Converting Your Marketing Strategies Into Deals
By JD Esajian on June 30, 2014
The strength of your real estate marketing campaigns will go a long way in developing a strong pipeline. One of the biggest misconceptions about marketing is that you need deep pockets to become successful. Having the ability to consistently send mass mailings helps, but it is just one of the many marketing options you have available. Between social media, bandit signs, networking clubs and email campaigns, there are many alternatives that are far less expensive. Regardless of the marketing approach you take, you will be disappointed in the results if you aren’t consistent with it and aren’t diligent about following up. Getting leads is nice, but the name of the game is converting them into deals.
It bears repeating that consistency is the key with any marketing strategy. You can have the best direct mailing lists, but if you only send them when it is convenient for you, it will be difficult to gain any momentum. It is far better to send a smaller list more times than a bigger, maybe even better list, just a handful. Homeowners who receive your information will most likely dismiss it the few times they receive your mailings. It is only with the third or fourth mailing that your name will start to sink in. This is true for any type of marketing you do, whether it is direct mail or Facebook advertising. You may be able to catch lightening in a bottle with a one ad, but if you want to build a sustained business, you need to be consistent with your marketing.
While most investors spend hours and a lot of money trying to find the right marketing, they neglect the most important part – converting leads into deals. It starts with something as basic as whether or not you will personally answer every call that comes in. Going a step further, you need to decide whether or not you will use your cell phone number or have a new number dedicated for the mailing. If you are fortunate enough to have multiple callers from your mailings, you need to treat each caller with care. If you are in a rush to get them off the phone or don’t want to deal with them while you are in the middle of other tasks, why even mail? New leads produce deals that support your business. You never know which call will turn out to be a deal and you need to take the time to explore every lead to its fullest. This starts with the right mindset, which starts with knowing that you will have to put other tasks on the back burner when you are doing a mailing.
It is a good idea to have a script or some idea of how you want to approach every caller. Some leads will be different than others, but you should have a plan for extracting the information you need. Information about the property, in addition to seller motivation, is the minimum requirements for each call. The first call is typically the one where you can get the most information, as well as make an impression on the homeowner. Explain the process and explain what you will need from them to continue. After you are done, you should have a good idea on the strength of the lead and whether or not the owner really wants to sell and for how much. If you take every call and just try to wing it, you will come across as unorganized and you will have minimal information to continue. You don’t necessarily need to have a written script, but you should have a handful of questions and information you would like answered.
Very few, if any, new leads will turn into a deal from the first phone call. In most cases, it will take several meetings and several weeks before they are ready to move forward. If you stop following up after a few calls or emails, you will never know how successful your marketing can be. You should have a set time to follow up on your leads at least one day a week. It is a good idea to have one morning session, one evening session and one weekend session a few times a month. Your goal is not to leave messages and think you have tried your best. Your objective is to get them on the phone and turn that lead into a deal. It may take over half a dozen calls before you get them on the phone and get them inching along with the process. It is important to remember that even though you may think their deal is important, they may not feel the same. Also, they are going through a difficult time if they are distressed and may want to wait until the last possible day to act before they do so. This could be several months after your initial conversation. They are probably going to work with someone. If you are diligent with your follow up, why can’t it be you?
Marketing and lead generation are the backbone of most investors. This requires you to know where and how you want to market and how you will handle incoming leads. If you treat each lead as an opportunity to make money, you will be far more successful. Getting your phone to ring is not the hard part, turning those leads into deals is.