During this session, we will talk about Lead Generation | Marketing lists, marketing collateral, defining your Avatar, standing out from the crowd. The video is below and the notes are underneath the video. This is Week 4 of 10 from the Wholesale Real Estate Training Program. Make sure you bookmark the Wholesale Training Resource Center.
VIDEO
NOTES
WEEK FOUR NOTES AND ACTION ITEMS
- Tim shares details of a recent offer on a big deal.
- Marketing Lists, Defining Avatar and Marketing Collateral
- WHY people buy from us
- Customer service business
- You offer a product
- Not investing b/c you’ll turn around and do same again
- Should guide how you buy from other people
- Avatar
- Defining your ideal customer
- You are selling to them to sell their house to you.
- Who else is in your company or network may be more effective in a certain class of network than you are?
- Race/religion/socioeconomic
- Location/type of home
- Defining your ideal customer
- Figuring out where you want to operate
- In which area will you be most effective?
- Start designing your area of operations there.
- In which area will you be most effective?
- List to create highest probability of success
- 70% of median home price in your area
- Target homes worth 70-90% of that.
- Increases likelihood that investors willing to buy when you get a deal
- Target both absentee and occupied houses
- Target homes worth 70-90% of that.
- Facts
- You don’t have a deal if the numbers don’t work.
- Narrow down list to people that have high probability of selling.
- Target 10 basic motivated seller lists
- Target all except pre-foreclosures and tax liens
- Don’t tie up someone that you can’t sell and send them in foreclosure.
- Absentee homeowners
- Code violations
- Get from city
- Expired MLS listings
- Easy way to start cold calling
- Probate properties
- Over 65 exemption
- Long term ownership
- Average American owns home 2 years
- 60-90 days delinquent
- Behind but not in foreclosure process yet
- Tax liens
- Bankruptcy
- Target all except pre-foreclosures and tax liens
- 70% of median home price in your area
- How to build your list
- Advertise
- Billboards
- Don’t recommend b/c of 12 month contract
- Remnant space (leftover, unused space)
- More likely in smaller market
- Direct mail
- Absentee owners
- Owner occupied
- High Equity
- TV Advertising
- Online
- SEO
- Pay per click
- Yellow pages
- Bandit signs
- Don’t recommend
- Billboards
- Advertise
- How many calls to expect:
- It’s a campaign, not an attack.
- Conversion rate
- Average cost per acquisition
- Consistency is key
- If trying something new, start small
- It’s need vs. want so message needs to be consistent
- Average cost per acquisition
- Recommendations:
- Listsource.com
- I-REI.com
- Build List
- Change geography if list is too big
- Increase Year’s Ownership
- Narrow down to 3000 contacts
- Divide into 3 lists (A,B,C) to mail monthly
- Mail to one list a month
- Take time and be committed to process
- Divide into 3 lists (A,B,C) to mail monthly
- Start small, start slow and consistently increase.
- Send letter to probate lists followed by monthly postcards.
- Make sure it has a real stamp.
- Don’t put anything on outside of envelope so they must open.
- Postcards
- Search Engine Marketing
- Cheapest
- Most competitive
- Not to be confused w/ SEO
- Highest cost per acquisition channels
- Scalable and easy to execute
- Search Engine Optimization
- Pay per click
- Impressions
- Cheapest
- Resources
- Listsource.com
- Pick geography
- Vacancies
- Price filtering
- I-rei.com
- Mailing
- Postcards
- Marketing tracking
- CRM
- Central Appraisal District
- Data
- Varispark.com
- Mailing
- Can provide list
- Click2mail.com
- Postcard templates
- Mailing templates
- Listsource.com
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