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Updated about 10 years ago on . Most recent reply
Can Somebody Offer Tips on Marketing for and Closing Out-of-State Deals?
I would love to get some feedback on strategies and pitfalls of marketing for and closing out-of-state deals.
My wife and I already have our business established in central TX (I live in CA) with a small apartment building and a great team of contractors, property managers, and real estate agents. I want to start expanding our business by acquiring more properties, but I don't want to rely on just the MLS. We're planning on marketing for deals via direct mail.
Is there anybody out there who is marketing for and closing deals remotely? What's working for you and what are some of the pitfalls you've run into? I would appreciate any tips you can offer on how to effectively market for, inspect, and close on deals from a remote location.
Thanks for all your help!!
Most Popular Reply
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My learning curve is still pretty steep in direct mail. I am no means an expert and I still have challenges. My key takeaways so far have been:
1) mailing list : narrow and laser specific is much better than broad shotgun approach. Spend the majority of your time on this. 3/2 house with absentee owner is just the tip of the iceberg.
2) continue to perfect and tweak marketing messages: right message, right audience, right time is the ultimate goal.
3) have a follow up system and USE IT. Can't emphasize this enough this is where I stumble the most.
4) Know, like, trust. Makes crossing the bridge from interested prospect to closed deal much easier.
5) Create a clear path of expectations, step by step that the seller can see, feel, hear, & touch.
Inspections and closing a are the easiest: pay the local experts to keep you out of trouble, if you try to be cheap with this part, the deal isn't good enough.
Local escrow, title, legal, traveling notaries are great resources. Network with the local investment clubs and RE pros to get referrals.
Pitfalls:
My list was not specific enough on who I was marketing too. It was too broad and consequently spent too much money.
Ineffective message: my marketing wasn't compelling enough to create action: I didn't distinguish myself enough from any other investor/ buyer
Follow-up was not consistent, too much shooting from the hip. Have a program and script. Example: if they called in for info, follow up 1 day later with a letter, 1 week later with a phone call. Then drip every 4 weeks with a touch.
Inconsistent process leads to inconsistent results:
document all your activity with the intent to create a Handbook that can be easily followed for outsourcing purposes.