Regardless of how busy you currently are, new leads need to remain the priority of any real estate business. To keep your pipeline filled, you need to find marketing and advertising methods that work for your particular situation. Sometimes marketing can mean networking through your local investment club. However, sometimes networking at such an event isn’t enough to keep new leads coming in. There are times when more is required. As an investor, it is up to you to go above and beyond the call of duty to see that your business is heading in the right direction. If you are looking to reach more people than ever, there are alternative real estate marketing strategies to consider.
The type of marketing you do is directly correlated to your budget. You don’t need to spend thousands of dollars on marketing to be successful. However, it is safe to say that more money can lead to a better campaign. Theoretically; the more you spend, the larger the audience you will reach and the more leads you will gain. Throwing money blindly at any strategy will not make your phone ring, as you need to mind your due diligence on every prospective marketing option. Just because something worked for someone else, doesn’t mean it will work for you. Every market and everyone that works a lead is different. You need to find marketing that you feel confident in.
If you take the same highway route every day, you have probably already noticed the same billboards that monopolize your daily commute. While billboard exposure is a large expense, all it takes is one or two deals to make it worthwhile. As with any marketing strategy, you are looking to get your name and business out there. You may not get a phone call directly from a billboard, but you may get one six months later after they see your name online or receive a letter from you. Most billboards last about 30 days, so you are not on the hook for a large expense. The busier the highway, the more expensive the sign will be. Between designing the billboard and the large signage expense, billboards might be better off left for seasoned investors who are looking to expand an already successful business.
There are two ways to approach advertising on the Radio. Take out a traditional thirty or sixty second spot. Basically you write the ad and you look online to find someone that can do the voice over. If you have a booming voice, you can consider doing this yourself. Either way, you need to spend a little time and money to get the ad the way you want. When you are finished, contact your local radio stations and discuss prices for various programs. The more popular the time slot, the more expensive the ad will be. The program director should be able to provide you with the number of listeners in that slot over the past few months. You can start by committing to a few different slots for a few weeks and see how the response it. It is important to remember when your ads are being aired so you are able to respond to incoming calls. It is also not a bad idea to make sure the station is doing their job.
The second way you can utilize the radio is to see how you can contribute to a program. There are many local stations that dedicate at least one show a week to real estate and finance. It should be hard to find a slot in markets like Seattle, San Diego and Jacksonville. Find out when these shows are on and reach out to the host to see if you can discuss the local real estate investing market. Your role should be more as an educator than someone looking to buy properties. You never know what realtor, attorney, fellow investor or even homeowner may be listening. You should have your website updated so anyone that is listening can easily look you up and see what you are all about.
Similar to the radio, there are a few ways that you can approach advertising in a newspaper. The first is to place a traditional “we buy houses” ad somewhere in the classified section. These ads are fairly inexpensive, but could get lost in the crowd. You can opt for a larger size that is more effective, but obviously more expensive. The number of newspaper readers has declined over the years, but depending on your area, it may still be a viable source.
One alternative is to look up local newspapers and see what it would take to be a guest real estate investor contributor. To do this, you should have some writing experience. You can compose the article in a Q and A setting, where they provide the questions and you the answers. These newspapers are usually only distributed once a week and are for local residents only. Editors are always looking for content. If you really want to reach a local audience, newspapers could have a great impact.
If your marketing is working, stick with whatever it is you are doing. Trying something once will not give you a real indication of how successful it is, or may be. It is important to do your homework and know exactly what you are getting for the money you are spending. There are plenty of different marking strategies you can implement. Find the one that is best for you and run with it.