Marketing Woes - Time Vs Money

At the absolute epicenter of our business as Real Estate Investors, and even more so as wholesalers, is the ability to do effective marketing. No matter how amazing or great the product or service is that you have, it means nothing if others don't know you are offering it. The BP Forums are filled with information on almost every mainline marketing strategy you could want to pursue. The problem I had when I first started with planning my marketing was to figure out what the best strategies were. Then, as I picked strategies, I realized that there were many different components to each method. To my amazement there were also so many respected people on the board with a different way of doing things.

Wow. So I looked out at the sea of strategies and asked myself a question. "Which strategies were best for me, but more importantly why?" I quickly began to understand that the resource demand for each strategy varied in its demand for either time, or money. Now granted, this is a very dynamic idea and one could argue that you could just pay others to do the tasks that require time. Indeed, this is true but let us look at this from the perspective of the unseasoned Wholesaler. Not only new to the game, but also at a handicap in terms of budget available to market and time available due to a full time job.

It becomes very important to pick your marketing methods based on Time vs Money. I can "Drive For Dollars" through a neighborhood and collect address's of distressed properties and/or vacant houses to market to later via Direct Mail. Even better I could get out of my car and start knocking on doors and talking to people face to face. This strategy would require little in the way of money but it would clearly require a significant amount of time. Would this not be a suitable route to take if you were passionate about getting started but had little capital? In fact there are many methods similar to this that are really very inexpensive methods of getting in front of people. Unfortunately, marketing is a numbers game, and its not just about getting in front of people. It is about getting in front of people at the right time.

As I personally looked at the large number of marketing strategies (there is a list of over 100 strategies somewhere on the forums) I began to consider my own personal talents. I have been involved in internet marketing for some number of years. This includes creating websites, setting up SEO on those sites (admittedly a LOT has changed in this field over the years), and I was very comfortable setting up Google Adwords effectively. I tapped into this arsenal of knowledge I had and spent very little money on creating some key marketing pieces online. I will admit that I spent a large amount of time setting things up. However, I was able to provide the time while not having a lot of excess capital. My time spent payed off in leads starting to roll in.

As I was considering which strategies to choose, I was reminded time and time again of sort of a cliche saying; "Don't reinvent the wheel." There is some truth to this statement, and I will confess that the majority of my online content was "inspired" by other well known REI sites. Blatantly copying someone's idea isn't illegal unless copyright (although google will never rank your site if you do), but while you shouldn't reinvent the wheel I strongly believe there is something to say for creativity. If you will take some time to focus on your strategy and brainstorm on ways that you can give it your own personal touch, I think that will greatly separate you from the crowd. Being a little different in the REI would isn't a bad thing. When someone is ready to sell, if they can remember you verse all the other We Buy Houses Signs, Yellow Letters & Post Cards, and any other form of marketing, then you win.

While utilizing the resource of time when starting off in REI is a great low cost method, your forward vision should be to move to the money end of the spectrum. As your capital builds you should start building the systems that allow the money you are earning to be put to work. Almost everyone I have ever had the joy of listening to tell their story of why they wanted to get into REI had a similar answer. Freedom. To me freedom is about having more time to do the things you want without necessarily giving up the growth you want to accomplish in your business. Having an automated system (starting to get a little 4 Hour Work Week'ish here) that requires money to turn the gears vs ones time is my ultimate goal. Alas, for me personally, it starts with me using what free time I have to master the marketing strategies that require little money, but more of my time.

In closing, there is a quote that comes to my mind when I get frustrated that I am not in a financial position to delve into more money intensive strategies. "Don't say you can't afford it. Instead ask How can I afford it." -Robert Kiyosaki I have sacrificed things, worked long grueling overtime shifts, and more to be able to put forward the money I needed to continue marketing and growing. If you are truely passionate about wanting to suceed then you will find a way.