5 Marketing Options To Help Grow Your Business
Marketing and lead generation are the engines that drive your business. Without new leads coming in your business will eventually grind to a halt. As a real estate investor you should do something every day to get your phone to ring. This could be something big like starting a large scale direct mail campaign or small like calling a phone number from a bandit sign. Even when your pipeline is full you need to remember that eventually those leads will evaporate. When they do you need new ones to replace them. Your business is only as strong as the volume of your marketing. Here are five marketing options that will help maintain and grow your business.
- Direct Mail. There is no other way of marketing that can jumpstart your business quicker than direct mail. While most investors agree direct mail is not without some downside. For starters the costs add up quickly. There is a significant financial commitment involved in every campaign. Between acquiring a reliable list, stamps, supplies and execution direct mail is often a high risk high reward proposition. The reward is that you will generate dozens of new leads that will turn into deals over the relative short term. The risk is not executing the campaign properly and essentially throwing money out of the window. If you are going to commit to direct mail you should be all in. This means spending a few extra dollars getting your letter or postcard looking exactly how you want it to. It means committing to sending it a half dozen times or more before you even start. It means having a follow up and lead retention systems in place as soon as the first call comes in. Direct main is often considered money well spent if you know how to handle the logistics of the campaign.
- Classified Ads. While there are plenty of changes to the business some things still remain the same. A segment of people still rely on their local newspaper to buy, sell or rent real estate. You should a few hours out of your weekend and scour through the classified section of your local newspaper. There is typically one weekend day that has a bulk of classified listings. Call every rental listing and see how open the owner would be to selling in the right situation. You may be surprised to discover just how many landlords are fed up and frustrated and would be open to selling. A good number of landlords are renting out their previous primary residence and don’t own any other rental properties. You can also reach out to other investors or fsbo owners. The classified section of your newspaper may not seem like a likely source for deals but can be a hidden gem if you are willing to try it.
- Social Media/Internet. The internet has completely changed the way marketing is done. With a click of a button you can reach hundreds of people at once. If you are looking to grow your marketing you should focus on all of the various social media platforms. Start with your own personal website. Take the time to post a written or video blog every day. From there you should post that link to Facebook, Twitter, Instagram and every other site you are a part of. If you do this for 45 days straight you will get dozens of new potential contacts which ultimately may lead to deals. The key to utilizing social media is consistency. You have to make your posts almost to the level that you feel you are being annoying. The more people see you and your posts the more likely they will reach out to you. Social media is something that only takes a few minutes a day but can change the way people think about your business.
- Network. A bulk of real estate deals are done between people inside a local market. If you want to market yourself you need to get out there and talk to as many people as possible. Going to a local real estate investment club or networking group after hours isn’t always the easiest thing to do. You are tired, hungry and may not feel like talking to people. However if you make the sacrifice just a few times a month you will see the benefits. Getting out there and talking to fellow investors, real estate agents, hard money lenders, attorneys and mortgage brokers puts you on their mind the next time a deal comes their way. They may not be able to help a seller out but because they just spoke with you they may send it your way. If the lead turns into a deal this may be the start of a mutually beneficial lasting relationship.
- Bandit Signs/Driving For Dollars. There is plenty of work and marketing to be done from your car. Without even realizing it you probably drive by several bandit signs every day. Instead of dismissing them reach out and give them a call. See if they have deals in markets that they may not want to work in. You can offer to reciprocate the favor to them as well. You may call ten bandit signs and nine may not want to work with you. However all it takes is one to change your business. The same is the case with every distressed property you see. Nine may be dead end properties but the tenth may have a seller who is looking to complete a quick transaction.
Lead generation has to be something that is a constant focus. Don’t lift your foot off the marketing gas pedal. Having more leads than you can handle is a good problem to have.