All good deals start with good marketing. And if you're not marketing for good deals, you're not going to be doing any. That means you won't be making any money and your competition will be soaking up the opportunities in your market area.
Just declaring to your friends and family that you are a real estate investor is not enough. You must get the word out to let everyone know that you are buying real estate and that anyone interested in selling his property should call you. Here's the catch. You aren't going to tell the entire world. You're only going to tell the people that want to meet you.
These are your targets.
Rule #1: All good marketing starts with a clear target. This means that you define who you are trying to reach. For example, I want to buy properties from owners that are debt free because they like to offer me seller financing. Therefore, I target owners in my market area who own their properties free and clear, particularly in communities that I want to invest in.
Now that you've defined your target, it's time to move to crafting your message for reaching out to them.
Rule #2: All good marketing starts with a good messaging. Have you ever wondered why retailers ask you to sign up for their discount cards? They track all of your purchases and gather mountains of market intelligence about your buying habits so they can make smarter decisions when buying inventory and pricing programs. You must also understand your audience. What matters to your sellers? How will you provide a meaningful experience for them when they sell their building to you?
Once you've identified your target and crafted your messaging, now you'll have to implement a system for communicating your message to your audience. You may hear that signs, letters, or email are the best systems to use to broadcast your message. Guess what? You need to do them all.
Rule #3: All good marketing thrives on multiple systems. You must simultaneously work multiple systems to bring your message to your target audience because no one system will consistently fill your pipeline--it will vary from month to month. That's why you need a calling system, mailing system, internet marketing system, print advertising system, etc. You must be firing on all cylinders at all times to keep your lead pipeline full.
Here's where most people fail: they don't measure their results.
Rule #4: What gets measured gets managed. What gets managed gets funded. This an old saying my father (a veteran HP executive) tells me and it rings true today. If you don't know where your leads are coming from and why, you'll miss the opportunity to fine tune your systems to make them perform at maximum capacity for you. Then you'll start to wonder whether the investment is worthwhile or not. And when you do measure and manage, you'll have a steady flow of leads that will turn into opportunities for you to do deals, over and over again.
In a nutshell, if you aren't marketing, you're missing the lifeblood of your business. You must start marketing today. Make sure you follow the 4 rules listed above because without them, you may as well be throwing money out the window while driving down the highway hoping for something to happen. It's not going to and all you'll have at the end of the day are no leads, no deals, and an empty bank account.
The author has permitted the reprinting and redistribution of this article.