6 Common Marketing Mistakes Investors Make And How To Avoid Them 6-27-2008
Dear Friend, What I would like to address in this article is something that is disturbing to me. Over the past few years I have seen how many investors after a real estate seminar or buying a new course would jump on the band wagon of the usual marketing strategies we are all familiar with. You know, bandit signs, classified ads and postcards too just name a few. Now, these marketing strategies in themselves are not bad but it is sadly the method how these marketing activities are applied where investors get into trouble. Not Having a Marketing Strategy At All Just placing bandit signs in neighborhoods and intersections without planning, testing and reviewing the quality response rate from your signs is a sure recipe for failure. Not Identifying Strategies That Work and Sticking With Them There are many ways to skin a cat. Some ways are better than others. It is the lack of not knowing what works and not knowing what works well that leads many astray and cost them a lot of money in the process. Not Staying Within a Budget and Wasting Your Money If you only have $10 or $100 per month or more that you can spend on marketing then you need to stick to that amount and use strategies that fit into your budget otherwise you might soon be distracted from your real estate investment business by facing a cash crunch. Having No Competitive Advantage Above Other Investors I have a personal bias towards attorneys and using free publicity as my competitive edge. What is yours? If you don't know, develop one. Not Being Persistent. Sadly many quit with a huge database of leads they accumulated from haphazard marketing efforts not realizing they have unrefined gold in their hands. All it asks is some nourishment and follow up. Following the Herd and Using the Same Marketing Strategies Ask yourself, with all the same strategies used by fellow investors in your market, why would a seller call you ? If you can't answer this then you need to think of a different strategy like marketing to attorneys. When you market to attorneys there is no competition and no negotiation. What I like about this approach is that the attorneys may times would send pre-qualified leads your way which makes negotiations much less stressful and complicated.
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