You can be the best investor in your area, but if you are not getting incoming leads nobody will ever find out. A huge piece to the investing business is one of the most overlooked. Your marketing has as much to do with your investing success as anything else you do. Sure, lining up funding and having a team in place ready to act are important, but they won’t do you much good if you don’t have deals to supply them with. Handing out a few business cards and attending a networking meeting once a month will not get your phone to ring. You need to come with a plan that can consistently get you business. Focus your marketing efforts and campaigns to realize the success you were meant to.
Before you start thinking of all of the marketing things you can do, you need to start with a budget. Without a number in mind that you want to spent, but not exceed, any ideas you have will not get very far. There are plenty of free things you should be doing with social media and Craigslist, but that will probably not be enough. Even inexpensive options such as bandit signs, website development and business cards can add up pretty quickly. Once you have a budget figured out, you can decide how to best allocate your money.
When figuring out where to market, it is important to remember that it is always better to attack a smaller list multiple times than mailing a big list just once. You will get a much greater returns on any lists you buy if you really give it a chance. Before you dismiss a list, you should be prepared to mail it anywhere from three to seven times. Stamps will start to add up the more times you mail, but most contacts aren’t gained until the seventh attempt. You can expect someone that receives you marketing material once or maybe twice to give it a quick glance and nothing more.
Before you think about purchasing a list you need to think about exactly what you are trying to accomplish and who you are trying to reach. If you are looking to wholesale properties, a list of homeowners who are 60-90 days late would make sense. If you are want to stick to smaller purchase price ranges, you better know what areas you are marketing to. If you have goals in mind, coupled with purchase price ranges and types of properties, you can tailor your list to what you are looking for.
It is very easy to neglect your marketing once you start working on a few deals. For as great as it is to bring a deal to closing, reality will hit you in the face soon after when you realize you have nothing else going on. You need your marketing to bring you a constant flow of leads every week so you constantly have deals going out and new ones coming in. If you mail 100 people, you may get 5 people to call you. Out of those five, you may only get one deal that is worth looking into. If you remember that marketing is a numbers game and you stick with it, in good times and in bad, you greatly reduce the chances of having sustain lulls in your business.