Follow Us on Social Media

email icon rss icon linked.in icon google plus icon twitter icon facebook icon

The 5 Biggest Marketing Mistakes Real Estate Investors Make

by Sharon Vornholt on July 8, 2014 · 12 comments

  
The 5 Biggest Marketing Mistakes Real Estate Investors Make

The following are the biggest mistakes real estate investors tend to make when it comes to marketing. Marketing is one of the most crucial aspects of a successful business and it’s not something you want to screw up. So, let’s get into it!

1. Inconsistent Marketing

Marketing is the “secret sauce” for your real estate investing business.

Simply put, if you don’t market you won’t have leads.  If you don’t have leads you don’t have a business.

If there is one thing you have to get right it is marketing.  There won’t be any need for “getting your numbers right” or good negotiation skills if you don’t have houses to make offers on. For example:

  • For those investors doing direct mail marketing, you need to set up systems that ensure your direct mail goes out on a regular basis.
  • If your plan is to market using bandit signs, you can’t expect to put them out just once. Develop a system for getting those signs out.
  • If you use wholesalers to bring you deals, that still involves marketing.  It’s a different type of marketing, but it’s still marketing.  Learning how to build and nurture relationships with wholesalers and other folks that can send you deals will be a skill you need to master.

It really doesn’t matter what your lead generation machine looks like; you have to feed it and nurture it for it to keep cranking out leads for you.

2. Failure to Have a Lead Generating Website

Having a good lead generating website is not optional even though some folks will tell you it is.

You need a website if for no other reason than for credibility.  That is the first place most motivated sellers will go to “look you over” before they consider doing business with you.

Your website is your business card in today’s world.

It doesn’t have to be fancy or cost a lot of money, but it needs to contain certain basic elements. Your website needs to tell prospective clients about you and your business and why they should do business with YOU.

  • It should tell them clearly how you can solve their problem.
  • It should be easy to navigate.
  • There should be multiple ways to contact you. It should have a contact form on it as well as a way to contact you by phone. You can also put your email on the site.  The thing to remember is you want to make it easy for them to get in touch with you.
  • Have a FAQ (frequently asked questions) section.
  • Be sure you have a couple of value added “freebies”.  Give them something to remember you by. There are all sorts of helpful guides for motivated sellers you can put together without too much trouble.

A good website will help set you apart from the competition.

Related: How to Create an Awesome Lead Generating Website in Under an Hour with No Technical Abilities

3. Not Answering Your Phone

This one is really hard for me to understand and it is probably one of the biggest marketing mistakes of all.

Creating a pipeline of motivated seller leads takes work.  If you are a direct mail marketer it also takes money.   The payoff for doing all that marketing is getting your phone to ring, yet a whole lot of real estate investors never pick up the phone when someone calls. What’s even worse is that they never return calls to the folks that leave messages.  Every time you do this you are leaving money on the table.

For anyone still struggling with this, there is only one solution to the problem; you just have to force you to talk to these sellers until you are comfortable doing it.  Practice makes perfect after all.

4. Not Doing Your Homework before the Appointment

This one is important.

Before you ever meet with a seller, do your homework.  Know what the ARV of the house is.  Familiarize yourself with what other homes in the area are selling for.

Folks do business with people they know, like and trust. (Tweet This!)

Being able to position yourself as ”that person” in the first couple of minutes of your appointment with the seller is crucial.  When you show up prepared for the appointment, this will enhance the “trust” part of this equation.  The rest of this can be accomplished with good people skills and a good reputation.  You should always be building your brand.

5. Failure to Follow Up with Sellers after the Initial Contact

Assuming no means no, when it just might mean “not now” is the kiss of death.

You have heard this many times; the money is in the follow up.  This is a marketing mistake that is commonly made. Everyone needs a system for follow up.  I use a database and I recommend you do too.  There really is no other way to accomplish this long term.

Related: How and When to Follow Up with Distressed Sellers

Do what you have to do today to get by now, but make sure the addition of some type of database or contact management software is part of your long plans.  You need the right tools to build your business.

So there you have it.  5 biggest marketing mistakes investors make in their real estate investing business.

What other mistakes do you see other real estate investors making?

Be sure to leave your comments below!

 

 

 

Email *
  



{ 12 comments… read them below or add one }

T. McGilberry July 10, 2014 at 11:14 am

Great info. The no meaning “not now” is definitely something to remember.

Reply

Sharon Vornholt July 10, 2014 at 1:36 pm

T. – That is something to remember. No very often means “not now”. That’s the value in consistent, ongoing marketing. Thanks for your comments.

Sharon

Reply

Ethel B. July 10, 2014 at 11:45 am

I am developing my marketing strategies right now and this is information is absolutely useful. Thanks for sharing it.

Reply

Sharon Vornholt July 10, 2014 at 1:38 pm

Thanks for reading Ethel. I written extensively about marketing here on BP, as have so many other folks. It just takes a little time to put your plan together. The main thing is not to forget to “work your plan”

Good luck.
Sharon

Reply

Shaun July 11, 2014 at 2:40 pm

Hahaha…
What did you sit around and say “I wonder what Shaun would suck at. Okay now I’ll write an article saying this is all the worst stuff you can do.”

Seriously though reading this is a little bit of a kick to the gut.
But in a good way, thanks for a great list to work on…

Reply

Sharon Vornholt July 11, 2014 at 3:34 pm

Now you know I would never do that Shaun.

All of us get off track sometimes. I do believe that if we could consistently do these 5 things our businesses would definitely change for the better. What do you think?

Have a great weekend.
Sharon

Reply

Shaun July 13, 2014 at 8:37 pm

Sharon without a doubt doing these things will make someone much more successful in this business!

On a positive note even before seeing this I have recognized these are areas I have been lacking and have been working on them already, just a little wake up call that I was right about needing to fix them and to get my tuckus in gear to finish what I have started ASAP.

Reply

Sharon Vornholt July 14, 2014 at 5:52 am

We all need those reminders Shaun; rarely are we able to we everything done we know we need to be doing. That’s another reason to outsource isn’t it?

Sharon

Shaun July 14, 2014 at 7:37 am

Hahaha…

Thanks for reminding me that I also am way behind in my goal to systematize and document several simple tasks to try to outsource to a VA. :)

Rachel July 12, 2014 at 10:00 am

Great tips here, Sharon!

I can definitely relate to all of them except #2. In all my years of investing, I’ve never had a website for generating leads. However, that’s just me since I keep things pretty local. Though, I can see how in this day and age it can benefit others.

Since I focus solely on networking for leads, the calls have been more qualified and fewer in between. Though, I do get the occasional flood of folks when homes get put on the market and when I’m working with contractors. That’s for sure!

As always, I enjoyed the article. Thanks for sharing! :)

Reply

Sharon Vornholt July 12, 2014 at 11:16 am

Thanks for your comments Rachel. You have a unique business model that works perfectly for you. Just keep doing what is working for you.

Sharon

Reply

Sharon Vornholt July 14, 2014 at 7:58 am

Shaun –

I think what we need to do is to commit to one or two things each month to outsource; baby steps that will make a huge impact on our businesses in 12 months. How about that for a simple plan?

Sharon

Reply

Leave a Comment

Comment Policy:

• Use your real name and only your name in the field designated for your name.
• No keywords allowed as anchor text in the name or comment fields.
• No signature links allowed under your comments
• You may use links in the body of your comment, but it must be relevant to the discussion at hand, and not merely be some promotional link.
• We will have NO reservations about deleting your content if we feel you are posting merely to get a link without adding value to our discussion.
If you add value, but still post keywords, we'll use your comment, but remove your link and keywords.
• For more information about acceptable practice, see our site rules.

Want your photo to appear next to your comments? Set up your Gravatar today.

Previous post:

Next post: