It happens to almost every new real estate investor. You start out marketing like crazy, doing everything you’re supposed to be doing – this includes direct mail, bandit signs, networking and flyers.
And thanks to all of this marketing your phone starts to ring off the hook and perhaps you get a few deals from all of the calls. Excitedly, you start working on all of these deals, investing a good amount of time in them. But once you’re done, you realize your phone hasn’t rung in a while and you have no other deals in the pipeline.
So what happened? Well, you got so caught up in closing the deals that you stopped doing your marketing and didn’t put up any bandit signs or mail out any letters. I see it happen all the time and all investors are guilty of it every now and then. However, one of the secrets of long term success in this business is consistent and constant marketing.
This means you’re marketing like crazy when you’ve got no deals and you’re doing the same amount of marketing when you’re in the middle of closing five deals. I know that if you’re closing multiple deals you’re very busy and it’s stressful because you’re likely working a full-time job too.
But you have to do this.
Once you stop marketing the leads quickly dry up and you’ll be in a constant “feast or famine” which is a tough way to find success.
So what’s the best way to ensure that you don’t stop your marketing when you get busy with deals?
First off, you’ve got to have a simple marketing plan. For instance, I keep mine in an Excel spreadsheet. The spreadsheet lays out my entire marketing plan for the year. It shows the dates I am supposed to mail 2,000 letters, the dates I have REIA meetings, when I am putting up 50 bandit signs and when I am passing out 500-1,000 flyers.
No matter what…
I look at my marketing plan every single day so I know what I should be doing. Once I look at the plan, I simply assign the various tasks to my virtual assistant. These could include contacting the person who puts up my bandit signs and arranging for him to put them up on Friday night.
It might include assembling direct mail letters and mailing them out and several other things she does for me. My point is, even if you’ve got a full-time job, you can delegate the majority of your marketing activities to other people.
However, you have to be the one to implement your marketing plan and make sure that it’s highly organized. In fact, I bet 8 out of 10 investors don’t have a 12 month marketing plan written down. And if you’re one of them, I’d sit down and take an hour or two tonight and make one. If you do, then you’ll never wake up wondering, “What should I be doing today to take my business to the next level?” The answer will already be sitting in your Excel spreadsheet, and year round your phone should steadily be ringing with potential deals.