Marketing Tactics That Will Help You Close More Deals
There are so many ways to do effective marketing in today’s real estate investing market. Two of the most popular, both tried and true marketing tactics, are cold calling and direct mail. They are both effective.
Direct mail has a higher dollar cost and cold calling a higher time cost. You have to develop and tweak your marketing campaigns as you go, and try and find an optimal mix of marketing for the market you are working in and your business.
Cold calling not only gives you the chance to talk to potential leads but it is also great practice on conducting effective sales calls. The more you practice, the more confident you will be. High confidence leads to sellers wanting to listen to what you have to say.
How do you find people to call? There are a few ways.
- Search online listings. You can find listings on craigslist or other real estate websites.
- Access foreclosure lists.
- Network with a local real estate agent to get access to expired or canceled listings from the Multiple Listing Service (MLS).
Sometimes when you access a list, like a foreclosure list, there are no phone numbers published. To find an associated phone number, there are reverse phone search websites where you can enter an address to see if you can find a phone number for the current owner.
Calling people from these lists will get you in touch with motivated sellers, and practicing your call strategy and building confidence will lead you to more deals to close.
In an optimal marketing campaign, I generally say you should be getting around a 1 percent response rate. For every 100 pieces of mail you send out, you would get one genuinely interested party. You can get extremely wealthy with a 1 percent response rate, and scaling your marketing to match the goals you have for yourself is something you should calculate and market appropriately.
- What marketing pieces are you sending?
- What is the frequency you are sending follow-up pieces?
- What list are you sending to (for example: foreclosures, expires, and canceled listings)
The pros to direct mail are that a phone call with someone reaching out to because they want something you are offering can be more effective than you calling them because you have something to offer. A seller who reaches out to you is probably very motivated.
Your marketing plan will depend on what your budget is, and what you have time for. If you are just starting out and have a limited marketing budget, you can market heavily with cold calling. If your business is booming and you have money to invest in direct mail but less time to make calls, you can make that adjustment.
I teach specific direct mail strategies and offer solutions to make cold calls go smoothly in my Foreclosure Investing Mastery course and my live seminars. Having the templates we provide can help you get your real estate investing business to the next level.