Lead Generation Doesn’t Happen Overnight
By JD Esajian on September 30, 2013
The biggest disappointment for new investors is the realization that deals don’t just fall on their laps. As much as they like to believe that making the commitment to invest in real estate means that deals will follow, it doesn’t work that way. The key to growing a successful business is contact and lead generation. This is a process that takes trial and error, money and patience. Sending out emails to local realtors and waiting for the deals to come rolling in will not be enough. You have to constantly be willing to change gears if something isn’t working and stick with something that is.
Bandit signs, direct emails, yellow letter campaigns and local networking are just some examples of lead generation ideas. It has been shown that most cold contacts will not respond until the seventh attempt. That being said, it would be impossible to gauge the success of any campaign from just one letter or one email. You need to follow up with what you are doing multiple times. If you are sending emails, make each email a continuation of the previous one. If you are sending letters, reference the fact that you know they have received a few other letters from you. Don’t give up if the response isn’t what you expected. Marketing is a process that takes time.
It is important to have a long term plan before you start any type of marketing. Start with a budget and a timeframe and go from there. You may have a few different ideas that you want to experiment with, but it is better to try one idea to conclusion than make halfhearted attempts at many. If you have one small list of addresses you want to mail, make that your primary focus and plan on sending them a series of five to ten letters. At the end of your campaign, you should be able to determine if the success or failure was based on the letter, the presentation, the recipients, the list or your follow up. At that point, you can determine if your expense was worth it and what you can change and improve moving forward.
If you tried a small sample size for each niche you were curious in and your response was small or even nonexistent, don’t give up. You have to realize that there is plenty of competition out there and deals are not as easy to get as they may appear. Whatever approach you decide to take, you need to understand that you have to follow up relentlessly for a period of weeks and possibly even months. Give yourself an honest attempt to succeed by not giving up after just one attempt.
If you have given an honest attempt and it wasn’t working, it is time to go back to the drawing board. You should always be looking at new or different ways to attract new business. Things that may seem off the beaten path could work for you depending on your personality and the market you are in. Keep an open mind, and when it is time to shift gears, do that with the same vigor you had when you just started. It may very well take you three or four different campaigns until you find something that really works for you.
Lead generation is not always easy and could be the source of tremendous frustration. Set a budget, set a plan and find out what works for you. If you don’t put your all in it and put your best foot forward, you may be disappointed with the results.