Do you have a marketing budget? I know, the late night gurus said you didn’t need money to flip properties. But, they lied. You need money for direct marketing, you need money if you are putting up signs, you need money for gas to drive for dollars. Sorry…it is what it is. Come to terms with it and determine how much money you are prepared to spend on marketing every month. You have to look at this almost the same way you look at a car payment. Expect to spend it every month so that your marketing is consistent. The key to marketing is consistency. So, even if it’s $100 a month or $25 a week, make sure it’s something you can financially handle consistently.
Have you set your schedule for working your business and set aside time to market for leads? You have to set your schedule and work your schedule just as diligently, if not more than you would for a J.O.B. If you have 15 hours set aside for your business, make sure of that 15 at least 5 are focused on marketing for deals. Be sure to also set aside time for face to face marketing. It’s key to develop a buyer’s list so that you have more options when you are considering the exit strategy for your deal. Do you want to wholesale it? Do you want to JV with a local investor who may have more experience than you? Do you want to buy and hold? Do you want to rehab and flip? I kind of laugh with that term. Our speaker for May 15th Ken Olson hates the word flip. He would much prefer people say rehab and resell. He will tell you why at the meeting, but, it really has to do with bankers’ perceptions of the word and how it can negatively affect how you are perceived. But, I digress.
There are a variety of ways you can do direct mail marketing campaigns. But, there are things that you should have in place. It’s not necessary to have a website, but, it sure helps and nowadays it doesn’t cost much to have a website. It’s good to have a site for buying and one for selling. Nowadays, having some sort of online presence is key. Also, when you are doing your direct mail campaigns, you can give people a place to go to look and learn about you before they have to get up the nerve to call you. People buy and research everything online nowadays, so, give them something to search for where you and your real estate investing business is concerned. It doesn’t matter whether you are wholesaling, “flipping” or buying and holding to find deals, it’s best to be online.
Make sure your marketing is congruent so that your website matches your business cards an any marketing material matches the website and be aware that you are building a brand. If your brand is muddled, people will be confused and even if they find you they may not contact you.
How do you build your lists?