And how to figure out which ones work for you
Marketing is an elusive beast—it really takes very little time to understand the concepts of great marketing but it can take years to figure out your niche—regardless of industry and across cultures. In fact, it can be so frustrating to “get right” that most real estate investors avoid it all together. Or they engage in employing marketing plans in pieces and don’t spend time defining outcomes or tracking success.
Here are a few strategies to consider:
- Wear your brand— your investing business needs a name and a logo. That logo needs to be on baseball caps, polo shirts, car magnets, heck maybe you want to consider a nice tattoo. Any way you slice it, your body and the things you own make perfect billboards. Is it cheesy… perhaps? Does it work… absolutely! People will ask you what you do. They’ll ask for advice about their foreclosure. They’ll ask if you know a realtor, contractor, carpet guy… and you’ll be the authority with business card in hand. They call that a ‘value exchange’.
- Use corner signs— have you seen those corner signs that say “Mom buys burned houses” or “Investor Looking for Trainee?” Of course you have and some of those signs should be yours. Listen, people who are willing to trust a number on a sign that they saw on the corner by the freeway are desperate. They need help and your sign will literally be “THE SIGN” they needed to move forward. Capitalize on that momentum and those feelings and use them to build your business.
- Social Media— Facebook, Twitter, Instagram, Snapchat… whatever. You have a product to sell and these media outlets not only help you build a brand but they open the door for potential deals in places you might otherwise not be able to reach. Social media is a powerful machine you can’t afford to ignore. So pay your 15 year old niece to help you figure it out. You won’t regret it.
- Email/Website lead generators— you should have a website and a professional email. I know you might not want one but you really should just do it. If you want to build an online brand using click ads, social media and subscription lists you need a website (with content) for people to go and learn more about you and your business.
- Pay for clicks— while this certainly isn’t cheap it can help really create an online presence that will help build a list of interested leads. Think about where you would go online if you were looking for something like a rental. Then find out how much money and other online resources (like a website) you’d need to put an ad on that website. Maybe you’re more sophisticated with your online presence and ready to take on something like Pandora ads, building a subscription list or Google ads. Do your research and then give it a shot.
- Cold calling— granted this isn’t for everyone but calling a list of banks with empty foreclosures they don’t have time to deal with might be the ticket to your next deal or next 50 deals. Come up with well-crafted questions and don’t do all the talking.
- Direct mailing— in our new digital age it is far more likely for someone to look at what is in their actual mailbox. I’m not kidding. Junk mail is something that people know longer fear in its physical form. A really great, colorful, well designed postcard might help fill your open house, find new renters or advertise your buying power. Plus, you can send letters to all sorts of people… probate estates, foreclosures, short sales, vacant properties… people still respond to print on paper. They just don’t know it.
- Networking— Join your local REIA, source MeetUp and actually get out and meet some people. It’s the most overlooked but effective (and relatively cheap) way to market yourself.
So how do you pick the best strategy for you?
Well, consider what you are already seeing in your community both online and in-person.
- Does every corner have the “we buy ugly houses” signs?
- Are all your competitors members of the local REIA?
- Do you see a ton of investors or real estate agents wearing their brands?
- Have you subscribed to other gurus’ email lists—that’s an online lead generator?
- When you google things are you getting ads and click-thrus that relate to investing—better yet have you clicked on them?
My guess is, you already know what marketing techniques you’re willing to spend a little time and $$$ using. Pay attention to those opportunities and make use of them.
The reality is… marketing can change your business and help you figure out what investing strategy has the biggest ROI. I’m not saying it is going to be easy and I’m not saying you’ll always get the results you want; however, you will have a much better understanding of your business and maybe even see an upswing.
Come learn more about marketing at ICOR’s June Meeting!
June Meeting Agenda & Logistics:
6:00-7:00pm: The Investor Lab — Join us for one or all of the following:
Food Served from 6:00-7:00pm
- Workshop Troubleshooting Forum
- "Hot Seat" featuring an expert in deal finding, marketing, financing
- Team & Resource Building
- Haves & Wants and Sharing Success
7:00-8:30pm: Main Meeting — Business Credit vs Personal Credit: How to Separate the Two
8:30pm: Continued Open Networking
Tuesday, June 9th
Wednesday, June 10th
Denver Monthly Meeting – Business Credit vs Personal Credit: How to Separate the Two
(Click For More Information)
Thursday, June 11th
Northern Colorado Monthly Meeting – Business Credit vs Personal Credit: How to Separate the Two