How to Choose a Marketing Channel?

Question

I recently started wholesaling. 3 weeks now. I decided I was gonna drive for dollars even though I don't have a car and I live in Philadelphia. I was told Bandit signs work best from a local REI @ a REIA meeting. So I realized I'm doing 2 marketing channels. I've heard I should pick one strategy and stick to it. I plan on placing the rest of the signs(100 total) I already bought, but I understand this is a numbers game. I need to at least generate 1000 leads in order to make my goal. Should I also look into using lists (list source, propstream, etc.) or should I just continue to D4D & buy more signs. Any constructive advice is welcome. Thank you

Will Barnard · Answer

Have you checked your local municipalities for there rules and laws on bandit signs? In most areas, they are illegal. Driving for dollars is good for finding deals and learning your market at the same time plus it is fairly cost effective but time intensive. Your info on "sticking to one strategy" is misconstrued. Doing multiple add campaigns is not "multiple strategies". What that advice was intended for was to pick one strategy, i.e. buy and hold, flipping, notes, wholesaling, etc and go full throttle at it. Trying to do it all at once will likely end up having you spin your wheels.

For wholesaling, it is often best to cast multiple nets to accumulate the most leads and then find out which gets you the best leads (with best being leads that turn into closings). There is always a huge debate on what marketing methods are better so feel free to search that right here on BP for those opinions. Keep in mind what works best for one in one area may not work the best for another in another area.

Barry Pekin · Answer

@Taneisheo Ferguson,

The experts have already piped in.  Listen to them!

For myself, I'm only getting started.  I've decided to focus on DMM to get things going.  Now that I have that going with little to no effort on my part and the calls starting to trickle in, it's time to look into another channel.

Find a channel that works for you.  I believe that pretty much anything you pick, if you stick with it, will pay off in the long term.

Good luck!

Ian Walsh · Answer

Figure out your budget, needs and rough amount of desired leads.  Work backwards.

Barry Pekin · Answer

@Taneisheo Ferguson,

Try this.  Pick a city close to you, if not your own city.  Find out-of-town absentee owners with high equity.  Then drive around and look at those properties.  Take note of any that are in distress.  Then call them.  You may be looking at landlords who aren't quite taking care of their properties as they should, or they could be inherited properties, or whatever.  See if you get any more motivation.

And listen to @Jerryll Noorden.

Good luck!

Taneisheo Ferguson · Answer

thanks @Barry Pekin I've been calling the numbers from driving for dollars and that has not been successful regardless of my filters. My leads aren't motivated. I need to get in front of motivated sellers. I really dont like posting bandit signs. I'd much prefer to go digital.

Jerryll Noorden · Answer

I picked one for the same reason why I don't understand why someone would start a CC business or a DMM business.

You are not born with a DMM business. At one point in life you must have made the decision and say to yourself: "Self,...You know what? I will start a DMM business and charge investors to send out mailers".

I mean what the heck! WHY would you pick an inferior marketing channel that is KNOWN not to work...

So that is how I picked my channel.

NOTHING beats SEO period! Nooooooot... Inggggg!

So I picked SEO period.

"Ohh but it takes time, Ohh but it is difficult, Ohh but  but but.."

Do you want to be successfull yes or no?

Yes? OK then shut the frog up, step up and claim what is rightfully yours!

I did! And now...

Here is the thing.

You WILL become the best at anything if you will devote all you have to that something!

So now the question becomes...

WHAT do you want to be the best at, if you KNEW you will become the best at it?

Do you really want to be the best at  door knocking? Having to go out in the snow, in the heat, in the rain?

Or how about DMM. Do you really want to be the best at  spending a fortune, to be yelled at, demanded to remove them from your list and having to explain over and over again that they have nnot been specifically targeted, skip tracing, and yada yada yada?

OR..

Do you want to be the best at... getting free high quality leads, that beg you to please buy their house like clockwork on autopilot?

Yes? Smart dude. SEO it is. Good choice.

My job here is done. Another turned to the Jerryllside!

Greg Dickerson · Answer

The best one is the one that works the best. Track everything you try and when you find what works blow it up. Make sure to answer the phone when the calls start coming in. That’s the biggest thing for inbound leads is speed to lead.  Bandit signs can be hit or miss but if you get traction stick with it and double down. Direct mail is expensive but effective at scale. You also should get a website up and running and do SEO and PPC. Consistency and follow up is paramount to success not matter what channel you choose.

How to Choose a Marketing Channel?

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