It's easy to spend time marketing as that is usually the starting point but it's also easy to spend too much money marketing because it's fun and easy and because you want to try and get your phone ringing. So I would recommend spending the rest of your time on things that don't cost anything.
Reviewing your budget, balancing your statements, organizing, networking, and tracking down cash buyers are a few things that are free and will help you stay within your means.
I have a stack of potential deals that I've already done the numbers on and talked to the owners. These are the ones I made an offer on and couldn't come to terms with. When I have down time I go through that stack and call them back to see how things are going. Half of my deals have come out of that stack probably 3 months after having first spoken with them. One reason is because time is a great motivator.
I also have a lot of postcards that have come back to me and I spend time trying to track down the owners.
Driving or walking your farm area and talking to owners off of your targeted list is a way to drum up some business.
I personally recommend spending 95% of your time trying to determine who on your targeted list is actually motivated instead of blanket marketing because if the home owner's don't have equity and they aren't motivated then there isn't a deal to be had.
Once you start working a few deals you'll find that there isn't enough time in the day to do everything you want to do.
Nov 22 '09, 12:06 PM
