There have been a few times in my real estate investing career where it seemed as though out of nowhere, the referral/networking lead funnel just dried up. Disappeared. I wasn’t doing deals for months at a time. A month or two I just consider a vacation. Four months starts to make me nervous.
What saved my bacon each of those times was one word: marketing. In my free video “Seven Biggest Mistakes in Portland Real Estate Investing” we covered some important aspects of how marketing can improve your results. What I want to talk about with you here are three specific strategies and tactics you can use to make the marketing you use work better for you, to generate a higher quantity of quality, profitable deals.
Three Marketing Optimization techniques are:
- Define your difference
- Know your prospect
- Target your marketing message
Define Your Difference
It’s not nearly as crowded as it was back in the early 2000’s, but there are still a lot of us investors working in Portland. Don’t be surprised to find that the prospect you’re visiting with has just met with someone you know (or don’t know), or has plans to, very soon. When we’re faced with a lot of competition, it becomes exceedingly important to define our unique proposition. What we do or who we are that is different, memorable, and hopefully important to our seller.
As much as you might hear otherwise, very few people always sell for the highest price or always buy for the lowest price. Relationship, perceived value, experience, convenience, reputation and more can all play immensely important roles in determining whom the seller ultimately decides to do business with. So determine what’s different about you and make sure you communicate it in your branding and messaging.
Know Your Prospect
Everyone has their unique situation and needs, and part of our job as investors is to uncover that and make sure our solution solves their problem. That being said, different types of deals are best suited for people in certain categories. For example, offers to buy a property and pay for it over time are often best directed at seniors who are less concerned with buying another house and more concerned with the shrinking ability of their social security checks to pay their bills and long-term care needs.
So think about the type of investing model you’d like to specialize in. Consider the way it works, or the problems it solves. Think about what type of people as a class might have those types of problems most often or most urgently. And then get to understand them better. Research and learn more about their beliefs, values, and habits. Determine what prompts them to take action and feel good about it. In so doing, you will be better poised to focus on their benefit, which allows you to make a more powerful, convincing, helpful offer.
Target Your Marketing Message
In the free video I talk about how you want to fish where the fish are. At the risk of being redundant, I want to bring this up again, because it’s so important. If you are trying to sell water to people who live on a freshwater lake, you’re likely to have less success than selling that same water to people who live in a desert with no well. Target your message to those who are interested.
So you’ve identified your business model and know who is likely to need and want what you have to offer. Focus your financial resources on making sure as many of those people as possible get your marketing message. On the other hand, you want as few people as possible who don’t fit those criteria to get your message. It will reduce your costs, reduce complaints (from people who shouldn’t have gotten your marketing in the first place), and increase return on investment of your marketing dollar. And when you get more bang from your marketing buck, it empowers you to market to those people again and again. Over time, they become aware of you, become familiar with you, and eventually become comfortable to do business with you.
Of course there are many more steps to creating effective, profitable real estate investing marketing. There are whole four-year graduate degrees just focused on this stuff. The reality is that many people, even when they understand the importance of marketing, are not capable of effectively executing. This is one of the reasons we created our email marketing campaign, where we partner with qualified investors or would-be investors and actually do the marketing for them, communicating with their email database in a way that builds relationship and credibility and attracts deal referrals like a 10-pound magnet attracts paper clips. If you’re interested in learning more about how to invest in real estate Portland-style using effective marketing, you can give us a call at (503)539-9094 or visit our website.
No matter how you get it done, effective marketing added to your mix of consistent real estate investing behaviors will give you greater consistency and quality of deal flow. Effective real estate investing marketing will certify your income and substantiate your dreams of wealth and success, and is worth 10x, even 100x, the time, money, and effort you will invest to incorporate it into your business. Take action and prosper.