To help you determine your target audience and farm area, select the ZIP codes you would like to work in, and then research public record data on home value increases and decreases in this area, as well as the number of homes that have been taken off the market, and the number of homes that have been bought or sold.
Begin by choosing three to five ZIP codes on which you would like to focus.
Best Realtors of NOLA is focused on selling homes and condos, some of which are located in 55-plus communities, to single and married professional retirees.
These individuals are also likely to have adult children with young families who occasionally visit.
To market to a brokerage’s target audience effectively, brokers must first outline all demographic information of that audience.
To do so, consider the age, income, education, marital status, family status, and employment of the residents in your desired farm area.
Next, conduct online research through the United States Census Bureau, housing research, and Department of Housing and Urban Development (HUD) to determine average sale prices of homes in your chosen ZIP codes, as well as the number of homes bought or sold in the area over the past year and how many properties were taken off the market without being purchased.
Lastly, consider larger economic or cultural factors that might influence home valuation, sales numbers, and market fluctuations in these ZIP codes.
Here are the nine steps to writing a successful real estate business plan.
A market assessment summarizes the financial, cultural, and demographic factors that affect buying and selling real estate in a given area.