I've just gained a parter in the real estate game (whoohoo) and we've just gained some cashflow and would like to start out with a 1000$ in marketing. Investors, brokers, wholesalers, ect how would you use the thousand bucks to gain more cash flow and get more leads as far as flipping properties ,turnkeys. marketing to buyers ect?
@Kortez Walker , I do direct mail marketing (absentee owners and probate) and get a lot of leads but here are some other suggestions:
- Hiring a bird dog to find vacant properties. Haven't done it yet but for about $5/lead you get owners name, property address and mailing address.
- Hiring a bird dog to cold call FSBOs and give you the lead information. Haven't done it yet but for about $7.5/lead you get the owners name, phone number, property address, reason their selling, repairs needed, mortgage info etc. etc.
- Creating a website and driving traffic to the website through organic SEO - other than the website cost, you can do the constant content update and it's free!
Good luck and keep us posted.
The first thing I did about a year ago was create a website on wix.com, it costs $25 setup and $10/month. I then setup Google adwords and Bing adcenter to drive Pay per clicks to the site. Within a month I had my first motivated seller, got it under contract and sold it to a cash buyer for a substantial profit. At the same time I hand wrote 250 yellow letters and sent them out. I did not get any deals from the letters but they provided a GREAT education in talking to sellers!
I would spend the entire amount on expanding your direct mail campaign.
First off, you need to begin with the end in mind, you need different strategies to hit all the different things you mentioned.
If I had $1k and wanted seller leads, I'd do a canned website- investor carrot has a good one for $30/mo. Do an adwords campaign, but do a lot of key words and bid low. I was getting about 15 leads a month for about $100. Watch your caps and cpc, though, that stuff can get out of hand quick.
Do a postcard mailing and link your website, I think I did 1000 for around $350. Plenty of lists to choose from, I like delinquent taxes, but a lot will depend on your market. That should get another 10-30 leads. Some calls, but that traffic to your website will boost your web leads a lot. You'll also get calls months later off the post cards.
Honestly, I'd work those, then up it from there. A big newbie mistake is spending a bunch on marketing before you know what to do with the leads (or how to market). You dont want to spend too much on getting millions of leads you don't convert, or worse, spend money that doesnt generate leads. The adwords campaign is nice because you can turn in on and off based on how busy you are. You can be way more targeted on your mailout, though. If you get enough leads and make enough offers you'll get some accepted, but you want to work them thoroughly, record some calls, tweak what you are saying, etc. There is a process to working leads right.
If you're marketing to other investors, you just need to get out and hit all the meetings in your area. You can get some cards and such, but I rarely use mine. If I don't think its important enough to put the number in my phone, I'll probably never call them anyway.
Also, not trying to be the spelling police, but good grammar puts a good foot forward in business so thought I'd point out that its "etc.", not "ect", which is short for et cetera, which is latin, so you are hereby forgiven for misspelling the abbreviation of it. I would also recommend putting the dollar sign in front of the number when making offers...
Thanks @Darrell Shepherd this will most definitely help.
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