When you get started in the real estate business, putting a solid marketing plan in place will be one of your first priorities. This will be the main tool that will separate you from your competition. Decide what your focus is going to be, regarding the type of properties you initially would like to purchase in your business, and create a plan of action that will begin to bring in motivated sellers in droves and create golden opportunities for you. Learn what exit strategies (see my final chapter) to use. Getting educated must be one of your top priorities. Continue to get a good education in the buying and selling of real estate. This will quickly separate you you from most of your competition.
The results of daring to be different and consistent in your marketing efforts will absolutely amaze you. Never be afraid to do what those around you will not do. Get educated about your market so you know what your property values are and what your personal target market is going to be. Create your particular market niche will and become an expert in your market place.
Find out what your real estate market is doing: -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 to another investor? -Run the 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?
You must always be creative in the way you market your properties. Do not allow yourself to be influenced by various advertisers or those who profess to be real estate experts in your market area. Take the time to discover what works best for you in your marketplace and stick with it. If there are very few houses for sale and they are high priced, then it is a sellers market. If there are more houses for sale than the market demands, its a buyers market. You will need to adjust your marketing strategies, accordingly.
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. Continue to test and track your results as you go so you can make sure the marketing dollars you spend are bringing in the highest number of quality leads. If necessary, drop the marketing techniques that do not work well and put that money back into the marketing techniques that work the best for you. This is also how you will learn which marketing strategies work best for you on a continuous basis. Continue to track your real estate markets changes so you can adjust your marketing, accordingly, as you go. Using this strategy assures that you will always have the highest number of quality leads possible coming in. More quality leads means more deals and more dollars coming into your business.
Be aware of the special problems of your market: -Are there a lot of layoffs? -Are there a high number of pre-foreclosures? -Are there a lot of people who are part-time residents? -Is yours a very high-end market with a lot of luxury homes? -Do you live in an area with a high number of middle to low income properties? Figure out what it is that everyone before you has done and then you do it differently. In order to make a difference, you have to be different by using innovative marketing. For example, in my market almost no one uses direct mail on a consistent basis, so I have made this my personal niche. By doing this, there is virtually no competition for properties, whatsoever. Figure out what your niche is by figuring out what your competition is not doing. Do more of what is different yourself. As soon as possible, find out what makes your market unique and capitalize on it.
If you would make large profits in the real estate business, it will behoove you to take the time and effort to build a Dream Team. Your team will help you to locate deals, get them closed and then sold. Surrounding yourself with a quality team players who want to see you make money so they can make money as well. You keep them motivated by making payment contingent upon the closing of deals. This way, you invest little in the marketing costs until you have an income.
You must balance your expenditure for marketing based on your success from 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 best works for you through experience. In the beginning, make sure you take a portion of the profit from each deal that you close and reinvest it into your marketing so you can continue to grow your business.
Remember to set specific goals for your business and yourself. Write down your daily, specific goals. Strive to meet those goals each and every day. By doing this, you are planting seeds of success for today and for your future. You wont 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.