Real Estate Marketing is like breathing, it must never stop or you’ll die.
There’s some real estate marketing that’s good for wholesale real estate and some that’s not so good. The only way to really tell the difference is testing. If you go and buy a Yellow Pages ad for your ‘we buy houses’ business, will it bring you deals? Some say yes, some say no.
Think about who actually keeps a phone book. When mine hits the driveway, it usually sits there until recycle day when I dump it right in the bin. I never even open it.
But I live on a street with 4 people over the age of 60. They’ve had phone books their entire lives. My first thought if needing a number is Google. But there is still a large population of older folks who thumb through a phone book.
When you’re finding motivated seller leads, you don’t want to exclude this entire population. The rate of home ownership only goes up as a population ages. You don’t want to exclude your most saturated market.
My first wholesale deal came from a shitty yellow letter that I woulda dumped right in the trash. But the motivated seller could have cared less; it addressed her need at the right time and place. Lesson being, you have to remove your own bias when marketing. What you think doesn’t really matter. You’re finding motivated seller leads, not impressing yourself.
What matters are results. Conversions. Sales. Deals.
Those can’t happen until you put yourself out there. We want you to get started. Everyone is always trying to figure out the most effective type of real estate 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.
A lot 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 real estate marketing 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 REAL ESTATE 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 real estate advertising campaign effective, no matter WHAT “type” of mail piece that you decide to use.
You can’t sit around dreaming about implementing a real estate 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 real estate marketing that you choose.
That’s lesson #1
The second thing that you must learn about real estate marketing is that it takes at least 6 touches with a motivated 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 motivated 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 real estate marketing campaign to motivated seller leads 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 real estate 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 real estate marketing is ever again. You’ll already know. You’re welcome.[/fusion_text][/fusion_builder_column]
This question was asked in the Lounge by one of our Mobsters. I thought it was a great question so I wanted to elaborate on it just a bit.
The question that was asked was…
“Is it possible to run a successful real estate wholesaling business without doing any direct mail”?
The answer to that is yes. But followed immediately by a “why”?
Let’s explore some other marketing ideas for real estate agents to generate motivated seller leads and really put some thought into WHY you would want to do any of these things. Some newbies start out doing some of these things, and I admire the gumption for them to do that.
Want to get access to the Mobsters Lounge and get answers to questions like these daily? Join the M.O.B. Now.
Real Estate Marketing Methods of Generating Motivated Seller Leads
A website is a “must” for any serious real estate investor.
People are savvy these days, and they’re quick to “google” your name and dig for information, including reviews. Having a website where sellers can learn more about the process is very beneficial and will indeed generate leads.
The biggest challenge with a website, though, is getting (organically) indexed on the first page of Search Engines. This was easy to do several years ago, now it takes alot of time, patience and constant updating of your website with new content.
The other option for your website to is to pay to be shown on the first page using Google Ads. This can get expensive, as well, especially if you’re not familiar with how to manage a Google Ad Campaign, and how much you should be paying for clicks, etc. I’m hearing that the cost to close a deal from Google Ads right now is $2,000 – $3,000. Much higher than the cost of direct mail.
If you’re going to implement the use of a website for sellers, use it as a brochure website, where they can go for information about the process of doing business with you. Make it a home for your testimonials.
Have plenty of opportunities for your visitors to leave their information, so that it also serves as a lead generation mechanism.
At one point, I made $86,000 in profit from Bandit Signs.
I was very consistent with the weekly placement of the real estate signs. That is, until the whole Bandit Sign Scandal incident. They’re very high maintenance, and sometimes only last for 15 minutes before they’re headed to the dumpster. Not to mention they can cause you some monetary fines from code enforcement if you’re not REALLY careful.
I do like Bandit Signs for lead generation, as long as you’re tracking your results and can prove that the signs are responsible for a good ROI (Return on investment). The downside is that they’re alot to maintain, hard to manage the placement, and aren’t really targeting any specific person. They’re a sort of “shotgun” marketing, hoping that the right person drives by and sees it. Want to know more? Check out our previous blog post that will tell you everything you need to know about Bandit Signs.
Bandit signs are a good supplemental real estate marketing campaign.
I’ve listed several methods of marketing that you could use to generate motivated seller leads. That is, if you really don’t want to use direct mail as your preferred method. I can assure you, though, that after a few months of using 1, 2 3 or even all of the methods that I’ve listed here, you’ll revert back to direct mail.
There’s no better way to generate a TARGETED seller lead, with very little effort, at a very low cost. Direct mail is a method that can easily be outsourced and scaled to a massive level without raping you of your valuable time.
So the answer is clear. Yes, you can be a successful wholesaler without doing any direct mail, but it won’t be very enjoyable. You’ll be ripping hairs out, drinking yourself crazy, and wishing you were dead. All in a valiant effort to get a deal. Is it worth it?
What did I miss? What other real estate marketing tools do you use to generate leads that I haven’t listed? If you’re using any , please comment below and let us know how it’s working out for you.