What lead generation strategies are most effective and affordable for beginner investors?
Becoming a successful real estate investor requires you to generate leads and close deals. In the past, if you wanted to get your phone to ring you would look to a direct mail campaign or other expensive lead generation strategies. While these campaigns have the ability to generate immense activity for your business, you will need to execute them correctly in order to get the most out of them. The best leads are those that you can produce on your own, without having to pay for them. In today’s market, there are numerous lead generation ideas available without breaking the bank. Here are four real estate lead generation strategies that you should try:
4 Lead Generation Strategies That Won’t Cost A dime
1. Let people know what you do: You don’t have to invest full-time to be a successful real estate investor. In fact, there are many part-time investors who enjoy great success. Letting everyone know that you are involved in real estate is a great start, but you don’t need to “pitch” every coworker or parent that you talk to. However, everyone should be aware that you are involved in real estate.
Regardless if you invest full time or not, you should continuously be on the hunt to find new people. As one of the more innovative and inexpensive lead generation strategies in real estate, networking helps to produce leads, but also aims to cultivate long-term relationships, a key element in business. Remember that the more people you talk to, the more they’ll think of you when a question about real estate arises or they need help with a sale. As an up-and-coming investor, you never know which parent on your child’s soccer team knows a builder who may need a quick sale. Most deals in real estate are done by word of mouth or through personal contacts.
In the end, if your friends, family and co-workers don’t know you invest, how can they refer you real estate leads? Keep business cards on you at all times and be prepared to talk about real estate.
2. Social media presence: Another lead generation strategy for real estate investors is the use of social media. Many people use the internet as their main source of information and the importance of a strong social media presence is imperative, especially in today’s age of technology. However, even if you aren’t technologically savvy, staying active with social media is as easy as it’s ever been. Plus, investors can reach more people online with sites such as LinkedIn, Facebook and twitter than almost anything else they do.
One of the more affordable lead generation strategies with social media includes making a real estate-related post or sharing an article you read. If you do this every day, you will slowly gain a reputation and a following. You should also update your profile to inform audiences that you are involved in real estate. As an investor, you never know who is looking or searching for you online. That said, it’s not unrealistic to get a deal from a friend of a friend who saw something you posted months ago. Like anything else in business, the key is consistency. Dedicate a few minutes a day to increasing your social media presence. If you do this every day for thirty days straight, you will slowly see more and more people reaching out to you. Increased contacts will eventually lead to more deals.
3. Local networking: Investors seeking how to get real estate leads should look no further than their local area. There are mortgage brokers who deal with distressed homeowners on a daily basis, real estate agents looking for a backup cash buyer, as well as local investors who turn deals away that may not be right for them. Believe it or not, these resources are in your own backyard.
The importance of networking in real estate is undeniable. As a beginner, you need to plant your flag and reach out to as many local contacts as possible. Networking remains one of the top lead generation strategies in real estate. This means showing up at local networking meetings and real estate investment clubs, attending these meetings will put you in front of dozens, if not hundreds, of new contacts every month. From there, you need to stay in touch with them and develop the relationship. Spend an hour a week calling and emailing the people you talk to at these meetings and don’t be afraid to ask them out for a quick cup of coffee or even a lunch. Remember, you don’t have to talk business all the time either, but the more you practice at networking, the easier and more comfortable you’ll get.
4. Website updates: Along with increasing social media presence, investors should also focus on their business website. This lead generation strategy is idea for investors looking to not only produce leads, but build credibility as well. At a bare minimum, you should have a business website set up so people know who they are working with. If you haven’t updated it in a while, you will need to. Without a website, or with an outdated one, people will form a negative opinion of your business. Conversely, if you take a few minutes every day to write a quick blog post or upload a video, people will take you more seriously. From there, you can set up a YouTube channel and share your website on all your various social media platforms. People that you have no prior contact with can see your website and may want to do business with you. If you’re going to spend money anywhere for your business, you should think about updating your website.
The ability to succeed in real estate will ultimately come down to your ability to produce leads. As we discussed earlier, lead generation strategies are available for every investor, in every market, and they don’t cost a dime. The first step and most important is simply getting started.