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As much as it may seem, luck has very little to do with the success of a well-devised marketing plan. If you are sending out letters and simply hoping for a good response, you will not be very happy with the results. Marketing is a science. The more you know about it, the more successful you will be. There will always be negative investors who will tell you that you got lucky on a deal, but the truth is that you made your own luck by being in the right place at the right time. Understanding the intricacies of a good marketing strategy will lead your business on the path to success.

The first thing you need to figure out is what kind of a budget you are working with. Contrary to what people will say, you don’t need a huge budget to be successful. You need to know what you can spend before you get started. Sending one letter to even the most defined list will not be very successful. On the flip side, placing a few inexpensive bandit signs in prime locations may get your phone to ring. Whatever your strategy and medium is, you can make it work for you. However, you need to know how much you can spend before you get started.

Once you have your budget, you can focus your attention on the properties and homeowners you are looking for. The more specific you are in your search, the more effective you will be. Single-family or multifamily homes are not specific enough. You need to know what area or zip code, what target purchase price or amount owed on the mortgage and if and how far they are delinquent. If you are looking for pre-foreclosures, you should know there is going to be increased competition and your letter or postcard needs to stand out from the crowd. Knowing exactly what kind of deals you want will tell you how to proceed with marketing.

Regardless of the type of marketing or lead generation you conduct, it is important that you track the results and have a follow up plan. Are you going to have a separate phone number? Do you have a script in place? Do you have a method of following up if they aren’t interested right now? Here is where you can separate yourself from most other investors. You should be ready to answer every call and every question from the time you send out your first letter. If you are hasty or do not follow up in a timely fashion, you may lose the lead and not get them on the phone again.

When you do get someone to call, you should get as much information as possible in the initial conversation. This is when they will be most responsive and give you the most data. If you have an email or a home phone, you can call them in a few days or weeks and follow up. Most deals are not as easy as they look on TV. You may have to go back and forth for a few days or months to get the deal. The more information you have, the more you can use to your advantage.

It is far better to market smart than to market blindly. Smart marketing can be done on any budget if the information retention and follow up are done right. Your fellow investors can complain about you getting lucky, but you know you create your own luck by working hard and smart.