June – Brainstorm and create a marketing strategy
Now that you have worked on your strategy to improve your Return of Investment, it is time to create a marketing strategy that will help you grow your business.
Keep reading to see our best tips on how to do it!
One of the most important things to remember when starting the marketing plan, is you need to make a lasting impression on the people you want to reach. You can do this by taking both offline and online actions.
Networking is a big part of having a successful marketing plan. Finding experienced investors like yourself to learn from them, knowing sellers that can cut you deals or finding the best realtors via connections made, is a great way to grow your investment portfolio. A great way to connect is attending networking events and joining Facebook groups aimed at business people in the area.
You can see our blog post on networking like a pro here.
The term ‘Bird dogs’ refers to people whose job it is to keep an eye out for motivated sellers in the area who are willing to sell at below the market value.
They can be really effective since they have a good knowledge of the region they work, usually know other ‘Bird dogs’ in different areas, and are interested in you saving money, since they stand to gain a fee from each sell.
Marketing is not just about the first impression you make, it is about how you look after the relationships you made through it. Following up on the leads you got with the marketing plan is really important. Make sure you tend to each connection and don’t take anything for granted.
These follow ups can go a long way, and can vary depending on how valuable the person is to you; it can go from a lunch date to a phone call or an email.
Bandit signs are a good way to work on an off-line marketing strategy. They are small, poster sized-pamphlets announcing you are looking for properties to buy with your contact information. These signs should be strategically placed in locations you are looking into to get properties to invest in, and when done correctly can help you find off the market properties and connect with sellers that can give you a good price.
They also don’t necessarily have to be physical, you can use Google or Facebooks targeted ads to make sure you reach sellers from the area you are interested in.
Remember that a seasoned property manager will walk you through all the marketing processes and will help you create the best strategy suited to your needs and wants.