Introduction
It is crucial to develop a cost-effective marketing strategy to help you market your real estate company. You can’t have a great service, product or deal if it isn’t reaching the right people. Below are some ideas and tips that may be helpful in developing your marketing plan. All information is general and may not be applicable to your particular business model due to the nature of it.
Marketing and advertising concepts
Recommendations go a long way
The best tool you have for marketing is the ability to get positive referrals from people who are familiar or have worked with you. It is important to build trust among new contacts by leveraging the previous hard work and services you provided. In many aspects of life, we have all heard about testimonials and received recommendations. Most people do not need further proof beyond the recommendation of someone who isn’t benefiting from it.
Referrals and recommendations can be used as a marketing tool
When you have compiled your success stories from the past, share them with others to improve your abilities to do so. A presentation folder could contain a list of your past successes and copies of letters of recommendation. You should also have a current list of clients who have granted you permission to provide their information as references. It will be much easier for you to establish credibility by providing the information ahead of time in your presentation. Instead of having your client request it, proactively providing this information will help demonstrate your confidence in your service.
Find out where your leads are coming from
It is essential to understand which strategies make the phones ring in order to have a successful marketing plan. If you know which approaches produce results, your marketing capital can be shifted away from those that don’t work and put resources into the ones that do. You have probably been asked questions about services or products in your daily life. “Where did you see our ad”Oder “How did you hear about us”. They are trying to find out what works for their marketing.
You may be interested in a variety of methods that can help you understand the origins of your leads. You can also just ask the leads directly. You could also use these methods:
You can use different colors on your forms to help you determine what “color area”Responds.
Make each ad unique “offer number”Ask for his number in your discussions.
You can have a unique response number for every ad and each location.
Keeping Your Marketing Plan Going
One mistake new small businesses make is getting too busy marketing their business. They become distracted from the plan and start to lose sight of the goal. This could be if you get involved in flips that take away your ability to mail direct mail letters. You must keep in mind that with many of the most common business models you have to close the current deal and get another. If you don’t, income could stop flowing or may decrease. A second example is getting an estimate on a house repair. They seem too focused on their current job to take the time for new projects.
You can delegate or outsource your marketing activities
Your daily challenges as a business owner and the demands of managing your personal life may get in the way. You may want to delegate some of your marketing tasks or to outsource them all if you believe this is happening and it is hindering your business’ potential success. This will free you up to spend your time on things that can help grow the business. Below are some examples of marketing tasks you could delegate or outsource.
– Mailing marketing material and letters by direct mail.
Distribution of flyers
– E-mail support
– Covering phone calls
Remember that you must ensure they are properly trained before they can get involved in marketing or speaking to potential customers and clients. “How to Write Your Business Plan”For more information about the creation of standard work modules, click here
Handling Rejection
When you are developing your marketing strategy, “hitting the streets”Acceptance is a part of life. Your approach and persistence will determine the level of rejection that you experience. It will also depend on the state and current mentality of the individual you’re dealing with. A marketing approach that focuses on foreclosure homeowners will have a higher rejection rate. They may not be aware of their circumstances and they could also feel overwhelmed by all the investor interest. This type of marketing requires that you recognize the importance of numbers. The more contacts you make, the greater your chances to get business.
The best thing about rejection is that it can make you money
If you get rejected in your target marketing area, don’t lose heart. Each rejection will lead to you getting closer to a closed transaction. Each rejection, even if you have to make 100 calls in order to close a deal that is $5,000 worth, will still be worth $50.00. It may be difficult to believe that rejection can make you rich, but it might help you move on to another door knocking opportunity or hang-up call.
The Look of Your Marketing Must Be Clearly Identifiable
Your marketing strategy should include “brand”You may consider using a logo, slogan, or trademark for your business in your advertising and promotions. You can also use “company colors”It will be used in your entire marketing campaign. This will create an exclusive look that sets you apart from other competitors.
Methods of Marketing and Advertising
Below are some recommendations for marketing strategies you might want to think about. This information may not suit your specific business model because it is general.
Because advertising and marketing activities have a significant financial impact on the operating budgets, it is important to be extremely careful about which methods you include in your Business Plan.
You can buy a ton of business cards
The distribution of business cards is one of the best ways to promote yourself and your company. The exchange of business cards is a great way to build your contacts list and network with others through casual meetings or networking. You don’t need to be a professional to exchange business cards. The following information should be included on the business card:
– Enter your name
– Name of the company or title
Fax numbers
– Phones number(s)
– Your E-mail Address
Sites
You can also add details about the business models that you’re involved in, such as:
– Foreclosures
– Short Sales
– Property Management
Rehabs
Tips for designing business cards
Bright colors and interesting graphics can make your business cards standout.
Avoid using glossy papers. They are difficult to write on.
You can also use the back to give additional details about your company. Why waste marketing space?
Use a strong hook to make statements such as:
– “We will close in 7 days”
– “We buy all houses in any condition”
– “We buy with all cash”
– “Get a $250 referral Fee”
Bandit signs
Signs identifying bandits are an effective way to draw attention from pedestrians and motorcyclists. The signs can be mounted on a pole or stuck in the ground and measure usually around 2’X3′. The plastic versions are more cost-effective and can be reused many times. You should print them on both sides, if possible.
Displaying ads and signs
You can help your business establish high visibility and presence within your chosen marketing areas by properly using the signs and ad types. There are many ways you can display the name of your company, your logo and any services that you offer. Your imagination is all that’s limitless. This section will outline the best places to post your ads.
– Billboards, very common in urban areas and rural areas.
Sponsor or adopt a bench or garden in your community.
Buses
– Railroad cars and stations
• Church and local community newsletters
– Use placemats at restaurants and diners (I read them while I wait for my meal)
Place signs at your property as you work on it, and market it.
Magnetic signs or advertising lettering for your vehicle.
If you use magnetic signs or letters on your car, make sure that they comply with local laws. A sign placed on your vehicle may be considered commercial. You should also ensure that your magnetic signs are securely attached. These signs can fly off in high-speed travel or when they are exposed to the rain. A sign can be placed on the trunk to make it easier for others to see as you travel, stop at signals and turn. Your contact information should be large in text.
Marketing flyers
It is important to choose bright colors when creating flyers. This will help you attract people’s attention. You need your flyer to stand out among the many others that will be displayed in stores when it is placed. You can reduce the chance of someone taking your entire flyer. To do this, you should have tear-off tabs on the bottom. These tabs will contain minimal information about your company and contact numbers.
Look for local ordinances
If you plan to use signs or flyers in marketing programs, be sure that you have checked with local laws. Many towns have signs-banning laws that can lead to severe fines.
People Love Giveaways
Small gifts can be a great marketing tool to help your business get noticed. There are many options for gift-a-ways. Your imagination is the only limit. Here are some suggestions that can be used to accomplish this goal:
Jackets and shirts
Calendars
– Recipe Cards
Hats
Letter openers
You can buy golf balls, towels, or tees.
– Refrigerator magnets
Stationary products (pens, pads and binders etc.
Cups
Bags and Tote bags
You want items to be used, not just as clothes. Do not buy candy or cookies once-use products. These products are available from many companies at different price points. You can do a search online “marketing merchandise”These ideas will come in handy. You may also want to maintain a consistent appearance in all your marketing materials.
Participate as an Exhibitor or Sponsor
Participating as an exhibitor, sponsor or guest at meetings of investment groups and conventions is another great marketing strategy. This is a great way to reach people who may be interested in your products or services. The cost of exhibitor or sponsor fees can be anywhere from several hundred to many thousands, depending on how big the event is and the size and location. You may be able to host a booth and speak at the event. This marketing opportunity is one that I have noticed: people feel more at ease doing business with someone they know. “regular”Sponsorship is more than a temporary deal. It gives you credibility and increases your chances of being around. It is possible that this kind of marketing will drain your budget. You need to assess if you are getting enough business from it to make the investment worthwhile. A web search can be used to find Investment Clubs and other organizations. This will allow you to narrow your focus.
Advertise In Hard Papers
Ads in newspapers or trade magazines are a good way to promote your business’ products and services. While this advertising strategy can take up a lot of your marketing budget, you can reach an enormous audience. The following suggestions may be helpful when considering this type of advertising:
You can have one “hook”To your ad “We will close with cash in 72 hours”.
Advertise daily
You’ve probably seen ads that are always on display. This will not only be costly but it can also help you build your long-term credibility.
You can make your ad standout if it is in column format.
Use a contrast or reverse color as text if possible.
Out of State Newspapers
Depending on the business model, you may need to advertise in or get copies of newspapers outside of your state.
Public Records
You may be able to access the public records online depending on which marketing area or contacts you are in. You will find information that is different from the one you see in your state. It may also vary based upon how accessible it is to local towns.
The use of purchased lists
It is possible to buy a list of companies that are experts in creating and selling data about specific groups to help you locate people or businesses. The following is an example of one of these lists:
– Recent graduates
Recent relocation
Recent sale of their house
– Recently turned a milestone age (example:18,21,50,62,65)
Lis Pendens Filings
There are many options. Marketers are available to companies who create and/or market these lists. “List Brokers”. You will be amazed at the size of this industry if you do a Google search.
Expect to receive responses from your Marketing Champaign
Many people have a fear of the unknown when they launch their marketing strategies. You need to be prepared to receive responses. You don’t want people to feel that you are unable to assist them. A solid knowledge base in the business model that you market is essential. You also have to establish a consistent process to respond to calls and to call them. You should create a bulleted list or scripted dialogue that you can use to talk with prospective clients. You can use the bullet or dialog as a guide when you talk with clients to make sure you have all relevant data.
It takes practice to be perfect
When speaking with potential clients, it is crucial to project confidence. Many people have lost leads because they were afraid to get in touch with potential clients. I know of many who did this. One way to overcome fear is to practice and learn from bad and good experiences. To practice your method, it is recommended that you do role-playing. You can also record the conversations and return to them. This will allow you to take the lessons from calls and apply them to your next calls. This will help you be more productive and profitable. “close rate”It will.
Do Not Touch Your Mailbox
You are forbidden from leaving anything in any mailbox without the correct postage. This technique is very effective and you may be contacted by the postal representative.
Create Your Clients and Buyers List
No matter if your model of real estate is rehabbing or wholesaling, you can rely on others. “taking your deal”Understanding the goals and investment objectives of potential clients is essential. You will want to ensure that your clients and investors are always available to you so you can give them the next opportunity. This will allow you to maximize project turnover efficiency while minimizing your risk exposure. When you launch marketing activities and network efforts, it is crucial that you know how to collect the investment criteria for your clients or buyers. This information could be stored in a spreadsheet. You could make a simple form to collect this data. It will allow you to highlight your clients’ investment goals.
You can align potential investment opportunities with appropriate investors by having a complete buyers list. Understanding these criteria will enable you to identify investment opportunities that fit your clients’ investment strategies and allow you to seek out new deals that are attractive to them. This list contains examples of what you should expect from your investors. In this case, we will assume that the investor is involved in the flipping model.
Particular locations
Point of purchase
Property age
– Property class (A,B C, D).
Type of property: Single-family, multifamily, or commercial
– Financial expectations
– Cash flow
Cash on Cash Returns
Equity position must be at least 5%
– Capitalization Rate
Property condition
– Creative Financing
Keep in mind that the relationships you build with your Buyers List could also lead to deals. Maybe a deal is too small or too large for one investor, or they’re too busy to take on another project. It is possible for investors to be influenced by your past experiences with investing opportunities.
Qualify Buyers’ List
This will help you determine whether your buyers are available and ready to invest in deals. You don’t want to discover that your buyers are simply tire-kickers when trying to wholesale deals. It is possible to avoid such a situation by getting to to know the buyer and their success stories. By networking and building rapport with buyers, you will be able feel for their potential to pull off the trigger.
I’m sure you’ve heard before, “If I find a great deal, I know the buyers will follow.”This statement is logic, but it can also be dangerous. If you know the investment criteria of your buyers in advance, you will reduce the risk that you won’t close the deal.
Your extended marketing team
Apart from your direct marketing, past clients, relatives, and business associates could offer additional leads and potential customers. If you use this network of contacts well, it could become an informal part of your overall marketing strategy. Referring to others is one way to encourage them to bring more business. It depends on what type of business they are in, it may be possible to compensate them for each deal. These contacts should be provided with marketing materials.
Use Bird-Dogs to Enhance Your Marketing
You may consider a team of people who specialize in finding deals and presenting them to clients to help you take your informal informal marketing group to the next level. Bird-Dogs are people who do this as part of their business model. Bird-Dogs will need to be able to understand you criteria in order not only will they save your time but also theirs. Bird-Dogs are usually only compensated when a deal is closed. Bird-Dog fees are usually due at the closing.
Technology to Market More Effectively
Make your own website
A website can help you provide information to your clients and prospects about the products and services that you offer. It is so widespread that your marketing campaigns may not incorporate a website. There is always a chance your competition will also have a site.
You can expect a wide range of prices for your subscription and development depending on what features you choose. A web designer who offers predesigned templates which you can customize should charge between $30-50 per month. A custom-designed site can cost thousands.
You should choose a domain name that is both descriptive of your business and easy to remember.
While a website may be a key to success for your business model, it is not enough if there are no visitors who want to view what your company has to offer. To help visitors get to your site there are many ways to do this. Below are some:
You should include your website in all printed materials and e mails. This includes marketing giveaways like coffee cups or pen stubs.
– Create on-line articles at websites like ezine.com. You will be able to contribute articles free of charge in exchange for the opportunity to talk about your experience and offer what you have to say. A link will be provided to your website.
You can list your website on another website as a hyperlink. If you have an agreement to display the links, both of you will be able to do so.
You can pay to place ads on sites with the traffic that you want. In most cases there will be a monthly cost or a charge for advertising on other sites. “Pay Per Click”You will then be charged an upfront fee if anyone clicks the link to your site.
There are many things to think about when building your website. From simple template websites where you can fill in the gaps to full-blown customized sites. To determine which option best suits your budget and needs, it is a good idea to speak with a professional website designer.
Tele-Conferences
One of the most popular methods for marketing is teleconferencing. This allows you to showcase your products or services to a wide audience via telephone calls. Your company can use this marketing method to give potential customers another way to learn about you. It is easy to set up a conference via teleconference. There are many providers who offer services at a fixed monthly fee or as needed. After the teleconference is set up, all you need to do is give the participants a dial-in number and an access code. They will then call you at the right time.
Webinars
A webinar can be a great way to reach your audience and take the benefits of teleconferences to the next level. You can present to your audience via webinar by simply accessing their web site from their computers. A dial-in phone number is another option for two-way communication. The third party may also arrange webinars, similar to teleconferencing. Cost of the service is determined by the number of participants. “seats”These are essential.
E-Mail Blast
A mass e-mail blast is a great way to reach large numbers of people from your mailing list. You can send mail via your mail provider, such as Outlook, depending on how many people are being reached. If you need to contact a large number of people, you might need the help of third-party providers. When compiling your contact list it is recommended you make a “contact sheet”. “groups”Within your mail program. Sending e-mails in groups allows you to quickly and easily complete the fields. “to”Select the group that you wish to get in touch with by entering your field. You should organize your address books into the categories that are most relevant to your business model. Here are some examples:
Private money lenders and bankers
Contact Past Clients
Potential new customers you want to work with
Tenants taking over your properties
Mail Merge
Mail merge lets you take contact information from Outlook, or an equivalent address book, and include these contacts in any envelop or form letters you produce. While mail merge may save time when you prepare your first contact letters, it should be avoided. Envelopes generated by computers look too similar to junk mail, and should not be opened.
Newsletters
Newsletters can be a powerful way to inform your contacts about what’s happening in your business and help you attract new customers. You can create your newsletter using any of the most popular word processing programs. These are some suggestions to help you think about how newsletters can be used in marketing campaigns.
Your newsletter should be published monthly, or every other quarter. You want to remind your subscribers who you are.
– Include information on business development, education and the public in this section. Do not fill every issue with sales hype. This will make your audience lose interest.
– Each newsletter must have an issue number and/or volume.
Form the pages into a 3-ring binder.
– Continue articles in the future newsletter
Photos and charts can be added to illustrate text
Include featured segments in each newsletter. These are just a few examples.
– The month’s best rehab trick
Send in your bloopers from the audience
Deal of The Month
Success story for the month
How to Use an Internet Video Site
Internet sites which allow users to download videos are a popular addition to your marketing toolbox. These sites allow you to download the video and it will become part of their searchable video database. Your title should be included. “hook”It identifies precisely the extent of the video. This means that if someone searches on your topic, they might find it. “hit”. One example would be “Learn Short Sales from John Doe.”
Software for Sales Leads
You will find it increasingly challenging to handle large volumes of leads generated by your networking or marketing efforts. If you don’t manage leads properly, your ability to communicate with them will be compromised. “convert”You can use them to make a sale. There are many ways to manage your lead database manually. However, it is worth looking into purchasing software for lead generation and management. This product is available from many companies. You can search the internet for products.