Become A Marketing SUCCESS In Real Estate Investing
Investing in real estate can be financially fun and rewarding. You hear the many stories about how people are able to find these great deals and make a ton of money off of them, but in these stories you don't hear many people talking about what it took to get to that big payday. There are ways to find leads for free, but to find good leads, money may have to be invested. As a result, if you are not carefully monitoring your investment, your real estate investing career could be short lived.
Determine Your Max Investment Amount
Selecting a maximum amount to invest into marketing for your real estate business is probably one of the most important things you need to do. Yes you can make that money back when you land the big deal, but in the meanwhile you have to eat. It is very important that you plan your marketing around what you can AFFORD to do without because marketing is an investment of risk. Sure, there is a direct correlation between the amount of money you spend on marketing to get leads and your response rate, but you have to be smart about it.
MARKETING DOLLARS = (INCOME - (NECESSITIES + ESSENTIALS)
Select Your Marketing Methods
Now that you have decided your marketing investment number, it's time to figure out how you are going to spend it. There are countless ways that you can advertise your real estate investing business: Direct Mail, Bandit Signs, Google Adwords, Facebook Ads, Billboards, Radio Ads, Television Ads, News Papers, etc... You get the picture. There are some methods that are dirt cheap to do while others are pretty pricey. Advertise within your budget and do not go over even one cent! Of the methods that are within your budget, select the one(s) that you feel will give you the most "bang for your buck". Say with $200, you may consider putting out a few homemade bandit signs in your neighborhood or sending a few direct mail pieces.
Re-Evaluate & Re-Invest
So you've been a good marketer and you were able to stick with your budget. Let's say you've gotten a few leads from your campaign but none of them produced a deal. Is it time to re-evaluate? Not necessarily...It could be that the campaign needs to run longer to produce some quality leads. Maybe you haven't found that gem in your list of leads. Don't risk blowing your budget because results aren't coming as fast as you want. However, if there are other methods you can use such as getting a part time job to help cover additional marketing expenses then go for it.
As a final note, having extra money to invest in real estate marketing is great because you can really hit the ground running to fund your business. However, even if you are flat broke, you can still have a great career in real estate investing. You just have to work a little harder until you get that first deal. Regardless of your circumstance, the real message I want to get across is to be responsible when running your business