Where Do You Get Started In Real Estate Marketing?
| | Thursday, August 24, 2006 @ 02:00 PM EDT
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Contributed by: Rachel Young
Rachel Young Properties
Read more archived articles about Marketing
I hear this question…a lot. Twelve gurus tell me twelve different ways to buy houses. How do I know what to do first? Here’s the problem: those speakers teach buying and selling houses. They don’t teach how to market to buy and sell them, they teach HOW to buy and sell them. There’s nothing wrong with that. But that explains why they don’t teach more about marketing. I’m going to tell you what to do first. I ONLY teach marketing for real estate investors, so there’s a darn good chance that I know what I’m talking about.
There are two types of action you can take when you’re first starting out. There’s the stuff you can do immediately (making contacts, lining up funds, recording your phone message, etc), and the stuff you have to order and wait for it to arrive (business cards, signs, envelopes). Just about everything falls into the second category. There is very little you can do the second you leave whatever boot camp you’ve attended to get started in real estate - regardless of what the seminar speaker says. However, there are a few very important possibilities.
(Incidentally, for you seasoned investors, you might learn a thing or two to boost what you’re doing now…)
1. First and foremost, set your marketing budget up before you spend one single penny on anything else! This is by far the most important (and often overlooked) step in the process. That’s why I’m making it the first one you read. How in the world can you expect to know how much money you’ve made or how much each lead is costing you if you don’t have a budget set up first??? If you aren’t sure how to set your budget or what to spend money on, go to my blog at www.bigcheesemarketing.com and I'll walk you through setting your budget and even how to figure out how to achieve your financial goals for the year! Is it sexy? No. Is it necessary? Absolutely!
2. Join your local Real Estate Investors Associaion (REIA) club. They can point you in a money-saving direction, have a house to sell to you, be a part of your wholesale buyers list, or help you find good contractors, lenders, etc. These folks offer a wealth of information. Some might have manuals from other speakers that you can look at as well. The REIA group in Georgia has a library that you can actually check out books and material from.
3. If you don’t have an attorney, ask your lender which attorney (or title company) they see most investors use. If you don’t have a lender, ask your attorney (or title company) which lender they see most investors use. If you don’t have either one, go back to the REIA group and ask them. It is very helpful to go ahead and get these contacts squared away from the get-go. You don’t want a great deal to fall into your lap and not have either one of these important people in place.
4. Start writing your first letter. A direct mail campaign is essential to almost every single buying strategy in real estate investing. You can say more in one letter (better) than you can say on the phone or in person. And if they decide not to sell their house based on receiving a letter? You don’t have to worry about them saying “No” to you. (Such a dreaded word to some!) While you’re waiting for signs and business cards to arrive, it helps to go ahead and get your direct mail campaign ready.
These are just a few of the things you can get started on immediately to ensure that your real estate business gets off on the right foot, or stays on the right path - depending on how long you’ve been investing. By making the appropriate contacts now, and getting everything lined up, you can hit the ground running as soon as the products you’ve ordered arrive. Do at least one thing every day that will generate leads for you and your company will be off to a fantastic start!
Note: Rachel Young is the owner of Big Cheese Marketing and specializes in real estate marketing for investors. She is a member of the Gwinnett Chamber of Commerce in Georgia, Toastmasters, the American Marketing Association, and the Better Business Bureau. Learn more about her at www.bigcheesemarketing.com.
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