The real estate marketing is always changing. Ever-evolving.
So what can you do to make sure your real estate investment business continues (or begins) to thrive?
According to Sterling White, there are five ways to make sure your business is successful in today’s real estate market:
1. Shift part of your focus to multifamily properties. It’s always a good, tried and true method to hold single-family rentals if you have them. Don’t lose those. But since there are so many companies out there looking for homes to flip or rent, switching a bit of your focus to multifamilies can assure that you’re competing with more serious buyers and sellers. (Not to mention that one closing can put 20 units in your portfolio).
2. Remain loyal to the old-school marketing techniques. Sure, pay for some Facebook ads – but don’t expect to see a giant uptick in your bottom line. Cold calling and direct mail are still the best ways to get in contact with property owners. Use them.
3. White says that he’s exclusively buying off-market deals. Publicly-listed properties, he says, are consistently overpriced. So stick to attempting to reach owners before they’re ready to sell.
4. Sell yourself. Yes, you are a buyer. But in order to be a successful buyer, you need to be able to sell yourself (and your company). There’s a lot more to the business than giving the right price – brand yourself and learn what is most important to the sellers in your area.
5. Follow up, follow up, follow up. A lot of companies will give up after their first unsuccessful contact. Don’t. Things are constantly changing, and that may be more true when it comes to real estate than anything else in life. The unfortunate happens – divorce, a loved one passes away, foreclosure. If you’re still on the mind of those people when tragedy strikes, you may be the one in the best position to help them the right way when they’re in need.
There’s always competition in any walk of life, and real estate investment is no different. But stick to the tried and true techniques, make yourself marketable, and stay disciplined – you will succeed.
For more advice or simply to answer simple questions, contact Dan and Diana to see how they can provide you with NEWJOY.