You have started your real estate investing business and have started marketing, but your phone isn’t ringing. It can definitely be frustrating if you are putting time and money into marketing and you aren’t getting any traction. Most likely, you just aren’t using the right strategies.
It’s A Numbers Game
First, you have to remember that when it comes to marketing, it’s a numbers game. When you do direct marketing, the average response rate is 1 percent. You cannot expect to send just one mailing to someone and have it make an impact. So, you can start by sending 50 letters, but that doesn’t mean you will get responses. Whereas if you send 50 letters twice, you sent 100 letters, if you send 50 letters three times, you are more likely to get a response. The more you send, the more likely you are to get phone calls. You need to expect to market to just one seller at least three or four times. If you are just going to market once or twice, it doesn’t make sense. You have to be consistent.
It also depends on who you are sending direct mailings to and how you are compiling your lists. If you are sending materials to sellers who are not motivated, it can be a waste of time and money. There are many ways to make sure you are marketing to the right list.
Focus on the Long Game
Marketing is a long-term endeavor. Doing it for one or two months is not really following through with a campaign. I always advise to keep marketing, keep doing what you are doing and don’t stop. Eventually, you will start to see results and a snowball effect of a steady trail of calls coming in.
If you keep marketing, before long you will start getting calls from the first month, the second month, the third month and so on. Marketing is hugely accumulative. It does take a few months of consistently getting your marketing out there. It is all a function of when your marketing piece is hitting somebody. Not everyone will be motivated enough to pick up the phone and call with the first, or even the second piece of marketing. They may not be motivated until two, three or four months down the road, maybe even more. You can’t get that accumulating effect with just one or two months of marketing.
Track Your Efforts
When you do get a call, and they say, “oh, I got your letter.” Ask them which letter it was. You want to see at what point of your marketing cycle your materials are the most effective. It is also important to track who you are sending mailings to and when.
I have a great marketing tracker in Profit Grabber Pro, where you will also find many resources to help track and grow your business.