Are you maximizing your current list? The reason I ask is because I see so many people mail a list once, and they are done. You should mail a list at least seven times. That might mean mailing a list every month or every other month. Also, for the leads that do call in, you should be capturing their phone number into a CRM (Customer Relationship Manager). You should be also tracking expenses to ensure you are making more than your are spending. We are the CEOs of our businesses, and it’s our responsibility to ensure the business grows and that we are making the most profitable decisions.
How to Invest in Real Estate While Working a Full-Time Job
Many investors think that they need to quit their job to get started in real estate. Not true! Many investors successfully build large portfolios over the years while enjoying the stability of their full-time job. If that’s something you are interested in, then this investor’s story of how he built a real estate business while keeping his 9-5 might be helpful.
Mail to Lists Regularly
To go into more detail as far as marketing, you should buy a list of at least 1,000 names — or 2,000 to put yourself in a better position. You should mail to 1,000 names every other month. If you go to a turnkey mail service, you can actually switch mail pieces each time you mail. I have mailed the exact same postcard in the past and gotten good results. Now, of course, the more mail you mail, the better the results will be. I understand that you don’t have a lot of money to start with, but simply do what you can.
Now, if you are experienced, then it’s time to step your marketing budget up. Playing small will keep you small. As far as buying a list, there are many list brokers out there, as well as turnkey mail services, that you can start a relationship with. If doing this is too much work, try hiring a VA to do your marketing for you.
Get Organized & Follow Up
When people call in, you should have a system where you can store their number — preferably an online service. I use Podio, which is highly customizable. You can choose any service that you feel comfortable with. Now you need to input the phone numbers of the people who call in with their property information. For the ones who are not motivated or whose price is just a little off, you need to be following up with them at least monthly. I know this task may not be the best use of your time. Try hiring a virtual assistant to do this for you. Also, try collecting email addresses from your sellers to put them into an automated email campaign. I’ve heard some investors say they do a text message blast. Whatever you do, be sure to follow up with them.
Track Data & Create Systems
Another thing we should be doing is tracking. I will admit I am not the best at this — I am working on getting better. I hired a bookkeeper to keep track of expenses and for tax purposes. I also implemented a software that will allow me to track response rate, cost per lead, and conversion rates. These things are important to scale any business. We must know what’s working so we can do more of what makes us money and cut the things that cost us money.
Also, start implementing systems to make smooth transitions when you want to hire people. For example, I just hired an acquisitions manager to handle all my leads. I had training videos for him to watch, the marketing was automated, and the CRM made it easy to manage leads. Everyone’s systems in their business will be different, but it’s great to have them when growing a team. It’s hard to pass things off if you don’t have a procedure. I actually got fired from a job that had no procedure, and I had to figure it out. Let’s just say that was not my greatest strength.
In conclusion, as we grow we will need these things in place in order to go from owner-operators to business owners. We are entrepreneurs, and that means our incomes are limitless, so why stay small if you don’t want to? It’s all a personal choice, and I actually know guys who only want to do a few deals per year. Then you have guys like me who want to max it out. If you are one of the “10x” people, then it’s time to start moving more strategically. Don’t be afraid to hire a coach, join a mastermind group, or get an accountability partner to implement this stuff. Growing is not easy, but it’s worth it.
Wholesalers: What does your marketing strategy look like?
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