Some of us are old school real estate wholesalers, who are stuck in our unproductive methods of marketing for cash buyers. It’s time to change that with some new age techniques that will WORK in Marketing for cash buyers!
Let’s go back in time for a moment (or at least dive into some of my email marketing accounts and see if they look like yours).
Traditional wisdom makes us want to add all of our cash buyers to an email list. This list grows and grows by leaps and bounds until we have a giant list of tire kickers. YAY sounds fund, right?
Maybe you’re even like THOSE GUYS in the WHFT (Wholesaling Houses Full Time) Facebook Group that announce they have a list of 30,000 cash buyers. ROFLOLOLOLOLOLOL. Don’t get me started on that topic. I’ll save it for a day when I have severe PMS so I can ream him a new ass.
Ok So we have a nice “healthy” list of cash buyers, all entered in our email marketing software database. Then it happens. You get a HOT DEAL under contract and you want to sell it by the end of the day and get this thing to the closing table.
SIDE NOTE: What do I mean by HOT DEAL? I’m talking about a house in a nice neighborhood that will sell to a RETAIL buyer. Once they rehab it (not BAND AID it), pay closing costs and even a Realtor commission, they’ll be left with a nice profit in their pocket. That’s what a hot deal is….
So, you have a hot deal and you want to tell all of your buyers about it. You open up your email software and create a new Broadcast email. it could be MailChimp, aWeber, Zoho Campaigns, etc. Whichever one you favor. You create a beautiful email with a fantastic headline and full color photos and MAYBE even a link to a YouTube Video that you made.
Guess what happens when you send this email to your list of cash buyers? Only a small percentage of your list will open it. And just because it gets opened doesn’t mean it gets read.
Here’s a screenshot from one of our Email Marketing Accounts (MailChimp) with the open rates over the last several deals that we’ve sent out.
This list that we have in MailChimp is an older , more of a rusty old washed up list. We still send them emails because they might actually buy something, but I doubt it.
Here’s another screenshot from our Zoho Campaigns account. This one is a little different as far as QUALITY. These people are actually “VIP Buyers” or buyer leads that have been added to our list in the CURRENT fiscal year. (More about that process here)
The open rates for these buyers are much higher (obviously) but still not 100% open rate. Even on houses in GREAT locations.
So what is the solution to this? What should you do if you want all of the people on your buyers list to see the house that you have for sale?
The answer is some new age technology : SEND A TEXT MESSAGE!
I started using CallFire
Call Fire is easy to use and has alot of features that can be veery helpful to us real estate investors. I’ve made it part of our marketing process to send out a text message to our buyers list via TEXT. The buyers that are in our CallFire account are the same VIP and current buyer leads that are in our CRM. Every new buyer that makes it through our stringent pre-screening process gets added to the list with email AND phone number these days, so that we can deliver messages to them about our properties.
Take a look at the screenshot from a recent text message that was sent to our VIP list. Notice that the REPLY rate is 17%, which is the same as the Open rate on a regular emails. So by using text messaging as a method of broadcast, our open rates are 100%, and our reply rates are higher than most of our Open rates on emails.
This is a task that your Virtual Assistant can easily do for you as part of your regular marketing process for new properties. You’ll get INSTANT gratification with text messages, and if you have a HOT DEAL, then people will be buzzing around that house within hours.
I’m not saying that you should ditch the email marketing. It’s not quite dead YET. You have to remember that people are all different. Buyers that may respond to emails may not respond to text messages, and vice versa. Some of them may not respond to either. you may have to actually pick up the phone and call them personally (imagine that).
Either way, the more value you can add to your business by using a highly deliverable and responsive method to your buyers, the better off you’ll be. Text messaging is definitely the new age method of marketing for cash buyers.