Posts from 'A Mentor's Post'
Marketing and how it is done has been one greatest question investors and real estate professionals have pondered upon and in the end still wonder about. Those who have tried to study the subject can still remain confused because so much has been written about it.
Like any business decision you should always start with a plan as in this case a marketing plan.
The Guru and Coach will more than likely tell you that there is strategic marketing and a tactical marketing. I will agree with them in this respect that you have to understand the concept but you will need real help in implementing them properly. The reason I say this is that markets are constantly changing. In the past marketers used regular mail sending letters and post cards. The generational changes that are taking place with the internet and programs like social networking will not work with younger generations.
As mentor I am weekly checking out new methods of marketing which will benefit the members of the Circle of Winners Master Mind Group.
In some ways marketing real estate is the same for both the investor and real estate professional in that they are both looking for either a buyer, seller or leasing tenant. However how you go about doing it is a completely different matter.
For more information about marketing go to www.cwlsr.com and the "Ask a question” tab and I will be glad to answer your questions.
Curtis William Lee, Sr.
Mentor
Circle of Winners Master Mind Group
Every successful investor has what is called a data management system. The system can be as small as Quicken® or Quickbooks® which will track your expenses and income.
There are other programs that can be added to a contact management system which will give you the flexibility to integrate with Quickbooks and are usually used for email and contact information such as Microsoft Outlook with Small Business®.
For the small investor this is usually sufficient to manage a relative small number of properties with a small number of tenants.
For the investor who has a large number of tenants such as multifamily properties should look for a CRM property management system which includes accounting, billing and different forms of communications. (I will address Risk Management at a later date)
If you are a real estate professional and are planning on setting up a data management system there are some first steps that are important to take.
- Take time to set up a plan for your desired data fields and how you will use the contact data in marketing.
- Look at protecting your contact and prospect data,
- Categorize your data in order to make its use easier and your daily activity planning more successful.
A selection or poor design as well as setup can result ina real estate contact that will at best be minimally helpful and, at worst, fails completely with loss of all your contact data.
At the Emerald Companies we did a lot research and had broader parameters before making a decision,
To find out more go to the Circle of Winners Master Mind Group.
Curtis William Lee, Sr.
cwlsr@cwlsr.com
As a mentor and venture capitalist I require every business that I invest in to have a comprehensive business plan.
There a many types of business plans and how they are structured are determined by their purpose and use. For example if you plan to borrow money the lender expects to know what your plans are and how you are going to pay them back.
Today I want to address two types of plans which can directly impact the real estate investor or real estate professional.
A plan is like a journey and is ever evolving and must be updated on a regular basis. Since you are going in business or already in business here are the standard questions you should ask yourself.
Plan I
- Who (Who is going to be responsible for the business)
- What (What business am I really in?)
- When (Is this part time or full time?)
- Where (Location, location, location)
- How (How much do you understand the “What question?” How do I gain more knowledge?)
- How Much. (How much money am I willing to risk? How much time is it going take?)
These are the basic questions every entrepreneur should take several days to ponder before attempting to create a business plan (Road map for success).
There is an old adage that has been around ever since I can remember.”No one ever plans to fail but fails because they fail to plan.”
Plan II
A good plan should have a minimum of following elements:
Executive Summary
- Your objectives
Keys to your success
Company Summary
- Ownership
- Start-up summary
Types of property
- Property description
Target market area
Market
- Availability
- Trends
Investment objectives
Management Summary
- Management team
- Job descriptionFinancial Plan
The business plan just described is not a complete business plan and is shown only to give you an idea of what one may look like.
Should you desire to create a personal business plan and would like assistance. Go to Circle ofWinners Master Mind Group or email me at cwlsr@cwlsr.com
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