Molding a Million Dollar Marketing Mind SetPosted on October 31, 2014 by
When you are looking to become successful in the real estate investing business, implementing a solid marketing plan for your business is going to be one of your first priorities. This will be the main strategy that will separate you from your competition. In addition you need to develop long and short term strategies and goals for your business as you go.
Decide what your focus is going to be regarding the type of properties you would like to purchase in your Real Estate Investing business and create a plan of action that will begin to bring in motivated sellers in droves and create deals for you. If you don’t know what exit strategies to use, make getting educated one of your top priorities. One of the best ways to do that is to work with a Mentor who can help you achieve the goals you have set for yourself.
Getting a good education in the buying and selling of real estate and having someone to hold you accountable will quickly separate you from most of your competition. You can check out my website at www.marketingmagiclady.com for some really powerful tools for your Real Estate Investing business including my personal Mentoring Program.
Don’t be afraid to do what those around you will not. Dare to be different and consistent in your marketing efforts and the results will be amazing. Niche your marketing and become an expert in your market place. Become educated within your market place so you know what your property values are and what your personal target market is going to be. Decide what kinds of deals you like best and go after them.
The first step that I suggest you take is to find out what the real estate market is doing in your area. Check out your demographic and target the sellers who are most likely to work with you.
Are there a lot of pre-foreclosures? Do you live near a military base where a lot of people are being transferred? Are you in an area where there are a lot of ugly houses you can purchase inexpensively and then wholesale? Are there a lot of vacation homes and out of state owners in the area where you live? Have you run demographics to find out what kind of income levels there are within your market area? Is the market slow and are there a lot of houses for sale? What does your rental market look like?
If there are a lot of houses for sale in your area, then you know that it is a buyer’s market and there are a lot of good deals to be had. You just have to learn to be a little more creative in the way you sell your properties. If there are very few houses for sale and they are high priced, then it is a seller’s market and you need to adjust your marketing strategies accordingly. This is all part of discovering your niche within your market. Don’t allow yourself to be influenced by various advertisers or those who profess to be real estate experts in your area, take the time to discover what works best for you in your marketplace and stick with it.
The next step is to figure out what your marketing budget is and which marketing strategies will reach the highest number of sellers within your budget. For example, your budget may include signage, business cards, direct mail, flyers, ads, websites or a combination of all of these.
You should always have between three and five marketing strategies in place at any given time so you are reaching the largest segment of your market in a variety of ways. This way a higher number of potential sellers will see your message. For example, you will reach sellers by using direct mail that would never see your message in any other way.
As long as I have been in the real estate investing business I continue to test and track my results just as you should so you can make sure the marketing dollars you spend bring in the highest number of quality leads. If necessary drop the things that don’t work well and put that money back into the marketing techniques that are working well for you. This is also how you will learn which marketing strategies work best for you.
Track your real estate market changes so you can change your marketing accordingly as you go along. Implementing this strategy will assure that you always have the highest number of quality leads possible coming in. More quality leads mean more deals and more dollars coming into your business.
Be aware of the special problems in your market. Are there a lot of layoffs? Are there a lot of folks who are part time residents? Is yours a very high end market with a lot of luxury homes? Discover these special differences and market directly to these folks. Figure out what it is that everyone before you has done and then you do it differently. This one strategy alone can make you big profits in your business.
For example, in my market area almost no one does direct mail marketing on a consistent basis, so I have made direct mail one of my primary sources of lead generation. By doing this, there is virtually no competition for properties whatsoever. Figure out what your special niche is by figuring out what your competition is not doing and do more of it yourself.
Make sure you take the time to begin to build your dream team along the way. These are the people who are going to be helping you to locate deals and get them closed and then sold. This is how you make huge profits in the real estate business, by surrounding yourself with team players who want to see you make money so they can make money as well.
There are many ways to use your vendors as “bird dogs” to find deals for you that you have virtually no marketing cost in whatsoever until you actually purchase the deal. At that point you would probably want to pay them a finder’s fee. This is a good way to keep them motivated to help you find even more deals.
I also suggest that you take a portion of the profit from each deal that you do, especially in the beginning, and put it back into your marketing so you can continue to grow your business. At the point at which you decide you have enough deals coming in each month, you will be able to determine exactly what your monthly marketing budget needs to be in order to bring in the number of deals that works for you.
Remember to set specific goals for yourself and your business and strive to meet those goals each and every day. Working with a Mentor can help hold you accountable so you move toward accomplishing the goals you have set for yourself and your business. By doing this, you are planting seeds of success for today and for your future. You won’t be able to see a clear picture regarding where you began or where you are going unless you do this. This is one way to keep focused and keep your business on track.