The vast majority of real estate professionals who attempt to make a living in the industry fail within the first few months. The key is to first develop an effective marketing strategy, and then consistently apply discipline to implementing that strategy. There is a lot more involved, and in this post you will find additional strategies, hacks, and one-of-a-kind real estate marketing approaches.
Is there anybody in your community who doesn’t know you work in real estate or that you’re a homebuyer? If that’s the case, your real estate investing firm isn’t getting the exposure it deserves and you might be doing a better job of promoting and presenting information about real estate investment. Time and time again, I hear from real estate investors who lament the lack of seller calls and transaction leads that would allow them to make a career in the industry. In my opinion, if you ramp up your advertising efforts, you’ll soon be fielding calls from eager potential buyers. In addition, word of mouth is everything, so if you advertise to the world (or at least your region) that you purchase troubled real estate assets, sellers will start calling you based solely on your reputation. It’s called “efficient advertising” when it’s done like this.
A real estate agent walked passed two men in an aisle at a home improvement shop a couple of weeks ago. I overheard a discussion in which someone said, “That is the real estate guy,” as he passed by. Now, I didn’t know either of those guys, and I still don’t, but that experience taught me that I needed to let the public know that I’m in the real estate industry there. Getting the word out that you’re a real estate investor and that you acquire foreclosures, distressed homes, complete real estate short sells, and have a wealth of real estate knowledge and expertise to flip properties may be done in a number of different ways. There are low-cost and high-priced options available. In order to generate the calls you need to close real estate transactions, you will need to experiment with different approaches until you find what works best for you in your area. While there are numerous ways to advertise a real estate business, I’ve found just a few regularly generate enough interest in my services to allow me to buy the two or three properties and homes I’d want to own each month. Here are a few examples:
I found that the classified ad section of the area’s most widely circulated newspaper generates the greatest interest from potential buyers of investment property. I know it’s expensive and I know that sometimes it doesn’t bring in calls, but if you’re going to keep working in the real estate investment industry, you should simply leave it in there. You’ll just have to accept it as the price of doing business in real estate. To run my four-line ad for a month, you may expect to pay about $350.00. This is the typical price range. To remind people at all times that you are a real estate expert and make purchases in their area, you should probably run it 24/7/365.
In the last several years, I’ve seen a lot of “real estate investor” commercials come and go. Most people leave them in for many or a few weeks, then take them out or experiment with just wearing them on weekends. This strategy will never work in the real estate industry. You should run a permanent real estate ad in the publication. Trust me, when you close your first sale, you’ll realize that the investment was well worth it. Do not be alarmed by the abundance of other real estate investors’ advertisements in there if this fact causes you tension. They’re still hanging around because their messages are being read. You may save money by always keeping your mobile phone on and actually answering calls.
Every time a new ad for real estate investment information appears in my newspaper, I make a point to contact the company. The vast majority of the time, I am routed to a voicemail or answering service. This is a major deterrent for anybody seeking immediate relief from their housing crisis. They need to talk to someone who can reassure them that the problems they’re having at home are temporary. They need a live person, not your answering machine. You’ll need to put some thought into what to say in the ads. Since adopting my current approach, which is now more than four years old, I have not attempted any other ideas. That it gets answers has kept me from switching it. That’s why my ad reads:
We buy houses in 24 hours for CASH! Call xxx-xxx-xxxx for any area, price, or condition.
Others in the real estate industry have tried to displace me at the top of the column by switching the order of their ads with mine, but it hasn’t helped my business in any way that I can tell. Just get the ads out there and forget about all the other stuff. It can take a few weeks to begin rolling, but eventually, vendors will start calling. After you have your classified ads up and running, you can shift your focus to other forms of promotion. Even if you simply implement one suggestion every week, you’ll have a highly effective strategy for buying property within a few weeks or months.
Commercials in the Free Papers
You might also promote your real estate investment business by placing ads in free newspapers in your target market. Whether you know it as the “Thrifty Nickel” or something else entirely, they are one of the most common types of coins in the world. We spend roughly $175.00 per calendar month on two advertisements, one in the newspaper’s column and the other in its display section. They’ve always been able to justify the prices and bring in a fair amount of seller leads. Keep in mind that these people are often amenable to discussing conditions on your rates, and that you will likely obtain a better rate if you commit to a longer advertising deal.
Signs for Bandits or Traffic Signs.
Wonderful bandit signs. They are among the most effective lead generators available. So far, I have not found a successful marketing strategy that does not result in an immediate deluge of calls after releasing a large quantity. It’s simply that I seldom set them up. I could put up six or so a month, and the ones that stick around and don’t get removed keep generating inquiries. They are one of the most cost-effective methods of promoting a property, costing an average of less than $4.00 per sign. To save money on signs, go online for a sign company. Using 18×24-inch signs, I place them at major intersections all across the city where I want to buy real estate.
When I buy a home,
I also put a sign in the front yard right away. As a consequence of this advertising strategy, I have bought other properties in the same areas.
Wooden stakes are also an option, as are the wire stakes. Wood stakes are my preference since they are more durable than wire stakes and because you can purchase a cheap stake or piece of wood of almost any size at your local hardware store. It’s sufficient to purchase extra-long lengths and have them cut to size. Then you may either use screws or orange/green roofing nails to attach the sign. The actual text shown on the sign might be worded in a variety of ways. You should make your message brief and easy to understand since traffic will be flowing quickly. In addition, your phone number has to be prominently displayed.
You will see that the content of the sign advertising is identical to that of my paper ad if you do a search. You want to have contrast, so a white sign with dark blue lettering typically is the greatest draw. I want to trademark my advertising because I feel it helps with identification, and that’s probably why the two people spotted me as a Real Estate Professional. Black on yellow and black on orange are color combinations that have devoted fans. Again, I stress that the most important thing is to be actively promoting and putting up signs, regardless of the content. Maintaining a level head in your real estate marketing can help you establish credibility and a recognizable brand over time. Always make sure the authorities in charge of enforcing the law are aware of the problem of bandit signs. Some jurisdictions are more lenient than others when it comes to these signs, but just a short drive to a different county or city might result in a hefty fine, the removal of your signage, and a hunt for more of your posters. In high-tax regions, retailers that display A-boards risk having them sized and subsequently punished.
Ads on bulletin boards and flyers
Promoting your business as a real estate investor who purchases foreclosed or otherwise troubled homes may be done on the cheap by disseminating flyers and other material. Create a flyer advertising your services as a real estate investor and include your contact information using any of the many free online flyer software websites available today. You can make copies for very little money, making this a fantastic option for low-budget real estate promotion. It’s as easy as that, really. The next step is to post these fliers on every notice board in the area where you’re looking for a buyer for your foreclosed or distressed property. To protect them from the elements, I suggest hanging some of them from telephone poles in the communities where I am most interested in purchasing real estate. On poles throughout the neighborhood, they aren’t as noticeable as the bandit signs, yet they still generate calls. I keep a folder in the vehicle and post them everytime I visit a supermarket, warehouse club, or anywhere else with a filing cabinet. Besides that, you may also put them:
You may put them in laundromats, on the inside of phone booths, or on the counter of any company that will allow you to do so.
You may post your ad on the bulletin boards found in most grocery stores and any big rebate retailer.
The mortgage broker or real estate agent you fax it to may receive a lot of them, so it’s best to phone them first.
Use a Door-to-Door approach in key areas
Notice board at the job center Notice board at the county courthouse or other official office
These are only a sample of examples. You can put it somewhere that won’t get in the way. In the current foreclosure market, a real estate investor can never have too many contacts.
Advertising and/or Personalized Swag
Here are some tried-and-true methods that can guarantee you an increase in leads and phone calls as a Real Estate Investor.
Some of my most cherished and enjoyable times have been spent doing them. They may not generate the most leads or be the most cost-effective, but they will set you apart from the typical investor.
Pen blades are the coolest things ever invented, looking like little Swiss army knives. It turns out they’re keychains, and here’s what I had mine say: Within 24 hours, WE CAN BUY YOUR HOME FOR CASH OR TAKE OVER YOUR PAYMENTS! Don’t hesitate to contact xxx-xxx-xxx If you gift someone one of these, they will keep it and remember you every time they consider selling it. The price per unit is around $1.75.
Whenever I see a key chain, I know that it’s one of the many that I’ve given out to new homeowners. Your own message may be printed on items in the form of a home, a 1, or any other design of your choosing. My bio is very obvious. Each one will set you back around $0.25.
I can’t imagine life without pens. I always forget to have my pen with me while signing a receipt or other document. I have lost count of how many times I have cried into one of them, and since I use them so often, I never seem to be without a spare to give away. My lawyer keeps extras on the closing table for clients like me. There are two copies that I own. Both the “We Buy Homes!” and “Everyone Qualifies” signs are aimed at sellers and potential buyers, respectively. Total price works out to roughly $.26 cents per item.
Holders for Coins – Because of how uncommon they are now, whenever I bring any out, people are always amazed. I seem to lose these items constantly. Bright yellow with blue lettering spelling out my message—those are mine. Price per unit is around $.30.
To spread the word about my business, I post fliers on gas station dispensers and at the grocery store and department store checkout lanes. If I give out 100 pens, 50 knives, and 50 coin holders per month, it will only cost me a little over $100. Indeed, it is still a low-cost promotion. The profit from an investment in real estate effectively makes this a “free” kind of advertising. Many large promotion marketing manufacturers stock these items, and you may also look for suppliers online.
I purchase thousands of business cards at a time, and you should, too; there are many of excellent internet resources capable of producing high-quality cards at little cost, some of which even cater specifically to the real estate industry. As for business cards, I hand them out liberally and place them wherever I can since they are so inexpensive ($50 for 2000). My children also have a stack of business cards to hand around, and you can find one of mine on each given restaurant table. At least one package should be sent per week. The more straightforward the card is, the better.