Real estate agents need to abandon the "old" way of farming and start farming where the business really is!

Remember how you learned to “farm”? First, pick a geographical area of 250-500 homes, then contact each owner once a month. Oh…and American Flags on the Fourth of July, pumpkins on Halloween, etc., really help

Unfortunately, this method of farming is still being taught in various seminars and company training sessions. I say, “unfortunately,” because of one fact: there is a better way to farm, one that will make you a lot more money in a much shorter time than the old way.

If you’re smart, your farm should now be….other real estate agents!

Here’s one testimonial to this method from one of my CyberStars(tm), Rob Levy of Prudential Northwest Properties, Portland, OR:

“In 2006 I closed 7 referrals from the CyberStars(tm). In 2007 it was five. Those numbers include selling homes to two of my fellow CyberStars. Only one so far in 2008…but it’s only January 8!”

Rob farms our CyberStar(tm) networking group, of course, but he also farms other agents from other organizations. If you’d like to emulate his success, here’s a four step success plan:

First, realize that you have to network with other agents. Opportunities abound if you set this as a priority: local Association meetings, state conventions (your state and other states), franchise conventions, NAR’s annual convention and various online groups of agents such as list serves, ActiveRain and others. I wish I could convey to you how many events the CyberStars attend each year. They go to learn, of course, but the also go in order to build referral contacts with other agents. If you don’t attend such gatherings, you won’t meet potential referral agents!

In that regard, don’t just go…participate! Joining committees, for example, is a good way to meet other agents and to become known to them.

Second, identify the good agents at such gatherings. You will find a number of them, and if you extend yourself, you will begin making contacts with them. 10% of the agents do 90% of the business. These are the ones you want to meet and cultivate!

Third, once you identify a good agent, make sure you are in touch with him or her at least once a month. You need to set up systems for regular contact…just exchanging business cards does you no good. Your real estate database, for example, has action plans for various groups. Set one up for referral agents and your contact becomes automatic. You might even set up your own list serve for the agents, as we did with the CyberStars.

Fourth, send them something of interest during your monthly contact, something that will help them grow their businesses. Tell them about a technique that works for you, a new tool you discovered that has helped your business, etc. Remember: the more you give, the more you get!

If you follow those four steps, it won’t be long before you have a nice annual income from your agent referrals alone….I guarantee it!

It’s a beautiful, balmy day here on the lake in Reston…hope it’s a wonderful day wherever you are, too!

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