Lead Generation | Marketing lists, marketing collateral, defining your Avatar, standing out from the crowd – Tim Herriage

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
Figuring out where you want to operate
- In which area will you be most effective?
  - Start designing your area of operations there.
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
- 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
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
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
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
  - 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
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