Real Estate Marketing is often overlooked by amateur investors, which is a shame because it’s one of the fastest ways to grow your business. In fact, if you aren’t marketing, it doesn’t matter how good you are at what you do or how amazing your offer is to your ideal client. If you aren’t reaching the people you want to work with to get the opportunities that will advance your real estate investing career, then you’re running a ghost of a business.
Marketing is key.
Marketing creates leads, which creates clients.
Everyone needs a marketing plan, but few know how to put one on paper, track the analytics and results, optimize the routine for success, and repeat for long-lasting results.
You may know what it’s like to work with leads, even if you don’t market too much. If you’ve been hustling long enough, you may have some leads without a mass marketing strategy. In fact, I’ve seen people stumble on leads and have those leads turn into successful projects. But it doesn’t happen often, and why place all your bets on a rarity?
Let’s get you a system for marketing to bring in consistent leads so you can scale up to a successful, sustainable business.
You get a lead, you work the lead, and it either turns into a new project/property/broker client, or it doesn’t. Then, you must start over with this lead cycle.
But if you aren’t marketing, who’s lined up for your next lead cycle?
If you don’t have consistent marketing that drives consistent leads, you are going to make different decisions with the small number of leads than you would with a steady amount. You could end up exhausting a lead or giving into a deal that won’t result in maximum income because you were afraid that if you stood your ground, you’d lose the only opportunity you have.
It’s a numbers game out there. You need your choice of projects to assure you get the ones that will make you money, and you need leads to have those opportunities.
Consistent marketing will get you those steady leads so you can put together more deals. And to have consistent marketing, you’re going to need to invest.
Either you’ll invest money
or you’ll invest time.
You should have 3-5 marketing strategies for your real estate investing business.
A strategy would be bandit signs, “driving for dollars,” direct mail, cold calling, etc. Websites, blogs, craigslist and social media presence are also good ways to create leads.
Some of these strategies are free (Craigslist, driving for dollars, blogs), but take an investment of time.
Other ones will cost you financially and require a minimal time commitment (bandit signs, direct mail, web hosting, social media ads).
You could hire out your marketing right away to minimize your time commitment, but it’s going to cost you more financially and won’t be a 100% relief of your time because you’ll have to handle the hiring of and management of your marketing team. If you choose this route–either through an agency or an in-house team member–you run the risk of it not working (but you can mostly defer that risk by heavy vetting and due diligence… but that doesn’t save you time, does it?).
Or, if hiring a marketing team works and brings you leads, you run the risk of not knowing how the process works and being unable to repeat it yourself. This chains you to outside help, and though I strongly encourage outsourcing where needed, you must know the basics of marketing to be able to repeat it.
Whether you advertise with flyers, by passing out cards at your local REI groups, with networking relationships (which can be extremely lucrative), or you dip your business into all of these strategies, the important thing is to figure out which work for you and be consistent enough to collect data.
Don’t put all your eggs in one basket, though. Diversify!
How many hours or dollars do you have to invest to get a lead?
How can you streamline what you do to make it easier?
Are there any strategies that you can automate?
Plan Out Each Strategy
Once you know which strategies you wish you employ, you need to get detailed by breaking these strategies down into reportable steps. What do you need to do to carry these forms of marketing to completion?
Do you need to write ad copy (or multiple versions to do A/B tests)?
Do you know who you’re marketing to? What demographic? Which areas?
How are you going to send the right message to your ideal client?
Do you know keywords to use in your titles and subject lines?
How are you going to record your leads (and their information) so you can properly follow up?
Determine Your Budget
Determine both your financial and hourly budget.
It’s ambitious to say, “I’m going to get 100 new leads this week!” But you need to have an estimate of where those leads are coming from, how much time and money you have to invest to set those channels up, how much time and money it takes to work those leads, and be able to budget all of it.
You can reach any goals you desire, but it’s important to start with what you CAN do and improve from there. If it takes you 10 hours to produce your first 10 leads, then how many hours will it take to produce 100 leads? 100, if you stop growing.
But, let’s say the following week, you put the same 10 hours in and get 20 leads. You’ve doubled your output by improving your system for marketing. How do you grow? Funny you should ask…
Schedule Your Marketing with KPIs
It doesn’t do you much good to collect a bunch of leads if you aren’t determining if they’re good or not.
I can give you tens of thousands of leads in two seconds. Go pick up your phone book. “But those aren’t good leads,” you say. Bingo.
You want a lot of leads, and you want appropriate leads. The only way you’re going to be able to determine if you are producing good leads is by keeping track of them, where you acquired them, how you work them, and the results they bring. You can find software to help, keep a spreadsheet on your computer, or just track them the old fashioned way on paper.
The important thing is that you track them and find ways to improve.
Delegate and Outsource
Once you know what process works for you, you can hire out some or all of it. Get a member of your team who can put those tedious tasks to work for you; writing email copy, craigslist ads, ordering banners, stuffing envelopes, etc. You can even have someone track the results of each lead.
But you still need to keep your finger on the pulse.
It’s probably not a secret that I don’t do my own marketing. I’ve been in this business a long time, and I’ve taught thousands of people and seen so many success stories come out of my system that I’d be here all day listing them if you let me! If I were consumed with marketing efforts, I wouldn’t have time to explore new strategies, open new classes, scale the company, and change lives.
I wouldn’t be where I am unless I outsourced the marketing, and neither will you. But first, know what you’re doing and how it works, and then KEEP your finger on the pulse of it.
Remember my formula:
Keep marketing. Try different things. Switch it up when the times change and old strategies stop working. Don’t be afraid to invest the time to make it work. Few things are as important as marketing.
And if you’re feeling lost, have you considered getting help?
We can connect you with a real estate coach to help you with your investing strategies and methods. Give us a call to see if you’d be a good fit for this program; not everyone is. We only work with people who are serious about growing and highly motivated to make the necessary steps to be successful. If that’s not you, just keep coming back to our blogs to get the information you’re looking for. But if you’re serious about being a success story, give us a call and we’ll find a way to help. (800) 473-6051
To Your Success;
Lee A. Arnold
The Lee Arnold System of Real Estate Investing
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