Marketing Basics for REIs

Whether you are just getting started in investing in real estate or you are a seasoned veteran, one of the basic truths to any successful businesses is knowing how to market. It would be an understatement to say you can't really be successful if no one knows who you are. So keeping with Part-Time REI's goal to help educate and help REI's one of the questions we have come across a lot is "How do I market my business?" No matter what stage you’re at in your business, you must find a way to successfully market yourself in order to gain new clients and be relevant in your industry.

Here are a few points that will help you get a basic marketing plan together though.

1. Figure out your Budget

You can’t move forward with a marketing plan until you know how much you can afford to spend. Create an outline of a loose budget first so that you can fill in any blanks later. It doesn't have to be exact but the point is to give you an idea of how much those Facebook ads might cost.

2. Who are you trying to Reach?

Very important question for yourself here. Who do you want to be your clients? Anyone? Everyone? Just those making over 100K a year? If it is the ladder you can be sure that your black and white paper flyers you are putting in mailboxes are not reaching your target market. Think about the type of client you’d most like to work with, and who would most benefit from your services and want to work with someone like you. Then figure out how to single out those people and market to them directly.

3. Find your Niche

What are you branding yourself as? Maybe you focus on first time home owners or like to rehab hundred-year-old homes. Whatever specific aspect of investing you’re best at and love doing the most can be your niche. This can be as general or as broad as you want, just figure it out and focus on that. Organic word-of-mouth marketing no doubt is the best marketing that money can't buy!

4. Make Goals

Develop some reasonable, attainable, specific marketing goals for your business. Try to make sure they are definable, and measurable. Plan out how you will effectively reach these goals, within the constraints of your budget, paying the most attention, resources and money to those goals that are most time sensitive.

5. Stay Flexible

Be sure to review your plan often and revise as necessary. Your marketing plan should continue to evolve as your business needs change. Your goals can evolve, so adapt to the changing business landscape. Some parts of the plan also will work better than others. Review and revise to accommodate what you learn as you go.

Expect a learning curve as you work out what works and what needs revision. Don't be afraid to fail; be afraid to not try. End the end, by educating yourself, you will find a marketing strategy that meets your needs and takes your business to the next level.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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