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Marketing for Motivated Sellers
Real Estate Investors: The Number #1 Key to Your Success - Marketing for Motivated SellersAuthor: Michel Lautensack
One of the major reasons why investors fail is not enough leads. I'm seeing that over and over with my students. There is not enough marketing going on. There's too much reliance upon realtors, things of that nature, not going out and doing the marketing themselves. Again, if you are not having 5, 10, 15 sellers call you each week, there is simply no way that you're going to be getting good quality deals.
That's the reality of this business. If you're relying upon a realtor to find you deals, those same deals are being exposed to every other realtor in your community. There are maybe hundreds, if not thousands, of other people looking at those deals. It is hard to get an exceptional deal through a public site like a realtor or a MLS.
Pros and Cons in Direct Response Marketing
Again, we're going to use direct response marketing in our advertisement. Direct response marketing can be one of two ways. There's what's called one-step marketing and there's two-step marketing.
One-Step Marketing: One-Step Marketing is where you send out an advertisement of some sort and the person actually buys right off that ad. The classic example of that is going to be a newspaper ad where maybe there's a coupon.
You cut the thing out, you put your name in there. They say send a check in with $50 and you send it in and a week or two later, they send you whatever the product is that you bought. That is one-step marketing.
One of the disadvantages of that type of marketing is you're going to have lower response rates because people either have to buy or not buy. That's the only decision at that point. There is not a middle ground which is, "Can I get some more information about the product?"
The problem is the response rates tend to be lower because of the buy or not buy decision. Two, it can be very expensive because you have to get your entire marketing message out. Obviously, advertisements charge for space. If you want more space, you're going to pay more money. It tends to be a higher cost type of advertisement.
Two-Step Marketing: Two-step marketing is different in the respect that what you're trying to do is not necessarily get a sale directly but you're trying to elicit a response from that person.
Obviously, in private lending, we teach two-step marketing all the time. There is really no one-step marketing in the private lending process. It is send out marketing, do networking, do this, and try to get a response. It is developing a relationship with that person through multiple contacts, 5, 10, 15 contacts with that person and ultimately leading potentially to a private lending transaction.
It's no different with sellers. It might be a little bit quicker in terms of there may be only one or two or three contacts with the sellers. It's a much quicker process. It moves along very quickly but again, you are trying to send out marketing where you can elicit a response back from that person.
They're not necessarily going to be selling you their house on the first contact. That's why it's two-step marketing, but they are going to want to know more about what you're offering, what your program is. They may want to sit down with you and say, "This is the situation I'm in. Can you buy my house?"
Again, that person reaches out to you in some fashion to try to initiate the process. That's where the deals are going to be. I'm going to hammer this home. That is how really profitable deals are discovered, when you can sit one-on-one with that seller.
I invite you to learn more about Private Money Lending and get my new FREE 20-page ebook titled "Discover the Secrets of How to Fund Your Real Estate Deals with Private Lenders!" by clicking here http://realestatewealthtoday.com/FREE-eBook.html . Mike Lautensack is a full-time real estate entrepreneur in Philadelphia, PA and creator of the Private Lending Presentation Kit. This powerful done-for-you kit is loaded with tools and techniques to attract and develop a consistent stream of private investors into your real estate business. To learn more about this kit and receive your FREE Real Estate Wealth Newsletter go to Private Lending Presentation Kit .
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