There is one simple reason why those involved with real estate investing fail to realize the results they hoped for and see their marketing campaigns flop terribly. They ignore the need for market research and have no idea what the competition is up to.
Staying focused, being original and doing your own thing has a lot of value as a real estate investing pro. Yet, being blind to what is going on around you, failing to pay attention to what competitors are doing and promising the same prospects that you are marketing to is a recipe for disaster.
Know your competitors, know their product and be aware of what they are promising the public. More specifically, find out what buyers want and how to give it to them.
If you don’t, you’ll often find yourself offering an inferior product and service. Even worse, you may be trying to ask a premium for an already outdated product.
One of the biggest issues today, as marketers and investors flood back into the business, is going up against those making huge promises. They are promising huge returns to investor buyers, private lenders and home sellers. Current ads mention bewildering offers, suggesting an opportunity to get into cheap deals and see as high as 40% returns.
This doesn’t necessarily mean that they are lying, really have a better offer, or can’t be beat; but if real estate investors want to win, they must know how to compete.
You can’t always make bigger and better promises of real estate investing yields, or dollars, but you can position yourself better.
So how do you do that? Try establishing more credibility and authority while making more noise. Use the media to position your real estate investing company against these competitors and competing products. Set the benchmark by which investors, lenders, buyers and sellers make their decisions.
Then decide whether or not avoiding head to head marketing campaigns is the best strategy. Leverage some of the same channels. Use magazines, email lists, social media influences and the press. Just do it better than those you are competing against.