As the new year begins, it’s a time when most of us are thinking about how to grow our investing businesses and asking questions like: “How can I get more motivated sellers?” and “How can I get more cash buyer?” and “How can I do more deals?”
To help you, I’ve recorded a video that walks you through a game-changing concept that you need to know in your business and then reveals the 3 actions you must do this year.
The good news is: if you do these actions, your investing business will grow!
If you liked this video, I have more planned for 2018. So make sure you follow my Facebook page, https://facebook.com/aaron.hoos so you see them as I publish them.
As a real estate investor, your business can only grow so far by tapping into the existing network of people you already know. If you want to increase the number of cash buyers, private lenders, and motivated sellers, you need real estate investing marketing to promote and grow your business to get more seller leads and buyer leads.
The reality is, it seems like there are a MILLION things you could be doing to promote your business, how do you do it well, do it strategically, and do it in a way that scales so you can get more leads without burning yourself out? A lot of investors get in touch and ask: “how do I market my real estate investing business? Where do I start? What should I do first?”
In this blog post, I’m going to share the first 5 real estate investing marketing steps you can take to promote your investing business. If you’re not sure where to start (and you’re feeling a little overwhelmed), or if you’ve been in the biz for a while and need to improve how you market your investing business, then here are the most important things to do.
Just follow these real estate investing marketing steps in order, put the pieces in place, then come back and revisit each step again in the future to hone and refine your market strategies.
Real Estate Investing Marketing Step 1: Identify Your Target Market
Real estate investors usually have 2 target markets: sellers and buyers. (Yes, it might vary, depending on the type of investing you do but most investors have 2 target markets.) Your marketing tactics will be different for each of these groups because they have different interests in your business.
Sellers generally want to know that you have the funds available to make a quick sale, that you’ll accept the property in as-is condition, and that you have their best interests at heart.
Buyers care about various things (depending on the kind of buyer they are) but their preferences may include location and quality of the property, or cash flow or resale potential.
Tailoring your marketing to each group’s needs and interests will help them know you’re there to help them and not just yourself, and they’ll be more likely to work with you!
But you need to move beyond the blanket attempt to market only to “cash buyers” or “motivated sellers (within a certain geographic area).” In fact, you’ll want to narrow your target market within each group of sellers and buyers to a closely defined group. In doing so, you’ll increase the effectiveness of your real estate investing marketing.
Check out this video where I share some insight and strategies on how to narrow your target market…
You should narrow your focus as much as possible, targeting demographic factors among your clients (age, location, marital status, income level, etc), and psychographic factors (personality, values, lifestyles, attitudes, etc.).
Ask yourself, “Who is most likely to be interested in what I have to offer?” And, “What can I do to appeal to their specific needs and interests?”
Note: keep in mind that being specific can be helpful, but if you get too specific you could be excluding potential clients. Finding a good balance is key. Initially, you can look at the most prominent common factors among your buyers and sellers and focus there. As your business grows, you can continue to evaluate your target market and learn whether there is more you can offer in a particular area. The point is that you need to have an idea of who you are targeting in order to successfully take the next steps in marketing your business.
Here’s How To Identify Your Target Market
Start by figuring out who you love to work with. Who are the most lucrative people to work with? Who are the easiest for you to deal with and sell to? Who do you really want to help? Who do you love getting onto the phone with? (And, to help further narrow the list, who do you dread working with? Who do you avoid talking to? Who do you hate helping?)
If you are an experienced real estate investor, one of the best steps to take is to look at all of your previous deals and see which ones were the fastest, easiest, and most fun.
If you don’t have a lot of deals under your belt yet, consider doing this instead: start with yourself and work on defining a target market that is like you, in terms of your age, gender, income, and life experience.
Real Estate Investing Marketing Step 2: Identify Your Voice
Each person has a unique voice. In a similar way, every strong brand has a voice. It should be consistent, and should help people trust and recognize your brand.
For example, compare the distinct voices of three common car insurance commercials:
Progressive uses the optimistic, loud and enthusiastic voice of a young woman named Flo. They also frequently focus on the fact that they openly compare their rates to other companies.
Geico’s Cockney-accented gecko is calm, friendly and informative. They prefer to point out simple ways that you can save money on insurance through their company.
The Allstate man’s voice is reassuring and trustworthy, and the brand often uses commercials that are sentimental and family-focused to motivate potential clients to get insurance.
Each one has a different voice that suits its different purposes and each is easy to recognize. None is inherently better or worse than the others. They key is that they are constant and don’t flip-flop around different voices. Doing so could make your brand seem unreliable and also make it more difficult to remember.
Want to learn how this works for investors? Check out this video below, where I show the importance of having a real estate investing marketing voice and I give two examples.
Your voice doesn’t need to have a character attached to it, but the style of your writing and real estate investing marketing should be consistent, whether you want it to be more casual, in-your-face, sentimental, humorous, etc. Once you choose the voice for your brand, stick with it, and make sure all of your copy uses it consistently.
Here’s How To Develop Your Marketing Voice
First, sit down and write a letter (yes, old school!) to a friend or two. Your own natural voice will come out.
Second, consider who your target market is (see Real Estate Investing Marketing step #1, above). What do you need to adjust about your voice to connect with sellers and with buyers. (For example, you might need to tone down your voice for one group or get more in-your-face for another group… depending on who you’re working with).
Real Estate Investing Marketing Step 3: Nail Down Your USP
A USP is your Unique Selling Proposition. It’s a well-known marketing acronym that ultimately prompts you to identify what makes you unique in the marketplace.
Investors often fail to create a USP for one of two reasons:
Investors may think that their business is just too similar to every other real estate investing business to be able to identify a USP to use.
Investors may think they created a USP but, in reality, there’s nothing unique about it. (“I offer amazing service to my cash buyers,” one real estate investor might say. That’s not actually a USP because many other investors could argue that the service they provide to cash buyers is just as good or better.)
Neither of these are correct. You need a USP, or you’ll get lost in the crowd of investors vying for attention from sellers and buyers. And, you need to make sure that your USP is actually unique, or you’ll get lost in the crowd!
Check out this video to learn about the importance of a USP and how to create one…
Real estate investing marketing can be particularly challenging. Most people have the idea that investing is simply a continuous process of buying and selling. What else do potential clients need to know about what you do that will help them distinguish your service from another investor’s? What more do you offer that could lead potential clients to choose you over someone else from a seemingly endless list of names?
Developing a USP can be difficult. It requires you to really evaluate yourself, your business, your goals, your competition, your clientele, and needs of the market you’re working in. Even though it can be time-consuming, discovering a genuine need or gap in the market can help you develop a solid USP that will attract many new potential clients.
Here’s How To Develop A USP
Ask yourself, “What do I do as a real estate investor that no other real estate investor does?” This could be for sellers or for buyers (or you may need to create 2 USPs, one for each).
Dig really deep to brainstorm several ways that you could be unique, and combine ideas. It will be tempting to create a USP that isn’t that unique at all but you need to be able to say, “I’m the ONLY investor the world who does this.” That’s when you’re doing something unique.
Real Estate Investing Marketing Step 4: Develop Your Sales Funnel
The purpose of any funnel is to help minimize loss; likewise, a sales funnel is a marketing design that will help you to minimize the amount of clients you lose, and hopefully help them stick around to continue to do business with you in the future.
In real estate investing marketing, buyers and sellers will come through separate funnels to connect with investors. What you need to do now is to identify and develop what YOUR funnels will be for buyers and sellers.
Check this video, which reveals the often overlooked opportunity that sales funnels provide to real estate investors.
Here’s How To Develop Your Real Estate Investing Sales Funnel
You already have a sales funnel in your business (every business does). But to really take your business to the next level, you need to define your sales funnel and optimize it.
You’ll need to create multiple sales funnels — at least one for your sellers and for your buyers. If you’re in different markets or work with different types of sellers or buyers, you’ll probably want to create separate sales funnel for each one. (For example, maybe you work with sellers in foreclosure and sellers who are burned out landlords — that is 2 different sales funnels because they may need to interact with you in different ways).
Get a blank piece of paper and write out who your target market is at the top.
Then write out each step that they interact with you in.
In the video, I give the example of motivated sellers in foreclosure who go through the following funnel:
That’s just one example; yours might look different. But it’s a good place to start.
Once you’ve developed that list, then you can start optimizing it:
Identify opportunities to broaden the top of your funnel with more opportunities to come in.
Identify opportunities in the middle of your funnel to build a deeper relationship with those in your funnel.
Identify opportunities at the bottom of your funnel to increase the level of commitment that the seller/buyer needs to make (through increased urgency, a higher dollar value, etc.)
I’ve listed these 3 opportunities fairly broadly. As you dig in, you’ll discover that there are MANY potential opportunities at each step.
Real Estate Investing Marketing Step 5: Start Writing Content
Now it’s time to put your plan into action! Content in marketing is essentially anything you give or send to clients that is beyond what you are directly selling to people. Some of the most common content mediums are social media, blog posts, websites, direct mail, reports, and emails, but there are many others as well.
In this video, I share with you the 5 top content pieces you should build first to deploy your real estate investing marketing…
It’s important to remember that you shouldn’t write content just for the sake of content. Content marketing should always have a specific purpose. Why are you doing that particular promotion? What good does your blog post provide readers? What function does your email newsletter have in building clientele or your credibility with them? Your audience should always benefit in some way from the content you are providing them with.
Content marketing is an essential part of marketing your real estate investing business, so start with the 5 pieces of content I shared in the video above and then slowly add more content as you grow — try new content types, try new media… test it all!
Here’s How To Start Writing Content For Your Investing Business
Work backwards through your sales funnel.
Start with your emails. Create the first 5 emails and plan to deliver them over a period of 5 – 10 days. What do you want to say in the first 5 emails that will build a relationship with your audience and get them thinking about doing business with you?
Next, write your website content. What do you need to say to people that will convince them to sign up to your email list? What information did you put in your emails that they will benefit from? (Don’t forget the bigger picture: you’re ultimately trying to get them to do a deal with you, so be sure to dial in content that assures them that you are the right person to do deals with.
Then, write your blog posts. These are slices of information and insight that position you as an expert, and they act as landing pages for people searching for answers. So write on one idea and, at the bottom of each post, invite them to get in touch.
Then, write your social posts. Think about what information you can share in your social posts that would entice people to click a link to go to your blog and/or website. The social posts should capture the attention of your audience and tease information to that audience to get them to click.
Then, write your direct mail. Your letters or postcards need to capture the attention of people who have a problem that you can solve with your selling or buying service. Direct them to call you to talk further.
Real Estate Investing Marketing Will Grow Your Business!
It doesn’t matter how long you’ve been a real estate investor – whether a day or a decade – you need to be constantly building, deploying, and revisiting your real estate investor marketing.
By doing so, you’ll create a constant flow of seller leads and buyer leads into your business so you can do more deals (and do more profitable deals in a scalable way).
Use this blog post to build a real estate investing marketing plan and then schedule time to revisit this post regularly so you can adjust your real estate investing marketing, strengthen it and make it more effective, and grow your business.