Are you in tune with your competition? Knowing what’s working for your competition, could greatly move you to the front.
What would you do to execute this?
The best way to do it is to network by getting on everyone’s email list. If you’re networking enough, you’ll probably get 5-10 emails every day from investors selling properties. Real estate investor selling to you from guru’s trying to sell you their products, would not count as networking emails. Real estate investor marketing
Getting an email from a real estate investor marketing you, should be an opportunity to look over the material and see if there’s a treasure you can glean from. What exactly are they offering? Is it really a good deal as concerning your needs?
Let’s look at an example:
There is one investor who is pretty sharp and closes a ton of wholesale deals. If suddenly, I see a stir of deals coming from a specific section of town, I know to start marketing there. This is where doing my do diligence comes in. Plus, when you know that your marketing is superior than the other guys, you’ll most likely get more calls off your marketing pieces than he does.
The inexperienced and uneducated investor who doesn’t know this business at all, thinks offering $180,000 on a $200,000 property is a good deal. I think the formatting and structure of the emails they send out for their wholesale offers is pretty good. Even though the information in the emails aren’t sharing any real substantial deals, I can still learn from them about how they make offers.
Real estate investor marketing is no different than any other business. If you want to stay on top, always be studying your competition.
Copying everything your competition does may not be prudent, but when you find something that does work… use it to the max!
I’ve called bandit signs in my area, just so I could listen to the way they handled the pitch to me. They regularly always went to a voice mail and I wasn’t impressed by what I heard most of the time.
Instead of getting annoyed with all the emails in your inbox, start to appreciate them, even if you have no desire to buy a wholesale deal. You never know what today’s email or direct mail offer will hold and it could be a brainy idea you’re going to get from a fellow real estate investor.
Like in other businesses, marketing is the fundamental for success. Regardless whether it’s what we enjoy or not, we have to market to buy and sell properties. Good marketing is everything and makes selling much less of a battle. The funny thing is, you don’t need to be showy and you don’t even need to be an expert. You just need to be out there with honorable real estate investor marketing. Most successful investors already know that “bandit signs” work well, but the enforcement from many cities around the country have made it more difficult to use them. That’s why it’s so frustrating, since they are one of the most effective forms of marketing that you can use and one of the least costly.
None of us want to break the law, but knowing that they work so well presents an ethical dilemma. They’re illegal in most areas of the country now. I stopped putting out bandit signs because I don’t want to break the law and have legal fines and fees to have to pay. It’s not worth it to me. Real estate investor marketing can still be realized without breaking the law.