If you’re looking to put your money into a high-yield investment with consistent returns, you can’t go wrong with real estate. Whether you’re looking to fix and flip a property or rent it out for monthly income, real estate is one of the best investment opportunities available.
Because the market can be so competitive (especially in high-demand cities), one of the biggest challenges you’ll face is finding investment properties to purchase.
Even if you have cash on hand to make the deal, how can you find buyers willing to sell?
Fortunately, there are multiple marketing channels available which can help you find these properties quickly and reliably, all without waiting for something to go on an MLS page. Best of all, you can use all of these channels simultaneously to increase your chances of getting the best properties available.
Here are seven options you can use to start building your portfolio as fast as possible.
1. Cold Calling
I know what you’re thinking—cold calling is about as fun as getting slapped with a dead fish. While this marketing method has gone extinct for many industries, it’s still one of the best ways to connect with motivated sellers and market yourself to them.
Yes, it can be frustrating when you’re on the phone and getting rejection after rejection, but fortune favors the bold and the perseverant.
Here are some tips on how to make cold calling work for you:
- Use a Script—Don’t get caught off-guard with a random question or irate lead. Having a script can help you focus and stay calm throughout the call, whether it lasts for two seconds or 20 minutes. Also, you’ll likely get a lot of voicemail messages, so a script allows you to relay everything concisely.
- Segment Your Calls—Cold calling can feel excruciating when you do it for hours on end (which is why call centers have such high turnover rates). So, instead of running through a list of 100 numbers, break it down and call 20 numbers a day for five days. This way, you can get through the list faster, and you can focus on other marketing channels. Plus, who says you need to make all the calls in one sitting?
- Craft a Compelling Pitch—Don’t waste time by leading the person on. Instead, get straight to the point and highlight the benefits of working with you. For example, if you can pay cash today, you can lead with that. Or, if you want to buy a property that needs work, you can tell the person you’re willing to take those headaches off their hands.
2. Texting/SMS Campaigns
A big reason why cold calling can send chills down your spine is that no one talks on the phone anymore—we all text.
While you do need to gain permission before you can start texting a potential seller, this option is much less intrusive and allows you to contact multiple people simultaneously. You can even interact with a lead while you’re doing something else, like drafting a marketing email or designing a direct mailer.
Better yet, you can use SMS campaign software to make the process even more painless and streamlined. These programs allow you to schedule texts, create multi-text campaigns, and incorporate other elements like links and images if necessary.
Plus, more people open texts than emails, so you’re more likely to close a deal with this channel.
3. Direct Mail
As with cold calling, many people assumed direct mailers were about as popular as landlines and phone books.
However, direct mail campaigns can actually be more beneficial than you realize. There are a few advantages of using a direct mailer:
- Capture Attention—It’s easier than ever to ignore an email, phone call, or text. However, an eye-catching and tactile mailer can get noticed amid the noise of digital marketing.
- Better Brand Recognition—It’s hard to incorporate your logo into a text or email subject. However, a direct mailer allows you to put your visual elements front and center. Plus, if a potential seller keeps the mailer, they can get reminded of your offer every day when they look at the paper.
- Easier to Reach Your Audience—If you want to buy an investment property, you need to know who to contact. However, it can be challenging to discover the property owner via digital means, but you can always send a direct mailer to a specific address. This way, whoever lives there can get the ad without you having to do a lot of legwork.
Overall, this method can work better than digital marketing methods when done correctly.
Also, it’s cheaper than you might think, especially if you go with a company that handles everything from designing your ad to sending it out.
4. Email Marketing
If you’re going to go the digital route for marketing to investment properties, one of the most reliable methods is email marketing.
In this case, the biggest obstacle is getting email addresses, but most people are willing to give those out these days. Then, you can craft unique campaigns based on the types of leads you have on your subscriber list.
For example, one email thread could target those who want to sell in a couple of years, so they will come to you when they’re ready. Another thread could be for individuals who may want to sell within a year or less. By segmenting your audience, you can deliver the right message to the right person at the right time.
Best of all, there are email automation tools so you can maintain momentum without having to send messages manually every day.
5. Social Media Marketing
Social media can be a great way to find potential sellers and add them to your email list. You can also message people directly when they’re ready to make a deal.
The best way to use social media marketing to your advantage is to promote your services as an investor and the benefits of working with you. By broadcasting this message to people within your target area, there’s a good chance that someone will see your branding and contact you when they’re ready to sell.
Realistically, it’s not ideal to use paid ads on social media unless you’re sure that you can reach a motivated seller almost immediately. Instead, this channel should feed into your other marketing tactics.
If cold calling was like getting slapped with a dead fish, then knocking on doors must be like having to eat that dead fish straight out of the water. However, when all else fails, some good old-fashioned door-to-door salesmanship can go a long way.
Another primary advantage of this option is that you can get eyes on the property and spot any potential issues. In some cases, you may be able to use these problems to your benefit, or they could tell you to steer clear of the property altogether.
As with cold calling, it’s best to stick to a script and limit the number of houses you visit each day.
Also, try to group them together so you’re not in the car for hours on end.
7. Build Partnerships
Finally, you can work with other people within the real estate industry to get your name out there. The best option is to work with real estate agents, but you should also network with contractors, roofers, and other repair services.
This way, when a technician is at a home, they can promote your services if the owner looks like they want to sell soon.
Additionally, you can connect with insurance agents, loan officers, and even funeral home directors.
Anyone who may be able to get you a lead on an investment property is worth pursuing, and as you expand your network, you can land deals that would otherwise be out of reach.
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