Hunting vs. Farming: What’s Best For Lead Generation in 2024?
Chasing leads in real estate can feel like you're caught in a Hunger Games-style frenzy, constantly trying to gain control and secure the next big deal before it's gone.
Realtors are out here juggling open houses, dialing up strangers, and throwing themselves into social media, all while chasing down that next elusive client like it’s a game of cat and mouse.
Investors are neck-deep in data, calling up distressed property owners, and hunting down off-market deals like they're chasing buried treasure, all hoping to strike gold.
Mortgage lenders are whipping up email blasts, firing off online ads, and working the crowd at community events, all to make sure they're the first name that pops up when someone’s ready to finance.
And then there are the home improvement pros, pounding on doors, tossing out flyers, and buddying up to agents for referrals, all in a mad dash to catch homeowners right when they need them.
With all this chaos, it’s easy to fall for the “easy-button” trap — like throwing thousands at Zillow leads and hoping for the best.
But trust us, that’s not the solution.
Zillow's commission split can be a bit of a shocker.
Depending on your market, they can take up to 40% of your commission on a deal.
And here's the kicker — they can change that split whenever they feel like it, with little to no notice.
So how can you truly scale your lead generation? By taking control of your pipeline with targeted outbound strategies.
By taking back control of your pipeline with Hyperlocal Lead Generation and targeted outbound tactics, you’ll become self-sufficient and less reliant on lead sources like Zillow. You'll also beat out big businesses by connecting with leads in ways they simply can’t.
There are two key strategies to get the job done: Hunting and Farming.
In this guide, we’ll show you how to use both to get the results you want:
Hunting vs. Farming: A Brief Overview
So you want more leads?
Answer: Of course you do, who doesn’t?
Great, now that we’ve established that, let’s get one thing straight: generating more leads comes down to choosing the right strategy.
Hunting to find quick wins or farming for generating longer-lasting connections.
The main difference between farming and hunting for real estate leads is the time it takes to see results.
With farming, you focus on building trust over a longer term with potential clients, so when a need arises for a product or service you provide, they’ll associate you and your brand with solving that need.
In other words, it's about nurturing these relationships over time so that they develop into strong leads and successful sales down the line.
Just like farmers tend to their crops over a long period of time for a bountiful harvest, you’ll nurture and build trust with your leads to scale your pipeline.
Over time, this approach helps you become a leading figure in your market (and really, who wouldn’t want that?).
Hunting for leads, on the other hand, is all about finding and connecting with leads who have immediate needs and closing them quickly. It's less about building connections over a long-period of time and more about closing the deal immediately.
In today's competitive, high-rate environment, outdated lead generation methods — like mass marketing, untargeted outbound efforts, and passively waiting for leads — simply don't cut it.
So, what can you do? Go hyperlocal and change the way you generate leads.
Targeted outbound strategies are the future, and we'll begin by looking into Hunting.
Hunting for Leads Gives You Immediate Opportunities
As mentioned above, Hunting can be a quick way to get listings and close deals right away.
Typically, you’ll see two types of Hunting leads: sellers motivated by distress and those driven by opportunities or life events.
Finding and Connecting With Distressed Property Owners
Spotting distressed properties? There are several ways to do it and we guarantee almost all of them are easier than you think.
First, check for homes that look like they’ve been abandoned — overgrown lawns, peeling paint, and broken windows are dead giveaways.
Next, keep an eye on properties with overdue taxes or mortgages. If they’re behind on payments, they’re probably in trouble.
Don’t forget to look for vacant houses — if no one’s home, something’s up.
Lastly, look for places that are falling apart or have unfinished renovations — they’re often a sign that the owners are struggling.
We know what you’re thinking: 'How am I going to find these leads?'
Shameless plug — start in PropertyRadar.
There are several different types of distress you can hunt for, we make it easy with quick lists around preforeclosure, notice of default, death of joint tenant, HOA Liens, and other financial hardships.
Click on any of those to start finding distressed leads in seconds.
Once you’ve started with any one of those quick lists, you can then layer in over 200+ criteria to build exclusive lists with the exact situational and financial data you’re looking for.
We actually can’t come up with any reason you shouldn’t start using those lists right now — today.
And when you start reaching out to your exclusive leads, remember: The best marketing follows the Good Neighbor Marketing pledge.
Exactly 0% of your leads are going to work with you if you’re predatory, opportunistic, and overbearing in your messaging.
So, start by understanding the person’s situation, regardless of which financial situation they're in.
Reach out with empathy and offer real solutions, not just a sales pitch. Remember, don’t be that guy who views leads as simply a number on a spreadsheet.
Distressed leads are real people oftentimes going through the worst time in their lives, so be compassionate and empathetic to their situation.
Personalize your message by addressing them by name and mentioning specific details about their property, showing you’ve done your homework.
Build trust by being transparent about your intentions and how you can help. Maintain a professional and respectful tone, and be patient as they consider their options.
Showing real concern will make you stand out as someone who genuinely wants to help improve their situation — something that benefits everyone involved.
And, once again, most importantly, stick to the Good Neighbor Marketing Pledge to keep your approach courteous and impactful.
Finding and Connecting With Motivated Sellers
While distressed properties often indicate an urgent situation, Motivated sellers are on the opposite end of the spectrum, often riding the wave of opportunity, not scrambling to fix a financial mess.
They may be eying the favorable market, itching to buy their dream home, or embracing a new job or lifestyle change.
Remember, everyone has different motivations for wanting to move, and even next-door neighbors may have completely different intentions depending on their circumstances.
Here are a few lead lists to consider:
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When property values are rising quickly, homeowners might be eager to sell and take advantage of the market, either to upgrade their home or profit from their investment.
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Local developments, like new zoning laws or upcoming projects, can also motivate people to sell before the area becomes more crowded.
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Tax incentives can make buying or selling a home more appealing.
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Personal situations like divorces often lead to quick sales as individuals divide assets and move on
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Seniors or empty-nesters might look to downsize from a large home to something smaller and more manageable, especially if the market is strong.
Keep in mind that whichever lead list you target, maintaining a sincere and professional demeanor is crucial for building trust and making a positive impression.
And as mentioned above, reference our good neighbor checklist and pledge to ensure your message hits the mark.
Farming for Leads Lets You Feast Later
The great thing about Hunting vs. Farming is that, unlike a lot of metaphors (looking at you, circle farming), this one is super straight forward.
Hunting lets you eat now, while farming lets you feast later.
By focusing on cultivating one area and working leads consistently over a long period of time, you’re setting yourself up for a bountiful long-term payoff.
But, before you can reap the harvest, you’ll need to define and segment your farm area.
Defining and Segmenting Your Farm Area
First rule of farming: Trying to "own your entire market" is not a strategy.
Saying you’re going to “own your market,” while ambitious, is too vague and often unclear around what it actually means.
For instance, if you’re a realtor in Los Angeles, what does saying you’re “going to own your market” mean? That you’re going to own an entire market that’s already saturated with over 1.5 million realtors?
It’s far more effective to concentrate on a specific niche where you can make a real impact.
By segmenting your audience and honing in on your specialty, you can focus on a smaller, targeted audience where your expertise and messaging can shine through.
Set your sights on groups that will benefit most from what you offer. For example, are they first-time homebuyers, luxury estate seekers, or distressed owners?
Pinpoint their needs, preferences, and pain points. Whatever you do, craft your messaging to speak directly to them to keep their interest.
By setting up the right audience, you’re not just throwing spaghetti at the wall and hoping something sticks.
You’re meticulously designing a campaign that resonates, engages, and delivers results…PERIOD.
Multichannel Farming is the Most Effective Farming
Multichannel marketing hits people from every angle — direct mail, email, social media, and in-person events.
Each tactic on its own is fine, but when you combine them all together? They don’t just work, they amplify one another.
It’s about getting your message out there, loud and clear, from every angle over a long period of time.
We’re talking weeks, months, and even years.
Think of it like this: if you send out a direct mail piece, it might catch someone's interest.
Side Note: We have a whole gallery of postcards to choose from — just take your pick.
Then, a follow-up email can keep that momentum going by providing more info or encouraging them to take the next step.
When your message is consistent across these different channels, people start to recognize and trust your brand more, which makes them more likely to respond.
Social media adds another layer by keeping the conversation going.
It’s a place where you can interact with your audience in real-time, respond to their questions or comments, and even get them to share your content, which can help your message reach even more people.
Then there’s in-person marketing.
After someone has seen your mail, read your emails, and maybe followed you on social media, meeting face-to-face can really seal the deal.
Meeting potential clients can give them a chance to experience your brand in a personal way, ask questions, and feel like they’re valued.
At the end of the day, it’s all about creating a consistent brand presence in your farm area.
To keep things on track, we suggest using PropertyRadar’s Marketplace to keep your brand in line.
The Marketplace provides various tools to simplify your marketing, making sure that all your messages — whether by direct mail, email, or social media — are unified and on point.
When all is said and done, a balanced strategy that combines proactive "hunting" techniques with nurturing "farming" methods is how you’ll succeed in lead generation, even in uncertain markets like today’s.
Just remember, this is our take, but it's a pretty solid one.
How to Create a Balanced Hunting + Farming Strategy
As noted above, you shouldn’t view it as “Hunting vs. Farming.”
Instead, think of it as “Hunting PLUS Farming,” emphasizing that the best lead generation comes from a hybrid approach.
Creating a Comprehensive Lead Generation Plan
When it comes to splitting your resources between hunting and farming, think of it like handling two different tasks at once — each requires its own set of skills and attention.
If you focus on farming during uncertain times, you’re laying the groundwork and keeping a solid foundation of lead generation activities that aren’t necessarily focused on only quick wins.
Then, when the market heats up and opportunities are flying around, you’re all set to go into hunting mode and win those opportunities.
It's like running two main plans simultaneously, each designed to keep you ahead, no matter how unpredictable things become.
Keep that balance, and you’ll be ready to pounce when the market’s ripe for the picking (like our farming analogy).
Measuring Success in Both Hunting and Farming
To gauge your lead generation success, monitor key performance indicators (KPIs) for both short-term and long-term goals.
In the short term, track the number of leads generated and how many are moving through your sales funnel. These metrics show how well your immediate strategies are performing.
Also, keep an eye on brand awareness and website traffic — high traffic means people are interested and seeking more information.
For long-term success, watch how these short-term results contribute to overall growth.
Check trends in leads and pipeline progress to ensure your strategies are building a solid foundation.
Over time, with consistent outreach efforts, measure the impact on brand awareness using metrics such as website traffic, sales cycle length (which should be shorter as they become more familiar with you), and average order value (which will likely increase as they trust you more).
Reminder to constantly be iterating and running tests to stay successful.
A great lead generation strategy isn’t static, so you shouldn’t be.
Overcoming Challenges in Today's Real Estate Market
Today’s real estate market is like a wild ride with constant surprises, some of which you might not want to see.
Nevertheless, embrace the chaos, adapt fast, and turn every challenge into an advantage.
On your mark, get set, go…
Adapting to Market Conditions and Buyer/Seller Hesitancy
After a turbulent start to 2024, mortgage rates have plunged to 6.09%.
…But hold the applause. Fluctuating rates can make buying and selling homes tricky.
As rates go down, buyers might hesitate due to higher costs, and sellers might worry about getting a good price.
For Buyers: Higher mortgage rates can mean bigger monthly payments, which might make buyers reluctant.
Realtors can help by showing the long-term benefits of buying now and offering alternatives like adjustable-rate mortgages.
For Sellers: Sellers might be unsure about listing their homes if they think prices won’t meet their expectations.
Realtors can ease these worries by providing market analyses and showcasing successful sales, along with tips on staging and marketing homes effectively.
Tools like PropertyRadar can give Realtors a competitive edge by analyzing market trends and finding the right buyers or sellers.
This data helps create better strategies and builds client confidence, something that you can’t afford to miss.
Looking Ahead: Preparing for Future Market Shifts
If you pay attention to how the market is changing and make updates to your plans now, you’ll be better prepared for surprises later.
It’s a win-win situation, if you ask us.
By noticing things like changes in property demand or interest rates, you can spot problems before they get too big.
This way, you can adjust things like your prices or marketing strategy ahead of time.
Staying Agile in Your Lead Generation Approach
Alright, here’s the deal: your messaging needs to be like a chameleon on a caffeine high.
Market conditions and current events are always shifting, and if you’re not on your toes, you’re out of the game.
PropertyRadar lets you tweak your messages on the fly — no need to wait six months for a refresh.
Agility means you’re not just sending out a single message every once in a while.
You’re keeping your communication steady but ready to change course instantly if the market throws you a curveball.
Stay flexible, stay in the loop, and keep your messages as fresh as a new pair of kicks.
Conclusion: It’s All About Finding The Right Balance
Mixing farming and hunting in real estate is like having your cake and eating it too.
Farming builds those solid, long-lasting relationships by staying focused on a specific area, while hunting lets you grab those fresh, exciting opportunities as they pop up.
When you combine these strategies, you’re hitting the sweet spot of real estate success.
And guess what? PropertyRadar is your ace in the hole.
We can help you find the perfect neighborhoods to farm and uncover those hot leads to hunt down.
Get a free PropertyRadar trial and unlock the power of 150 million properties to find your next leads today.
