myEmpirePROIn this lesson, you will discover how to wholesale real estate and the 4 things you must pay attention to in order to get the most leads.
We will dive through this 4 namely strategy attraction, obsession, consistency and guru data; most people fail because they get this wrong.
Below is a question for us to address with this lesson…
“ Hey Ola,
What marketing solution (DM, D4D, bandits, flyers, knocking, FB/YouTube/Online Ads, Website, lists, cold calls, SMS, etc.) brings you the most leads?
Have you found the effectiveness of one solution (DM or cold calling, for example) is consistent or inconsistent across those markets?
In other words, is cold calling (or whatever you use) as effective in Dallas as it is in New Jersey, or not?
Thanks. ”
Seller and buyer leads are the life and blood of a wholesale real estate business.
Ultimately, these are “people”; the 3rd of 3 core pillars of a smart real estate wholesaling business.
We discuss all of the 3 pillars in details inside the book Smart Real Estate Wholesaling…. (audio book here)
These are the different marketing strategies and/or channels that you can generate seller and buyer leads from.
- Direct Mailing
- Bandit Signs
- Flyers
- Knocking on Doors
- Digital Marketing
- Cold Calling
- SMS Text Messaging
That’s a about 7 different channels that can either fall under inbound or outbound.
It’s a costly and terrible mistake to categorize driving for dollars or website designs as a marketing strategy or channel.
These are never marketing as a stand-alone.
Driving for Dollars aka D4D or D4$ is a data collection activity and it’s the most expensive.
This becomes clear when you factor …
- the hourly value of your time,
- the cost of a full gas tank for the car,
- the cost of car, tire and break depreciation and
- the mileage you put on the car.
In any given 2 to 4 hours that you drive around for dollars, that cost you nothing less than $100.
After that, you then have to consider that there are faster and cheaper ways
…to collect even better quality data right from the comfort of your laptop.
I recommend inbound marketing which is when you leverage attraction marketing to get your ideal prospects initiating contact with you.
A website is a useless graveyard unless you deliberately market it by driving online traffic to it.
Therefore there is no way it can be a marketing strategy or channel for your wholesale real estate empire.
But keep in mind that none of these addresses generating buyer leads so far.
That’s why many new wholesalers are getting stuck with contracts they cannot dispose or find a willing and able buyer for.
With regards to the question of what could be the best marketing solution that generate the most leads?
The truth is that it varies.
When I launched my business in 2005, it was direct mailing.
Today, I believe it’s between PPC (pay per click) and JV (joint venture).
I will skew my opinions towards JV because no one is talking about it as a full blown marketing strategy because it’s free.
Not only is it free, it’s like printing money when done right in this 3 steps… in this order.
- Buyer List Building
- List Monetization
- OPD (Other People’s Deals)
In reality, consistency is the true source of most deals.
Therefore any strategies that positions you to quit sooner than you plan or
… Follow a patchy pattern in your marketing frequency will create the least
and more so, the lowest quality of leads.
Inbound or attraction driven marketing positions you to build upon leverage and attract the highest quality of leads.
They are the highest quality because they are reaching out when the timing is right for them.
You are the business owner so the timing is always right for you; at least it should be.
It’s also the most scalable because setting up marketing campaign limits the use of your personal time unlike…
Having to do outreach on an ongoing basis via cold calling and any outbound sale-sy methods.
By being in a position of outbound outreach personally, you become one of many options for the sellers.
On the flip side, you are the only option when a prospect reaches out for you to take a look at a piece of real estate they want to sell.
It doesn’t matter if it’s Dallas Texas or New Jersey, it’s the same everywhere.
So here we go: How to Get Most Leads for Wholesale Real Estate
(1) Focus on attraction marketing.
That means focus your resources on marketing campaigns that create inbound calls and action initiated by the prospect.
Also above all, focus on the marketing strategy that tickles your fancy the most.
(2) Obsession is a Prerequisite
Whatever marketing or prospecting strategy you want to invest your resources in require a level of obsession to stick to it until it works.
(3) Consistency
At the end of the day, consistency is the #1 marketing strategy.
However, consistency doesn’t fall out of heaven.
Focus on making sure you are positioned to make consistency easier to achieve.
(4) Beware of Guru Data
Gurus will pull numbers out of their butt if you ask them.
The truth is that the only source of success statistics and data you can trust is YOU and your experience.
Some will tell you, every 200 house addresses collected turns to a deal… it’s a lie.
Focus on understanding the concept of wholesale real estate, marketing in a digital age and consistency.
That’s all you need.
