Humber/Ontario Real Estate Course 4 Exam Practice

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Which of the following is correct when establishing a prospecting farm?

Communication with each owner every three months is required.
Distribute marketing materials to homes listed for sale.
Gather comprehensive listing and sales activity information in the area.
Mailing lists are unnecessary because contacting in person is better.
No communication with owners unless they are selling.
Use social media exclusively for communication.

The correct answer is: Gather comprehensive listing and sales activity information in the area.

Gathering comprehensive listing and sales activity information in the area is essential when establishing a prospecting farm. This approach allows real estate professionals to have a clear understanding of the market dynamics within that specific area. By obtaining data on recent listings, sales prices, and market trends, agents can identify opportunities, assess competition, and better understand the needs of potential clients. This knowledge empowers agents to tailor their marketing strategies effectively and provide valuable insights to homeowners in their market. Informed communication builds credibility and trust, positioning the agent as a knowledgeable resource in the eyes of prospective clients. This thorough understanding of the local market is fundamental to effective prospecting and relationship-building.