Changing my Marketing Strategy

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Changing my Marketing Strategy

Chris Vaught
Investor · Roanoke, VA · Member since 2016 · 24 posts · 12 votes

I'm not a marketing aficionado and I really like reading posts from the people that are, so I look forward to your tips and advice on this one.  We read all the time that real estate is about relationships, and it's easy to see that the best run businesses, both from the Pros here on BP, from the best RE companies nationwide, and really any business, are the ones with the best networks.

With that in mind, I'm going to stop marketing to look for deals and start marketing to build relationships.  As some have said, real estate is sometimes a lonely world, and having relationships with people in all facets of the business not only help make it sustainable, but also more enjoyable.

So, how to build relationships - that's kind of a tricky question.

-Attend REIA meetings

-Contribute on BP

-Talk to people about RE

-Add value to people's lives

All of these things have been talked about before, but I still see marketing posts geared solely towards finding deals and I'm believing that that's only half the battle.  Deals can build relationships, but relationships will bring you deals.

Despite all the successes I've heard about with direct mail, I've never fully bought into it.  I've read a lot of posts about building relationships with probate leads, but not nearly as much with absentee owners.  Either way, with as much direct mail as some owners get from us these days, it seems important to come across as someone who is trustworthy enough to work with - another relationship.  I think my uneasiness about direct mail is how to prove I can be trusted while blindly yelling I want to buy your house!

I find it fascinating when I read posts from folks on here who don't send any mail and get all or most of their deals by word of mouth.  It's really a goal of mine.

So at the end of this post, I guess this is more of a discussion post than a question post.  There are tons of posts talking about ways to market (ie direct mail, bandit signs, Craigslist, auctions, etc, etc) and I'm not really looking to build on those posts.  I'd love to hear from people smarter than me about any kinks in my logic regarding building a solid network and direct mail, and also about other marketing strategies that encourage correspondence that lasts longer than I want to buy your house.

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Rick H.
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
10y

Maybe thus would be better as an ongoing blog?

If you really want to know how people get successful, join a high-end mastermind group. Yes, the high price may be an issue however it will keep out the riff-raff and the overall quality of associates that you will have are (hopefully) wel vetted.

I've been involved in the groups: Jay Abraham, Dan Kennedy, Perry Marshall, Brian Kurtz, Joe Polish and two others, including my own that is a closed grou that meets in Santa Barbara and has a high minimum net worth//income requirement. Everybody has to contribute or they don't get re-invited.

Once you know what skillsets you need (probably more than you think) then you'll get a sense of which groups could be a great fit.

Really successful entrepreneurs don't fool themselves into believing that they're going to get better by working alone and lurking on discussion forums. 

If it's true that we are the average of the five (5) people closest to us, then we must find regularly meet with those who will influence us positively and directly. 

Time to take serious, massive and substantive action.

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  • Rick H.
    Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    10y

    Maybe thus would be better as an ongoing blog?

    If you really want to know how people get successful, join a high-end mastermind group. Yes, the high price may be an issue however it will keep out the riff-raff and the overall quality of associates that you will have are (hopefully) wel vetted.

    I've been involved in the groups: Jay Abraham, Dan Kennedy, Perry Marshall, Brian Kurtz, Joe Polish and two others, including my own that is a closed grou that meets in Santa Barbara and has a high minimum net worth//income requirement. Everybody has to contribute or they don't get re-invited.

    Once you know what skillsets you need (probably more than you think) then you'll get a sense of which groups could be a great fit.

    Really successful entrepreneurs don't fool themselves into believing that they're going to get better by working alone and lurking on discussion forums. 

    If it's true that we are the average of the five (5) people closest to us, then we must find regularly meet with those who will influence us positively and directly. 

    Time to take serious, massive and substantive action.

    3Reply
  • Chris Vaught
    OP
    Investor · Roanoke, VA · Member since 2016 · 24 posts · 12 votes
    10y

    Fair enough @Rick H. Thanks for the tip!

    0Reply
  • Brendan H.
    Real Estate Agent · Denver, CO · Member since 2015 · 125 posts · 43 votes
    10y
    REIA meetings are huge. But I'd recommend continuing the direct mail campaign. Maybe if your budget is tight you can do more driving for dollars and mail those people directly. Then share your experiences at the REIA. I agree with Rick H. ...taking action is the best way to learn!
    0Reply
  • Doug P.
    Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
    10y

    @Chris Vaught Hope that works for you, I've never got a deal from my network, and I've been at this for 16 years.

    If you are in need of deals you need look no further than the MLS. I just did a quick search (http://www.realtor.com/realestateandhomes-search/V...) and that page shows 2,757 people at this very moment who are willing to pay thousands of dollars to get YOU to buy their house, right in Viriginia Beach!

    Instead of marketing to people to "might" "one day" "think about" selling. You can go directly to people who are actively trying to sell.

    The "secret" is to bypass the agents because they aren't interested in working with you. You still have to pay the agent (or more precisely, you give the seller enough money to pay their agent). But you can avoid all the nonsense and actually get a deal done by talking to the seller yourself.

    0Reply
  • Chris Vaught
    OP
    Investor · Roanoke, VA · Member since 2016 · 24 posts · 12 votes
    10y

    Hey @Doug P.,

    That's certainly an interesting strategy.  I imagine most of those 2,757 want top dollar for their houses, which I am not willing to pay; or their is no profitable way to add value to the houses; or they hired the agent because while they want to sell their home, they don't want to talk to me.  How do you decide which listings to pursue so that you don't waste everyone's time?

    0Reply
  • Doug P.
    Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
    10y

    @Chris Vaught I do rent to own so the top dollar doesn't bother me. I generally limit myself to houses that are +/- 25% of the median price for the market. Besides that I try to not assume anything, you never know who's motivated until you ask.

    0Reply
  • Art G.
    Wholesaler · Ojai, CA · Member since 2016 · 107 posts · 74 votes
    10y

    First of all you are right. It is about reaching out and connecting... networking. Thank you for posting that little reminder to us all. I have been so bogged down with work in the office I have neglected expanding new relationships.

    As to your topic, I would offer the following advice:

    It is not what you are doing, so much as how you are doing it.  No matter your method of contacting people, it is how you do your method that dictates success.

    I read your comment about not believing in direct mail (paraphrasing), and I felt compelled to respond to that. Most people do as you said a very bold and abrupt announcement of intentions and you are again correct that no one wants to hear it or is compelled by it. But there is always another way...  I have a two tiered method.

    First I send them a bold colorful announcement that my LLC buys houses in cash. Nothing pushy, just easily seen in the mail stack. Not with any intention of them calling. But solely for the purpose of planting the thought in their head about selling their house. Then a week later...

    I send out my letter. We don't call them yellow letters at my company, we call them sweetheart letters.  I literally get people calling me to apologize because they don't want to sell their house right now.  

    I use quality stationery and matching envelopes.  I carefully crafted a letter that expresses interest, motivation, curiosity, and is non-threatening, all the while conveying that I would like to purchase their home.  I typed it up, my assistant has much nicer handwriting than I do, so she hand wrote it on white paper. I scanned it into the computer, cleaned up the letters so they are real sharp, without ink blots, if an individual letter (abc...) was poorly formed, I replaced it with a letter found elsewhere on the page.  When it was done, I sent that to my printer to print a massive amount of stationary & the handwritten return address is printed on the envelopes too.  The only downside for my assistant is that she has to hand write out the addresses, but at least she is guaranteed job security lol.

    We are all humans, with feelings and concerns, dreams and fears  and we all want to connect to each other.  So with great sincerity that is what I expressed to people in my letter campaign, because I do care.  I thought: How would I want to be approached? How would they get my attention? The answer, of course, was sincerity.  

    I am a wholesaler, and my job is to think for everyone else before they even know they are in my deal. That requires reaching into their fears and concerns and addressing them. I have to think about competing interests between buyer and seller and make sure that in the end everyone walks away not just thinking... but knowing they won.  This real estate game is about people, money and land is just an outcome.  By focusing on the people we win... even if we lose the deal.

    Just my two cents... thanks for the reminder about continuing to network, and the chance to share some thoughts. Good luck and here's to improved avenues ;)

    1Reply
  • Chris Vaught
    OP
    Investor · Roanoke, VA · Member since 2016 · 24 posts · 12 votes
    10y

    @Art G.,

    Great advice!  I was hoping someone would come along and teach me a better way!  I think the intent of my post was to try to find a way to market in a way that is not looking to just take someone's house, but show the sincerity that you mention.  I had always had trouble finding a way to show that sincerity through letters and postcards, but everything you said made a lot of sense and would go a long way towards building trust.

    Thanks for chiming in.

    1Reply
  • Art G.
    Wholesaler · Ojai, CA · Member since 2016 · 107 posts · 74 votes
    10y

    My pleasure Chris. Think about what impacts you, when someone reaches you, when you walk away going....   ...   ... just kinda tripped out. Its bc they empathised with you, were direct with you, addressed you, and were real with you. 

    You have sincerity in your words, I can feel them. Just stop telling yourself you can't and start reminding yourself you already are.

    Do you know what your reward is for being a sincere, honest guy, that listens, cares and takes one for the team on occasion? Your reward is that you get to live that kind of life.  I will take that over money or my ego or all that ******** out there any day.  Now imagine a full lifetime of that... Sounds to me like you are already on that path, just forgot for a sec that you don't have to conform, you get to be you all day long baby ;)

    If you have not read this already its time, if you have read it, you need to be reminded. Check this quote out, its short. 

    0Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    By getting the attention of the seller through follow ups,builds the relationship(it sends the message you are reliable)

    0Reply
  • Stacy Patlan
    Indianapolis, IN · Member since 2016 · 24 posts · 2 votes
    8y

    To address the direct mail aspect, I say this and do this daily.  I type my letters because it's quicker and hand write envelopes to get them opened. I hand sign the letter in colored pen as well. But make a website, a good website, letting them know who you are and what you like to do and include that in your letter so they don't "blindly call". Aim your mail towards trying to help them out of a situation, like they need you to buy their house! We also keep in contact bi-annually with all sold deals, a few past sellers have brought us leads from friends and family. Hope this helps even though it's an older post.

    0Reply
  • Chris Gordon
    Santa Monica, CA · Member since 2017 · 2 posts · 0 votes
    8y

    Here's a new spin on direct mail marketing that has been very successful for me and others I know, this company www.CallerTech.com tells you a persons home address, home ownership status, market value, social media links and a lot more from just knowing thier phone number.

    Here's what I have been doing, when someone calls on my listing I use it to find out everything about the caller that I can, if I see they are a home owner and I know they are thinking about buying a new home they will need to sell their current home so I send them a listing proposal ASAP. 

    It also pushes my business card and info to their Facebook page.

    Watch the explainer video, it does a better job describing it than me.

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