someone who doesn’t have a connection to the area already. Maybe 5% or 10% of the time that’s the case, but 85% to 90% of the time when you look at a really expensive property that is sold in your area (do some research on that buyer) you will find that they have a connection to someone who’s already in the area.
That’s why “gardening” versus “farming” works in the high end. You truly have to be consistent over a period of months and years for it to work.
Until next time, make it a great week!
