Simple steps on how to increase your marketing response rate next week

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Why am I able to receive 20% response rate from my marketing to sellers and others don’t? Many investors especially new investors have a hard time bringing as many leads they need in order to get a deal. Typically on average I am seeing (as well as closing rate and target demographic list) it takes about 25-30 seller calls to get a deal.

So you will have to calculate based on your businesses goal of how many houses you are looking to acquire and how much money and time are you spending to get them. My business we try to improve our marketing campaigns as well as our closing ratios on the leads that we do get in to better our chances but on average we are dealing in that same number. The 25-30 Seller call to deal ratio means the amount of motivated sellers calling you willing to accept your creative or cash offer based on your terms. Its a numbers game. Sorry for getting a little off topic.

Our approach to getting a high response rate to get the most opportunities is basically focusing our marketing efforts to precise demographic and geographic targets and consistently hitting them over and over. Lots of investors will put all their money together and send out 1000’s of mailers or post 100 bandit signs all over the state or put their marketing flyer’s everywhere their is a free space. This to me will cause more work and get you less results. Trust me, I use to do that.

The key is selecting where you want to buy houses or where you end buyers want to buy houses and target specifically in that area ONLY. Go as deep as a specific neighborhood and focus your money and efforts there. Now instead of dealing with a farm area of 30,000 homes you can market to 1500 or 5,000. With it being more targeted now you will be able to hit them repetitively like 5-8 times which we do.

Action Steps:

1. Research on where you want to invest in. Where are the places you like? Where are people looking to buy? Read about How to find real estate deals in areas that you like!
2. Select a small area at first and really focus in on that area. Be that Area of the towns expert  “Your East Forest Park Real Estate Expert! for all your real estate needs” Focus on a select number of houses and stick to it. “Be a big fish in a small pond”
3. Create a marketing plan that you will be able to market 5-8 mail pieces, flyer’s, call campaigns whatever so that you can be CONSISTENT with it. It’s all about consistency. Your prospects may not be ready to sell at that time you sent marketing to them but they may be 2 months from now. Situations always changes. Always. So never assume that if you don’t get a call that you wont in the future, be patient.
4. Follow up. You may receive a good amount of leads and for some reason they didn’t accept your offers. So put them into a follow up CRM or follow up database and follow up with them. You will be surprised on how many deals you will convert on the second try.

Anyone who tries these strategies and have any success with them please post them on the comments section for everyone to see. Also post any difficulties so we can be able to figure them out as a group. Good luck.

Till my next post.

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Are you prepared to take advantage of this Real Estate market?

Are you prepared to take advantage of this market?

As you probable already know that foreclosures now are at a all time high and everyday its reported that homeprices are falling and properties are becoming available by the boat loads. According to Standard & Poor’s latest report home prices across the nation is continueing to fall. 13 of the 20 metro areas have posted annual lows and 10 of those 20 have reported double digit declines.

You probable have been beaten in the head plenty of times with this news from everyone already but the next question is are you prepared? I’m not meaning are you mentally prepared to “think” you ready for this opportunity but are you really ready? Not only this business along any others but this real estate business is not easy. It’s like everything in life that has a goal, you must be mentally and strategically ready. Lots of people I work with wants to jump in immediately but doesn’t have a game plan. In this post I am going to write about a few steps. Today I’ll write about 1.

Mental Preparedness:

Lots of people wants to make millions of dollars in this foreclosure business but when it comes time to do the work they never even show up to the plate. You will have to be prepared for anything. Sometimes things won’t go your way but having the metal toughness to keep pushing on will ultimately bring you to success. My most recommended book on that is napoleon Hills “Think and Grow Rich” and Robert Kiyosaki’s “Rich Dad, Poor Dad”

Education:

The number one investment you can do, more so then investing in properties is your education. You always need to be eductating yourself. Wheter it’s a seminar, course or a book at the library take full advantage. Most of the knowledge of marketing, sales, negotation and business strategy was learned from books I found in the library and in Barnes and Noble. If you are on a tight budget at first going to the library and sitting in the lounge area of barnes and noble on a weekend would be well worth your time.

For a list of books check out the Recommended books section for more information

1-800 Numbers & Websites

1-800 Phone Numbers: Today I ordered my 800 number for the business. Having a 800 number is a key advantage compared to a local or a direct phone number of yours. Here are some of the advantages: Give your sellers/buyers etc one easy to remember number that they can call from anywhere without any chargeExpenses: Its relatively less expense overall to integrate a 800 number. The reality is that rates for toll-free services, which now include the prefixes 888 and 877, have dropped right along with the rates for other kinds of long distance service. Not too long ago, a company would have paid between 20 cents and 25 cents per minute for an 800 call. Today, they pay as little as 7 cents per minute. Vanity/Extension numbers: With 800 numbers, the companies that you register with will allow for extension or vanity numbers to be connected to it. In Real Estate marketing assigning specific vanity numbers to a campaign or given location will allow for tracking of marketing effectiveness which overall lower your costs and efforts. Professional presence: When motivated sellers and buyers see your marketing and notice a 800 number it instantly builds credibility and professionalism. The 800 service doesn’t have an area code, thus removing the psychological barrier inherent in advertising your telephone number in the areas far from your place of business. Also, 800 numbers don’t move if you ever decide to move to a different location.I got set up with Voice Nation Inc. This seems to be pretty good as well as had some real competitive pricing. With them I received voice mail package with 999 extensions that I can use for my marketing campaigns. It also comes with the option to talk to a live person whom you can assign a 3^rd party call center or yourself. My team will be handling the call traffic in the beginning and think about the call center service for the future.

Website: My Partner Ted and I had a meeting with Marvin a website designer with Bowe Design of Connecticut. He has been in the business for several years and worked with many clients in all types of industries. His process starts from interviewing, analysis to consistent tweaking to the final product which is something I personally look for in a designer. If you are looking for a web designer or anything with corporate image and branding contact Marvin at Bowe Design

Anyone uses any other 800 services or website designers. Let us all know! Thanks.