5 Steps to Successful Real Estate Marketing

There are essentially 5 steps to being successful in real estate marketing. Before we go into the 5 steps of real estate marketing, I want to encourage you to become a student of marketing. The moment that you are able to find your own deals – on demand – the more money you will make! It’s a direct correlation.

When I started out in real estate, I didn’t understand how to “really” market for deals. I was depending upon real estate agents, local real estate investing groups, etc. I did a lot of deals, but I realized I wasn’t making the kind of money I knew I could in estate.
Follow these five steps to successful real estate marketing and you’ll be on your way to filling your own funnel full of five-figure deals.

  1. Define Your Target Market: You must be focused; If you run in too many directions, focusing on too many real estate markets, you’ll always be skipping around, never getting ahead. You need to learn overcome objections; you need to know how to handle the different situations that arise. Once you master one market, then you can duplicate your system across market after market. For instance, you may choose to start working with foreclosures or out of state owners. Once you get the real estate marketing system in place for one, add the other. Then, you can simply duplicate it over and over again! The single most important thing to remember is that you MUST target motivated sellers… PERIOD.
  2. Execute your plan: It has been said that successful real estate investors have three things: specialized knowledge, ability to take action, and consistency. It’s not enough to have the knowledge. You have to act on that knowledge. Let’s say your real estate marketing strategy involves bandit signs. You need to have a system for distributing signs on a consistent basis, a consistent method for filtering leads, and a bullet-proof follow up system. If you’re going to execute a direct mail campaign, make sure you have a system for sending out the whole series. For instance, our foreclosure direct mail system consists of 6 sequential postcards. It doesn’t do you any good to come off the starting block at 100mph if you don’t have the ability to sustain that pace or the have tools to fulfill the plan. If you only have the resources to send the first postcard, don’t bother wasting your money. Find another real estate marketing strategy.
  3. Pre-screen your leads: Scribbling notes on the back of an envelope while you’re driving is not a system! We actually send our leads to a separate voicemail line or a call center depending on the marketing campaign. Our students and staff have been trained to do this because it takes emotion out of the system. If I’m having a bad day or sitting in traffic, I can’t focus on that call from the motivated seller, so all of the calls are fed through the system. We request that the seller leave certain information on the line or with the operator. We then take that information and do our basic due diligence before we even have our first conversation with the seller to find out if, in fact, he/she is a motivated seller.
  4. Make your offer: By following a specific real estate marketing system, you’ll be prepared to make an initial offer during the first phone call. By asking the right questions and having a pre-screening sheet in front of you, you’ll quickly learn if they are a motivated seller or simply just wasting time! If your real estate marketing system has this component in place, you’ll know what the property is worth, have a ballpark idea of what the repair costs are, and will know if the seller is motivated. Consequently, you will know at what price you should make your first offer.
  5. Contract/Exit Strategy: Once the seller has accepted our verbal offer, or is close thereto, it’s time to put the purchase offer in writing. We include 3 contingencies – or escape clauses – into the contract. – Inspection – In the event of buyer’s default, the deposit is the sole remedy – Subject to property appraisal

Based on this due diligence, we are then able to decide which exit strategy is most appropriate. All of this follows a basic flow chart process. There’s no thinking! It’s like when you call in for technical support on your computer. They ask you a question, and based on your answer… they go to the next step. This is how you want to run the marketing division of your real estate business.

Keep in mind that your real estate marketing efforts should be in concert with the types of deals you’re looking to do. For instance, if you want to flip properties, your marketing system might target motivated sellers facing foreclosure. On another note, if you’re looking to build a rental portfolio, then you might consider building a real estate marketing plan to target landlords filing evictions.

Pros of Email Marketing

Often, reports bring forth that email marketing is just next to search engine marketing in terms of generating revenue. Email marketing is the internet counterpart of traditional direct marketing which used to overwhelm post boxes almost everyday with bunches of sale coupons, merchandising pamphlets, and sale slips.

There are certain advantages of email marketing in comparison to traditional direct marketing. They are discussed as follows:

1. An exact return on investment can be tracked with respect to email marketing. Often such return has proven to be pretty high if it has been done properly. On the contrary, probability of successful reaching of postal mails exactly to the customers addressed is always lower; the cost of tracking successful mail sending to customers is higher than that of sending emails; hence calculation of return on investment is difficult and happens to be lower than that of sending emails.

2. There is always a scope for customers to choose whether they want email promotions or not. For that, the customers are offered to register with advertiser and subscribe to merchandise promotions. Thus, the number of unsolicited mails in customers’ inbox can be reduced. On contrary, traditional business promotional mails have never offered customers’ with flexibility of choosing to be informed or not.

3. Email promotions have greater possibilities of success than traditional direct marketing through postal mails as more than half of Internet users check or send email on a typical day. Thus, they get sufficient time to ponder over the promotion and decide about their purchases and also disseminate the information about the marketing email while socializing. But, most of the consumers open mailboxes at the end of the day. Therefore they get scant time for considering merchandises, deciding purchases or disseminating the informing of the merchandising mail to others.

That is why businesses prefer email marketing over traditional direct marketing using postal system. Such preference helped email marketing to thrive.

Baby Boomers – Unstoppable Market That is Cashed Up and Ready to Spend!

One of the keys of generating wealth is discovering market trends and market opportunities that can be acted upon. While it is not always important to be the first to discover the wealth making opportunities, it is important to take advantage of them in the best possible ways. One of the largest market segments currently within the US is the Baby Boomer generation.

Baby Boomer is a term that refers to a person born between the years of 1946 -1964. There are approximately 76 million Baby Boomers within the US alone, presenting a tremendous opportunity for business owners and entrepreneurs.

Here are some ideas on how to take advantage of the market:

# Health Care

As this large market segment ages, one of their primary concerns is and will be health care. Access to quality, affordable health care will be a top priority for many Baby Boomers. Working in or starting a business within the health care field is one of the primary ways to profit from the Baby Boomer opportunity. For example, senior care consultants, health care facilities, long term care facilities and wellness centers are possible considerations.

# Health and Fitness

In addition to traditional health care, the Baby Boomer market is also interested in alternative forms of health and nutrition. Supplements, natural solutions and diet considerations tailored for this market segment are viable possibilities to consider for revenue generation. Websites offering this information are also possibilities for generating online revenue from products and services, ads or even affiliate marketing when they provide strong information to the Baby Boomer market.

# Financial Services

As the Baby Boomer generation continues to age, one of their primary concerns in addition to health care is financial planning. As individuals are living longer and retiring early, it is more important than ever to protect assets and generate income for the duration of an individual’s life. Businesses within the financial field or insurance field are in demand for this age demographic and anything related to the field presents viable business opportunities.

# Travel

A common hobby for retirees is to travel. Travel services both offline and online are possible considerations for revenue generating ideas to target to this market. In addition to travel related services, travel amenities or even accessories are also possibilities. For example, you may offer special luggage or luggage tags, or even specialized packages that are marketed directly to Baby Boomers.

# Volunteer or Fundraising Possibilities

The Baby Boomer generation is fond of volunteering for a variety of causes. So, products or services that donate money to non-profit causes would be a great consideration. While almost any cause is a great opportunity, selecting the most popular organizations or causes to donate for will allow you to have additional visibility for your business efforts.

Also, travel services that organize volunteer vacations either domestically or abroad could be possibilities. Many Baby Boomers are looking to combine their leisure activities with raising money or doing something for those who are less fortunate.

# Vintage Products

Baby Boomers are often fond of items that remind them of their past, or even the time era of their parents. Selling those exact products or products that resemble those brands is an excellent way to profit from this demographic.

# Teaching

Baby Boomers are considered to be a generation of Do’ers. So, they are more likely to continue learning and trying new things than from other generations. Consider offering classes for scrap booking, learning a foreign language or for cooking, marketed to the Baby Boomer generation. You may be able to do this in local retail stores, or at the local college.