Finances and farming go hand in hand. Agents are always asking “Where should I spend money in my farm?” and it’s a legitimate question and SHOULD be asked.
However, many agents get a lot of bad advice, or don’t do enough research when they are starting their farms and end up spending money in all the wrong places (We’ll discuss that in another blog!)
The truth is, if you are getting started in your farm, there are only a few places I strongly suggest investing your capital and we’ll share those today. There are 3 key areas that we will discuss.
Building Relationships
The first place you should focus your finances is in building relationships. That’s either making new relationships in your farm, or strengthening the ones you already have. That could be getting out and meeting new businesses or taking people out for coffee. It could be put into community events or one to one networking.
The key is that you are BUILDING RELATIONSHIPS. What that doesn’t mean is trying to get your name out to the area. Sending out a bunch of postcards or paying for a billboard doesn’t build relationships, and should not be one of your main focuses when getting started.
You have to think about how you can meet new people or add value to the people you’ve already met.
Systems
The next thing you should spend money on is your systems. This could be a lot of things to a lot of agents, but the fundamentals to investing money in a system in your farm should be that it furthers your goal, takes tasks off your plate and/or increases your productivity.
Investing in the right systems can be a game changer. Whether that is working with the right CRM or investing in a lead generation platform. It could be a blogging platform or a dialer system. You could be spending money in a monthly newsletter or retargeting ads. Whatever the system you invest in, it should be designed to make your job easier. Not just look better.
These systems can be expensive up front, or in the long run, and that is why its crucial that it’s actually helping you advance your goal. Spending money on a system for vanity’s sake is pointless. So make sure you track your spending and be willing to invest in the right system.
Generating Leads
And lastly, it’s important to be willing to spend money to generate leads. I’m not saying you should run out and start buying internet leads. What I am saying is that it takes money, time and resources to generate leads. Whether those are cold leads using a dialer system, marketing based leads from online and offline lead sources or investing money into community based approaches that help you generate leads.
We all need leads, and no matter what way you slice it, it’s gonna cost you something. Whatever route you go down, be sure that when you spend the money, you have a plan in place to make it back. If you don’t have a marketing and follow up plan in place for the leads you generate, then you are probably just throwing away money. So be sure you invest just as much into the follow up as you do the lead gen.
Conclusion – Where Should I Spend Money
So if you aren’t sure where you should spend money, make sure you take some time to assess why you want to spend the money in the first place and if it’s going to help you achieve your goals. And if you are stuck and hesitant to spend money, remember, most agents are, but the ones who are willing to be strategic with their investments in their farm are the ones who usually see the best returns.
Happy Farming!
Ryan Smith – Founder/Creator
Launch Your Farm
Be sure to check back on our blog and show to get awesome information about geographic farming!
Blog – http://www.LaunchYourFarm.com/Blog
Show – http://launchyourfarm.com/category/interviews
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