Everyone is always trying to figure out the most effective type of marketing, and this drives me nuts. Many of you know I like to hang out in some of the Real Estate Investor Facebook Groups, answering their questions and offering the ugly truth, the real truth, and nothing but the truth. Occasionally I add a twist of sarcasm to keep myself from going crazy in the virtual walls.
Alot of the same questions come up in these groups, which is perfectly normal because it’s a moving parade. New members are constantly coming and going, so some of the same questions and topics come up. But there’s one question in particular that I want to nip in the bud right now. Which is why I’m writing this article on the MOB website, so I can reply to this redundant question by simply posting this link.
The question that urks me the most is : What is the MOST effective type of marketing for (enter whatever list you want here).
Let me start my rant by saying that I’m not attacking anyone personally. I totally get that you want to be the best, most bad ass investor out there, and not waste any of your time and money. I get that. But, there’s more to marketing that just the type of marketing that you use. THAT is what you need to understand.
We ALL know the main sources of leads in the creative real estate business. If not, here’s a list: Probates, Divorces, Pre-Foreclosure, Delinquent Taxes, Evictions, Code Violations, Absentee Owners, etc etc. So once you’ve chosen your target audience, it’s time to determine what you’re going to send them. This is where this nagging question comes in. And I’m going to help you SOLVE THIS PROBLEM forever. Right now.
THIS IS THE MOST EFFECTIVE TYPE OF MARKETING
Just like we know what the main sources of leads are, we also know that main sources of marketing pieces that we send to these people. On occasion, people come up with some creative ideas that they try. Some are hits, and some are misses. But there’s only TWO THINGS that are going to make your marketing campaign effective, no matter WHAT “type” of mail piece that you decide to use.
You can’t sit around dreaming about implementing a marketing campaign. You have to pull the trigger and put it into action. Quit daydreaming and analyzing which postcard you should use, or if you should use the “standard” yellow letter over a “probate/condolence” yellow letter. All of that shit don’t matter. Use a little common sense in what you send the seller, and JUST DO SOMETHING.
Once you’ve developed a habit of implementing your marketing campaigns, you’ll soon discover that EVERYTHING works. They key to success is I-M-P-L-E-M-E-N-T-A-T-I-O-N. Not the “type” of marketing that you choose.
That’s lesson #1
The second thing that you must learn about marketing is that it takes at least 6 touches with a seller before your conversion rates will be worth a shit. A “touch” is a postcard, letter, phone call, or email. Any type of contact with the seller is considered a touch So don’t be foolish like thousands of other investors out there and mail to these people one time. You’re wasting your money. That’s what’s called a “one and done”. Instead, create a plan for EACH list source and touch them 6 times.
Think about the most powerful companies in the world, and how they approach marketing. You should treat your marketing campaign to sellers the same way. What if you only ever saw the GEICO commercial once? Would you remember it? Would you think of GEICO when it was time to save 15% on your car insurance? NO! You wouldn’t. Because of the number of times they touch you, you can’t help but think of them when you need car insurance .
A distressed seller is no different. If you reach out to them with a message that they need to hear, and they keep seeing your message over and over, then when they’re ready, they’ll think of you and they’ll call you. They may not be READY to make the decision to sell their house on the same day that they get a postcard from you. It may be a few months later, which is why a consistent marketing plan with a minimum of 6 follow ups is critical to your success.
Once you try these 2 simple things, and quit squandering with your time, you won’t have to wonder or worry any more about what the most effective marketing is ever again. You’ll already know. You’re welcome.