Looking for advice from experienced flippers/ wholesalers

8 Replies

Hello, Biggerpockets family. How are you getting your deals? What works best for you? I'm looking for some advice. I have been looking for my first deal for around six months now and haven't been successful. Heres what I have done so far. Well, the first four months I was using an agent and just the MLS. The last two months I have launched a full-scale marketing campaign. I have started a we buy homes website (balancedhomebuyers.com) check it out, and feedback on the site would be appreciated too. I have sent out mailers to homes in pre foreclosure in a selected area with selected criteria. I have been using google ad words to draw people to my site I have had over 3000 views specific to my area and only 128 clicks and not a message from anyone other than people asking to be added to my buyer's list. I have sent out a 300 person email campaign and done a 50 person voicemail campaign. I ordered my bandit signs am about to put them up and I have ordered flyers that I am going to pass out in the next coming weeks. I am not expecting to have a deal from all of this so far but at least one call back which I haven't received. I'm not giving up or getting hopeless I know this is going to take time and presistance. I'm just wondering how you are getting your deals what do you have the best luck with marketing wise. If you think I should be doing something that is not, please let me know. I read in J Scott's book to leave actual offers on peoples door, and I like that idea and think I'm going to try it next. Any help at all would be appreciated!

Skyler, you are doing a lot of the correct things to drive leads your way.  Some follow up questions/comments I would have:

1. Your site is OK, but lacks content and the pages load fairly slowly.  How did you get your site setup initially, who hosts it, and who setup and who manages your PPC campaign?  I'd suggest going with a pre-built investor template site like those that Leadpropeller and Investor Carrot sell.  A lot of relevant content is already there, you just need to spend some time getting it customized to include your info.  They are not very expensive - LP's is $50 a month.

I'm not all that familiar with your area, but I would bet it is fairly competitive.  Google "we buy houses", "sell my house fast", "sell house for cash" and other motivated seller search terms and include your area in the search.  Then check to see where your ad displays.  If it isn't top 3, you aren't going to get much traction.  If it isn't on page 1, you will likely get nothing out of it and are throwing money away.  You will need to make sure the right keyword searches are displaying your ads, and consider increasing your budget and/or hiring someone to setup your Adwords account correctly to make sure you are hitting the top 3 ad spots.

2. Direct mail - pre-foreclosures are not a big target list. You likely are not sending enough direct mail to a wide enough group to actually get appointments out of it. Consider mailing delinquent property tax owners, owners that live in zip codes you like with more than 5 years of ownership (to ensure they have equity), landlords who have recently been through evictions, etc.

3. Create a Facebook business page if you haven't already, create a Google business site (with a physical address) for free, create a YouTube account and put out some videos.  The more content, the better.  This will help mostly with long term SEO rankings, but it all ties together with you overall marketing plan.

Keep it up - you have some good things going, and once you get traction, you will start to get consistent leads coming in.

Good luck!


Owen

Hi Skyler, 

You are doing a lot of things right. My advice to you would be keep doing what you are doing just do it on a consistent basis, every day you should be trying to make phone calls, sending out letters, sending out text messages. There is not a set ratio for how you are going to find deals and in an ideal world you want to be pulling from multiple different avenues and approaches. When you get going you want deal flow from ad words, text messages, and direct mail. At this point though you cannot be casting too wide a net and just be willing to market market and talk to people over and over again. Do not get discouraged though because good for you for starting something and doing it. 

@Skyler Mckinney , everything you're doing is right but it could be better. Here's a piece of my advise that has been working for me.

Pick any one of the marketing strategy and master on it. It's obviously good to try different marketing strategy but it's best if you understand each of them correctly. The most popular ones are Direct Mail, PPC, Facebook, SEO, Cold Calling, SMS Blast, RVM Blast, etc. If you want to try all of them, there's nothing wrong but if you don't try each of them at it's best then it's surely going to be a waste of your time and money. 

Every marketing strategy has it's own way of working and by this I mean if you're trying to run a Direct Mail campaign and you have sent mails to a list of people only once, you can never expect to find a deal. On the other hand, if you're sending mails to the same list of people but every 3 months, that is also not going to work. Direct mail has two principles - consistency and frequency. If you're consistent with your mailer ( i.e you're mailing to the same list 6-8 times) and maintaining the frequency ( i.e mailing the same list with a time gap of 3-4 weeks and not more than that) then no one can stop you getting your first deal. The problem with most of the investor is that they stop doing direct mails after sending 3-4 mailers and you want to take advantage of it. You wan't to be the last one standing when other investors gave up on them and by sending mails to the same list repetitively is helping you to create a brand value and trust for yourself to the home seller. 

Same way SEO, PPC has it's own way of working and I would advice you to master each of them before investing any more money. 

I personally do not like MLS. It is a low probability bet because everyone has access to it and it's full of intense competition. "Deals" aren't really deals because even beat up properties are selling at a premium. You need to go off-market if you want to find deals. Everyone and their moms look at MLS daily multiple times a day. Looking for 'deals' where everyone else is looking is not a good use of time.

Good Luck!

If you're driving any paid traffic to your home page as it is now, then you need to stop and fix it first, as you're throwing your money away.  

It is broken, illegible, provides negative trust signals, doesn't speak to your customer about your customer's problem and how you're going to solve it.  

I would personally avoid SEO unless you know what you're doing.  It is a long term play with a significant investment that won't help you very much in the immediate term, and depending on the competition in your market, there's a possibility that you never get on the first page.  

For paid online traffic, what is your targeting?  A 4.2% CTR is not that bad, but are the right people clicking on it, or just your neighborhood wholesalers spending your ad money? ...and your site isn't going to convert anyone as it is now, even if it were the right people.  

My concern with your approach is that you're not getting good with any one marketing tactic, rather throwing spaghetti at the wall.  You can make anything work, if you get good at it.

If you're going to go after paid online traffic, then fix that site, and work on your targeting and conversions.

If you're going after direct mail, then you need to get in front of the right people at the right time in their journey, and have established a certain level of trust.

Marketing is 100% about trust. You can build that trust by offering value, by being helpful, through multiple touches.

So for direct mail, those multiple touches would mean consistent mailing, and phone calls.  For online, that means paid traffic to your site, then retargeted, followed up with phone calls and emails once you get the lead. 

Of course you can combine these if you have a list with emails phones and addresses and create custom audiences to target your online ads, and follow those up with direct mail and phone work.

And/Or...find a good wholesaler who's already successful at all of this.  

I haven't looked at your website as I don't wholesale and don't know what works.  I can give you some advice, though!  

First, remember that it's a numbers game, and know your numbers!!  Your leads, your leads to appointment conversion, and your appointment to contract conversion.  Since you don't have a contract yet, you know you don't have enough leads, or qualified leads!  

You have gotten some great advice about marketing, and I'll echo some:  get good at one thing before starting more.

My company teaches marketing vs prospecting this way: Marketing is passive, and costs money, but requires very little time, while prospecting is time and skill intensive, yet costs very little.  We teach prospecting based and marketing enhanced.  There was a year that my broker was the #3 salesperson at Re/Max and the top 2 agents spent more on marketing than they earned -- you can go broke if you don't hold your dollars accountable.  Listen to @Kuba F. about your website and make sure it's doing what it's supposed to. Also, in my experience, email and voicemails are low-ROI, and can get you into trouble with the TCPA.

I would add some prospecting to your approach and call people.  It can be uncomfortable at first, so not a ton of people are doing it -- it works, though!  And ask everybody you talk to if they are interested in selling a property, and who they know that is.  And follow up with anyone that may have a property to sell -- start a database and keep in touch with it!

Realtor numbers shake out something like 150-300 contacts to a listing/property sale.  I focus on people that already identified as wanting to sell, so mine are a bit better than that.  Yours are going to be way bigger as far as contacts to sale go, so just roll with that and start talking to people!!

Good luck!!  Your first deal is around the corner!!

@Skyler Mckinney   Looks like your doing a lot of things.  Whats your budget?  Knowing that would definitely help.  Id probably focus on one form of marketing if its a smaller budget.  If you don't want to say in the forum I understand, pm me.

Welp, it has been a while since I posted this and am still struggling to find my first deal. I have completely redone my website (please tell me what you think/make suggestions) I don't use a template site or anything I do a little web design, so I made it. So suggestions are appreciated. I sent out 693 D.M flyers this week to a specific zip code in my area of houses with 20K+ in equity plus a handful of address I've jotted down when doing the driving for dollars. I'm going to continue to try several avenues until I see at least one lead and then try to perfect that avenue of marketing, but I'm not sure what works in my area the best because I can't find a wholesaler that does deals. So thank you, everyone, for your suggestions and help. I'm going to keep hammering away at this but it has been about a year since I started my journey and it's getting just a little harder every day to keep putting in so much effort and time into something that hasn't produced any results and cost me about 5K so far. @Owen Dashner @Matthew Perry @Ehsan Rishat @Kuba F. @Kevin Scott

@Skyler Mckinney pm me again if your interested in a little more help.  All free but I will need to know how available you are and more details about your budget.  Doing a little training for people in markets I'm interested in so that once I know you are comfortable you can kind of be boots on the ground for my own marketing in that area. No charge for this but I do expect communication and would want to start with a larger background on you and what you are currently doing.  I know you're not giving up as you have been at this for over 6 months so thats a good sign.