Good morning folks,
So, I’ve been working with a few coaching students, some this was their 2nd free coaching session that came with their memberships, others are a part of our regular coaching program. I do want to give a shout out to the efforts they’ve all been making….check out their progress on their blogs on their websites:
Lee Kravitz – http://lskrealestateinvestment.com/blog/
Tanya and Keri Akmezikyan – http://watchcitypropertyinvestments.com/blog/
Tom and Katie Dang – http://maximusrei.com/blog/
Zyon Bessette and Terri Naroian – http://besetresolutions.weebly.com/adventures-of-a-14-yr-old-real-estate-investor
Lisa Green – http://trueidentityresidentialsolutions.com/blog/
Most of these latest coaching sessions have been focused on the website, blogging, generating leads to get the first deal under their belt. Some are frustrated because they haven’t done a deal. I figured I would share the lessons in this blog post.
For the newer folks focused on real estate investments, who are in the beginning stages of building your business, understand, it can get a little frustrating at first because your emotions are so geared towards doing a deal. This is where you need to be careful, so that you don’t do a deal that you shouldn’t be doing, where the numbers don’t work because your emotions are pushing you to do a deal. The key to investing is consistency in your marketing. In Diary of a Newbie Real Estate Investor, Mike and Jacqui blogged from Feb – June, they were frustrated, sick of listening to me talk about marketing, tired of hearing that direct mail marketing only gives you a 1 to 2 percent return and many of those will be, “take me off your list”. But, the key is they were consistent. They worked with Thrivehive to improve the SEO on their site, targeting their market area and by all accounts were discouraged and thought we were crazy. Then around the 3rd week of June, right before the Boston AREIA meeting, they got a hit on their website, the offer was accepted, the rehab went smoothly, the may a boat load of cash and they are onto rehabbing a 4 family that they are going to rehab and hold.
So, really, lesson 1 – Marketing is something you will have to do for the life of your business. It needs to be consistent and there has to be a focus on it weekly. It takes time to build the platform and to fill the funnel so that something drips through….I pulled an image of a marketing funnel for you to see –
At the top of the funnel there are more leads, most of them are unqualified, they are visiting your website for a number of reasons, they are another investor checking out what you are doing, are in the beginning processes of selling and doing some initial research, an SEO scammer perusing the website looking for your email to send you why and how they can get you on the front page of google. As people move lower in the marketing funnel, there are less and less leads, until eventually there is a qualified lead that has a property that is priced right and it drips out the end of the funnel. The funnel doesn’t fill itself over night. It takes time, so, be patient, be consistent and for goodness sake DON’T STOP. If you stop the marketing efforts you started 1, 2, 3 or more months ago, the funnel goes dry and you have to start all over again. Stop and start does you no good! Be consistent, eventually it will pay off. For some folks, it’s 3 months, for some folks its 6 or more. They key is to be consistent and don’t stop.
So, blogging, “Oh, my goodness Bernadette, I am a newbie, what the heck do I blog about?” Ok….the purpose of blogging is to draw attention to your website, let people learn to know like and trust you, people do business with those we know like and trust and to build your SEO in a way that you are getting deals where you want. So, when you blog, be personable, be funny, let your YOU LIGHT shine. I know I know, there goes Bernadette again with her Energy is Everything talk. You have to be you for people to know, like and trust you. So, be you! You also have to put real effort into it. What you put into anything is what you are going to get out of it. Also, find a way to weave into your blog where you want to invest, “So, we were driving for dollars and looking for properties in Dorchester, MA today…” The reason that the folks even found Fitz Properties website is because it is laden with references to Framingham. So pick your target markets and include references to locations when you are blogging. Then, blog about what you are doing, the progress your are making, if you come across a great article, if you learned something great at Boston AREIA, blog about it. If you link to Boston AREIA and you tell me about, I will find a way to link back to you. And, guess what? With that, you leverage my SEO to build your own.
Last topic – networking – “So, Bernadette, we do the forced networking and we get all these business cards and we email the people and like 1 percent of them actually respond, what is the purpose and why do they even get in line if they aren’t going to respond, I mean, I go home and I sit down with the cards until 1am or later emailing everyone and I barely get responses, what’s the point?” Ok, so, let me be clear about forced networking or networking of any kind, I thought I mentioned this in the meetings, I will have to be more clear on the 18th and future meetings.
STEP 1 – Get the card
STEP 2 – After the meeting, before you leave the meeting, connect with a few people and set a plan to email or call to get together for coffee.
STEP 3 – Set time each week to call all of the people from the cards you collected to set a time to meet.
Real estate is about building relationships. This isn’t the movie, “You’ve Got Mail” and you can’t build a real estate relationship with someone via email. If you didn’t talk to them specifically after the meeting and set a time to call, email or connect to schedule a time to get together, YOU HAVE TO CALL THEM! Think about how many emails you get a day. I get hundreds. And, if I don’t know the name and the subject line doesn’t say, “Nice to have met you at…..”, I just delete the email. Now, Boston AREIA has great response to emails. Sometimes close to 20 percent open our emails which is phenomenal for the industry. But, that’s still 20 percent. The average is much lower. If you want to build a true relationship that can turn into a valuable partnership down the road, PICK UP THE PHONE! Energy is everything, what you put into it, you will get out of it. If it’s quicker and easier to just email…guess what response you will get. Not the one you are looking for. So, one last time for emphasis, YOU HAVE TO CALL THEM!
OK, so I’m off the soap box now. If I don’t see you at our meeting on December 18th, Merry Christmas, Happy Hanukkah, Happy Kwanzaa or whatever it is you celebrate and here’s to a prosperous New Year!
Bernadette Trafton, Boston AREIA Chief Connector