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Farming. The word evokes thoughts and mental images of rural land, crops, animals, barns, vegetable gardens, and maybe even Old MacDonald. … Now think about farming in real estate. In many ways, the agricultural analogy works. Farming as a lead generation technique for real estate agents is all about selecting a physical area or group of people, then patiently and consistently tending and nurturing the relationships to one day yield a harvest of buyer and seller clients and an active referral base.
But don’t go too far with the analogy. Don’t think for a moment that farming as a lead generation technique is old-fashioned, simplistic, or low-tech. Farming in real estate involves sophisticated analysis and market segmentation. Marketing and advertising professionals have helped us fine-tune our understanding of how to target specific populations based on shared characteristics, interests, and values. These target populations can be called “farms,” or “market segments,” or “narrow markets,” or even “niches.” So, a niche is a unique, specific, defineable area or group of people that you can target for your lead generation activities.
Farm = market segment = narrow market = niche
Gary Keller’s advice to us is to “pick a narrow market and dominate it.”