Finding Motivated Sellers: Luck or Hard Work? (Part 2 of 2)
Last week we talked about how Hard work can help you find more Motivated Sellers than you are dealing with. This week we will look at two other key points in this process.
2) Just How Much Money Can You Spend?
Now, we're talking about something that hits home real fast when it's about coming out of pocket with hard earned money in the "hope" that it will come back to you in the form of truly motivated sellers. If you’re first starting out in real estate investing then it's imperative that you have a short-term budget to work within so that you're not forgetting about paying for all the other necessities in life: food, shelter clothing! You simply DO NOT have to have a large marketing budget to be effective to grow your RE business. One $.34 postcard netted me $8,400, so it's all about hitting your target market as explained in #1. However, be realistic about what monetary constraints you have and how to incrementally build your marketing program as you experience more and more success.
3) Track Your Results!
Oh, we miss the boat on this one so much. When you are incorporating bandit signs, direct mail, flyer campaigns, etc... it can start to get confusing where and if your success rate justifies the marketing mediums you are using. Tracking your responses and closures of deals is necessary so that you can identify areas that need to be tweaked or worked on. Most importantly though when you find out that great mailing list is really working or the flyers in a particular neighborhood is getting tremendous feedback....then go in for the kill! I mean when you are measuring success and can track it effectively it allows you in full financial confidence to justify increase in marketing expenditures for areas that are producing the results desired.
----- -----
My hope is for you to realize that marketing to the real estate investor is the lifeblood of his/her business. Great deals rarely come knock on your door to find you. They find you when you have a marketing system implemented that is like a funnel prescreening sellers for motivation and directs them to then contact you immediately. Take a quick check of your marketing program and tune it up if needed so you too can, "Find All The Motivated Sellers You Can Handle!".
Comments(0)