Real Estate

Aim, Set, Shoot – Talley the Score!

Quote of the day:

“Without promotion something terrible happens… Nothing!”

pt barnum

For you to make money as a real estate investor, you need your phone ringing off the hook (or your inbox full of leads), every day so you can make property offers and serve your offers to your buyers. The good news is that these motivated sellers and buyers with cash in their bank accounts are really looking to you because you can provide them with solutions to their problems.

But guess what usually happens… They can’t find you. Why? Because you are not promoting yourself. Or if you are marketing, you are not marketing correctly. Working harder doesn’t always bring the best results unless you’re also working smart.

Did you just hear about the investor at your local real estate club who closed a deal that brought them $20,000 and they didn’t even have to lay a hand on the property? Or what about the person who just bought that rental house on the same block for 40-60% less than what he paid for his? Are they just lucky? Or are they working smarter than you?

The best place to be is a little of both. Somewhere between luck and bargain hunting is where you should be to find truly motivated sellers, or rather to help them find you.

Have you ever heard when someone is ready to fire a gun at a target say, “Ready, Aim, Shoot”?

Have. And when shooting a gun, that’s appropriate. However, for marketing we want to change that lineup a bit. The following reviews some marketing basics after Ready, Aim, Fire and Talley the Score.

1) Target……Who is your target market?

The most important element of any marketing to do is to ensure that what you are saying is aimed directly at your target market. Who are you trying to market to? If you are advertising “Buy Houses”, what types of properties and real estate opportunities are you looking for? If you are advertising that you have homes for sale and are looking for buyers, what does your advertising say to attract the most promising prospects to you? The more limited your focus and marketing efforts, the more success you will experience. As an example, I am an REI coach and trainer. In the past, it had been marketing to “real estate investors” and “real estate investment training and coaching.” You will now find that my marketing is more niche focused – Flipping is my niche. I focus on making profits to make quick profits. It’s not that I can’t teach about something else. I just decided to pick the niche that suits me the best and go for it.

WHO do you target? Who is your target market? At Aiming, you first want to see who is going to give you what you’re looking for in your business. You may need buyers, sellers, a powerful team, sources of money, referrals, etc. For every ad you place, you want your marketing message to be first and foremost clearly targeted at who/what you’re trying to reach/sell/buy. And you’ll want to know the ages, gender, nationalities, and locations of the majority of your target market.

WHERE are you pointing your gun… In other words, where are you advertising to reach your target market? The second consideration when targeting is to make sure that the type of ad you are placing is the type of media that your target market will see. Wherever you are advertising, be sure and check the historical numbers of who is paying attention to that medium, be it TV, newspaper, online, billboards, etc. Make sure the media you use is one that will be seen by those who are your target market.

WHAT ammo are you using? What are you saying in your ads with the words and graphics used? Is the copy compelling enough to make you stand out? What is your USP (your unique selling proposition)? What makes it special? Many people pay copywriters to write their ads (yes, even individual real estate investors), to make sure that what they’re saying is the right way to get the message across. If writing effective ads isn’t your cup of tea, you might want to ask for help. You can have the right medium, aiming at the right target, but if you don’t say something engaging, then you’ve wasted your time and money.

2) Done….Your Marketing Plan

Your marketing budget: You’ll want to create a marketing plan from a budget. We all have basic living expenses that need to be paid. If you’re just starting out and short on cash, could you cut the budget anywhere to find a little money to create a small advertising budget?

List the marketing media to be used: In addition to the budget, you’ll want to list the media you’ll be using that meet the criteria we’ve discussed in the Aim and Set sections of this book.

Consistency is key – you simply do NOT have to have a huge marketing budget for your ER business to be effective. A 42-cent letter gave me $70,000. It’s about consistency. You’ll want to be realistic about your monetary constraints to start with, and then gradually build your marketing program as you experience more and more success. It is vital that you do not base all of your decisions on one attempt. Consistently market to the same target market using the same medium for at least 1 month… 1 X week. People often need to see the replay for the idea to call you to sink into the place where you take action.

3. Fire… Make your marketing plan!

Many people spend too much time telling themselves all the reasons why they haven’t done marketing, mostly revolving around their lack of time and money. However, to effectively and profitably run your real estate investment business (or any other business), you need to get the word out so others know what you do. There are many low cost and limited Shoot the target and see the results!

3) Talley the Score… How many times did you hit the target?

Did you receive a return on your ad spend (often referred to as ROI)? We really miss the ship in this one. When you’re incorporating bandit signs, direct mail, flyer campaigns, into your marketing, etc., you can start to get confused about where and if your success rate justifies the money and time spent on the marketing mediums you’re using. You will have to pay attention mainly to one thing… if the money you earned was more than the money you spent for the potential client to call you. You’ll want to pay attention to two items when tracking your responses.

When someone calls, be sure to ask where they found your phone number and track the “response rate.” for each particular form of advertising. This will tell you which ads hit the target! From this information, it’s easy to track your return on investment to see how much money you earn from each response and adding those dollars up. Tracking their responses and deal closures based on how they found you is necessary so you can identify areas that need to be changed or worked on. If you don’t get a response, you’ll want to assess if that’s the right medium or if what you’re saying isn’t working. If you get a response but not a close, you’ll want to change your ad to attract more focused leads.

And when you find that that great mailing list is really working or that the flyers in a particular neighborhood are getting a great response… then increase your marketing in that area! I mean, when you measure success and can track it effectively, it allows you to confidently financially justify any increase in marketing spend that is generating more than you are spending.

My hope is that you realize that real estate investor marketing is the lifeblood of your business. Great deals rarely come knocking on your door to find you without some sort of clout to do so. Marketing is key.

In the coming weeks I will provide details on various types of marketing that I have used in my real estate investing business with some success. For your marketing plan, you’ll want to implement no more than 2 or 3 of these marketing strategies at a time, modifying your plan based on the results. Keep an eye out for more to come!

Most importantly, whatever strategy you use, follow these steps:

Aim, Set, Shoot and talley the score!

For your massive profits,
Tamera Aragon