I have been working on my business plan for the last week or so. Research has been a huge part of it, though I have a good portion of the plan written now. What I am looking for now is some help with making a marketing plan when I am first starting out.
I am not by any means a marketing expert. In fact, I am more of a newbie when it comes to marketing than when it comes to investing in real estate. I have assisted with being landlord for my parent's properties, and we have only used Craigslist. What I am wondering is, what does a top-level marketing strategy look like? I have spent many hours on Google trying to find an answer, but I feel like I am spinning my wheels.
What better place than here to find answers? Thank you so much!
Your marketing strategy is all about your budget. If you don't have a big (multi-thousand $ per month) budget, your plan will be restricted to free and inexpensive means. If you have a few hundred to a few grand a month, you can start to do things that really work like PPC and direct mail. The important thing in your plan is to always invest part of your income from flips back into your marketing budget.
“Spectacular achievement is always preceded by unspectacular preparation.” ~ Robert H. Schuller
Thank you for the quick feedback. I am going to be restricted to free and inexpensive means at first. I am looking to build a landlording business as the world of flips is scary to me at the moment. But, I get what you are saying, and part of my monthly cashflow will be put back into the advertising budget for when someone moves out.
What I was more looking for is how to build that over-arching strategy that can be written down. I am concerned about things like building a brand and determining what kinds of strategies might fit into that. I feel like going out and just plastering web boards and local newspapers (or even PPC and direct mail) might be effective in the short run, but what does it say about my business in the long run? To become a landlord that people seek out to rent from because they know my business is what I am ultimately looking for. Kind of like the We Buy Houses brand is for flipping. That kind of thing doesn't happen without a good plan right from inception.
I am looking to build a business that my kids and grandkids can enjoy, or at least one that has value that they can sell if it's not their type of thing. Making money each month would be great, but I am more interested in lasting wealth. I am not looking to build it out nationally, but if my business could become a good locally known community pillar, then I would feel like I was able to reach my goal.
Anyone else taking this approach to their marketing? Am I just being naiive? Is there any advice that you guys might have? Again, thank you so much.
What kind of investing are you going to be doing? Flipping? Rentals? Apartments, single family, etc.?
@Trevis Kelley what size is your market? Personally I haven't seen too much marketing by landlords. Sure each big box company has all their properties on web site so I suppose if you were moving from city A to city B you would be inclined to use them if they had properties in both. Outside of that, I don't see anyone marketing for brand recognition. If I google my area for an apartment, all the first page results are places where people advertise apartments for rent (craig's list and rent.com). There are a couple of pay per click ads for apartment complexes. I understand what you are trying to do and perhaps in a smaller community it would be beneficial.
@David Hunter I would be interested in single and multi family rentals.
@Bill S. My goal would more be a community presence than online. My market is a town of about 50,000 and the surrounding area. I would be using some local online advertising, but for the most part, I am only interested in building a business in my local area. I am eventually wanting to move to Colorado (Boulder area), but that is later down the line. Until then, I want to learn the real estate business, make some money, and build some equity. I would also like to learn what I can about building my local brand, so that I can establish one in Colorado. I am trying to learn what I can before I get started. It's just how I operate. I have given myself a 6 month timeframe to start investing in. Once I get to 6 months, I have learned enough and I am going to go out, evaluate properties, and buy one.
Thank you all for the advice. I think I am getting some ideas on how to make this happen.
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