Certain Death of Your Real Estate Investing Business
Do you know what the one thing is that will cause certain death of your real estate investing business? I can tell you what it is; a lack of leads. Leads are the life blood of your business; without them your business will wither and die. Consistent and focused marketing is the only way to get that steady stream of leads.
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Jump Starting Your Marketing
There are probably dozens of ways that you can jumpstart your marketing. It has been my experience that most successful real estate investors regularly use more than one strategy. In my business, direct mail is my number one source of motivated sellers. I have a system for getting it done, and therefore I have great results with direct mail
I am committed to making some changes in my marketing for the upcoming year, and I would like to challenge you to “up your marketing game” by adding at least one new marketing strategy each month for the next 12 months. Now I know the thing that comes to mind is “that’s going to be a lot of work”. You can be sure that this will involve some work, but the results will be more than worth it. In the upcoming year, I also plan to work smarter (rather than harder) and figure out how to outsource some of these additional marketing activities.
Here are a couple of things you can do without spending a lot of money.
- You can post “We Buy Houses Ad” on Craig’s List.
- Attend real estate auctions and network with other real estate investors. This is a great place to find out who’s is buying multiple houses each month.
- Attending estate sales is another way to get leads on property. Spend a couple of Saturday mornings a month going to these sales. Often the property is going to be sold as well as the belongings. Make them an offer that includes finishing the clean out of the house when the sale is over. I’ve said before; there is always “something else” sellers want other than the cash.
Get Creative with Your Direct Mail Campaigns
When we are entering probates into our database each month, there are about a dozen or so probate attorneys that come up consistently as the person who is in charge of settling the estate. Probate attorneys are a great source of leads. Compile a list of these folks and send them an introductory letter as well as a follow up letter every few months. You want them to remember you when they have an estate property that needs work or just some serious updating.
Who else would be a candidate for a direct mail campaign? Think of someone that could send you leads and drop them a line.
Do more “driving for dollars”
I have to admit that I have fallen down on the job where this is concerned so here is what I plan to do from now on. Whenever I am out looking at property, I plan to spend at least an additional 30 minutes to an hour driving for dollars. It’s sort of like killing two birds with one stone.
If you are lucky enough to see the postman, trash collector, pest control person or other person that spends their days in the field, stop and ask them if they would be interested in earning some extra cash by giving you a call if they see a vacant or abandoned property. Today I’m going to put a whole box of business cards in my car so that I am always ready.
Magnetic Car Signs
I’ll admit right up front that I’m not a big fan of these magnetic car signs when it comes to putting them on my car. But can you think of someone that would be willing to do this for a tank of gas a month? They’re driving around anyway and a lot of folks don’t mind the signs.
Maybe you could have some apparel with logos on it. How about suiting up with a polo shirt or a ball cap with “We Buy Houses” on it the next time you go out to run errands or attend a ball game?
Join your local Board of Realtors as an affiliate and get to know these guys. It’s pretty easy to find out who the folks are that deal with distressed properties and get to know them. Networking with these folks will let them get to know you. Buy the way, this works for almost any type of business. Realtors buy things from and use all types of services from folks just like you and me.
How Can You Keep From “Falling Off the Wagon?
Marketing your business should be your number one activity. Remember that without leads, you have no business. The most important thing I could tell you is this:
Schedule Your Marketing; Live By Your Calendar
Online tools are great, by nothing beats having a giant wall calendar staring you in the face every day. Have your marketing activities scheduled in advance for at least the next 3 months. I guarantee this one thing will change your business.
Last but not least, be patient. Change takes time. But if you work the plan every day, you will see big changes in your business; guaranteed!
Photo: Justin Henry