We have had a great response so far with the previous two articles that lay out the steps necessary to build a house flipping business from the ground up. So in order to raise the bar even higher in the third and final part of this series, I am going to be giving away TONS of extremely valuable and FREE information on how to build your own successful house flipping business!
In the last article I gave you a couple strategies that you could put to work in order to generate leads for your real estate business. Although those lead sources (probates and driving for dollars) are great and everyone should be taking advantage of them, you always need to be looking to grow your business and your marketing reach! The key to building your marketing machine is to become very good at one niche and then move onto the next (while continuing to use and master the previous niche’s). So in this article I am going to go through the next steps you need to take in order to become the player in your market that everyone aspires to be.
So now that you have started to implement a couple marketing campaigns on a consistent basis (probates and driving for dollars), now its time to take it up a notch and start to increase the number of marketing campaigns you are running at any given time. To help you accomplish this my suggestions would be to do one of two things that will help you grow your business: The first would be to hire a marketing manager to help keep your direct mail consistent, organized and effective: Or the alternative would be to outsource all the mailings along with the lead follow up process. This would entail using a direct mail service provider to send out all of your yellow letters, postcards, ect. and then hire a virtual assistant to process all of the leads and follow up with the potential motivated sellers that contact you. I personally don’t care to use virtual assistants because I have a physical office space that my team and I work out of…..that and I am all about building my business with long term people who can actually go out and view properties and make offers for me. There is something to be said for having your team working along side you every day as apposed to half way around the world (which apparently doesn’t sell so GURUS fail to make this point). If however hiring virtual assistants works better for your current situation then go for it……its absolutely better to get help of some kind to grow your business than none at all. Also mailing houses that can prep and mail all of your marketing can be extremely helpful when you are opperating as a one man band. In order to really make it big in this business you MUST build a team of people working for you everyday…..whether that be as employee’s, independent contractors or virtual assistants. The only difference between making 100K a year and 1 million a year in this business is being consistent with your marketing and having a team to help you increase your marketing reach.
So lets re-cap the important points I am trying to make……as you grow you are going to need help, so find a local team member or a virtual assistant. Also you need to always be expanding your marketing reach and number of campaigns you are running at any given time. Always be testing new direct mail marketing campaigns for motivated sellers along with the marketing piece you are sending them. Marketing is a never ending process that you continue to improve and not just a task that you can check off your list. Lastly look to expand your marketing online by utilizing SEO (search engine optimization) and PPC (pay-per-click) as your marketing budget increases…..we generate a large number of GREAT leads each month online. The best part about those kinds of leads is that they have already been pre-qualified and are ready to do business with you! This would first require that you create a website for for sellers to learn about your services, so make sure to make this a priority before expanding online.
Let me be very clear though before continuing on; If you do not learn how to market for sellers your business will soon die a slow death. Those investors who simply rely on Auctions, Realtors and MLS for deals are going to have a real hard time moving forward into 2014. This is because as the market continues to improve more and more people are going to jump into this great business, so the amount you have to pay for any of those deals will continue to go up. The super successful investor in this new market will be those who can consistently source deals directly from homeowners!
Now before we wrap up this article lets look at what additional marketing campaigns you should start running as your business grows. One of the more publicized ones is Absentee Owners. I would say these are a good source, but you will need to mail a large number of them on a consistent basis before you will see results. Another good campaign would be older homeowners with large amounts of equity in their homes. The idea here is that you catch someone at a time when they are looking to downsize or move into assisted living……and when you do catch them it can mean BIG checks for you. Lastly you need to create an online presence and learn to market your business on the old internet. The best ways to generate leads initially with this niche is going to be through pay per click campaigns, but I would suggest you hire the help of a professional when you are getting started. If you don’t know what you are doing it can cost you a lot of money in testing and tweaking.
I could probably write a small novel on how to run each of these campaigns, but the point of this article was to open your eyes to what you should be doing to grow your business. If anyone has additional questions about any of these campaigns then please feel free to post a question below. Make sure to listen to the latest episodes of The Real Dealz Podcast to learn even more great tips for marketing and growing your House Flipping business!