Six Ways Real Estate Investors Can Find Good Deals
How would you like to learn six ways real estate investors can find good deals? One of the biggest problems for investors today is that it’s hard to find good deals. No matter where you are located the challenge is still the same. Sometimes all it takes is for you to think outside the box a little bit. If what you’re currently doing isn’t working as well as what you would like, you have to do something different. Let’s take a look at a few ways you can find good deals no matter what your investing strategy is.
1. Look Somewhere Different
Where are you currently looking for deals? Are you looking in the same places everyone else is looking? It’s tough in most areas if your only source of deals is on the MLS and other online sites that have a lot of competition. So, why not look somewhere else? Real estate investors marketing to probates and other types of off-market deals complain that sellers tell them they often get 10-12 direct mail pieces about their house. However, when you compare that to the number of agents and investors looking for a property on the MLS, there are thousands of people looking at those individual properties, you will immediately see the difference in the level of competition. There is so much less competition for off-market deals. There is even less competition if you really niche down and become an expert in one or more things like probates, absentee owners, tired landlords, or preforeclosures.
2. Create a Marketing Plan and Implement It
You cannot have just one way of getting deals. I recommend that you have 3 to 5 lead channels (or marketing strategies) that you are using to find good deals at any one time. You don’t want to put all your eggs in one basket, so you need multiple lead channels in case one dries up. As much as I like direct mail (and I think everyone should do direct mail), you should also have other ways of getting leads in the door. What could those 3 to 5 lead channels be? Those might include driving for dollars, cold calling, website leads, and taking a layered marketing approach such as direct mail plus a follow-up ringless voicemail or a text. Put everything into a written marketing plan. Once you have your marketing plan in place, set aside the time to implement your plan by scheduling all the tasks on your marketing calendar.
3. Learn to Network Like a Pro to Find Good Deals
One of the easiest ways to find good deals is through networking. This simply takes time and practice and for the most part, it's completely free. Remember that this is work so schedule a few events each month and go to them. This is how people get to know you, so become a “regular” at these meetings. Once you get there move around the room, introduce yourself to strangers, and reconnect with people you met previously. Your goal is for folks to remember you. Networking is a great way to find good deals, but people have to know YOU and what you do. The next time someone has a property to sell, you want them to think about you (rather than your competitor). Here are some places you might want to network:
- Your local REIA
- Meetup groups
- Real estate auctions
- The Commissioner’s Sale
- A non-REI group like BNA, NAWBO, or the Chamber of Commerce
- Local neighborhood groups
4. Marketing: Do Something Different
Here are a few suggestions for you:
- Narrow your criteria on your direct mail lists, but add additional lists
- Create a custom postcard with your branding on it
- Think of different ways you can use content marketing to grow your business and your brand like video
- Send out non-traditional mail pieces like a newsletter with homeowner tips every quarter
- Create a “leave behind” marketing piece for sellers
- This is a given: have a business card
5. Really Focus on your Website for the Next 12 Months
Your goal should be to become the “go-to” person for real estate information and resources in your area. Take time to really brand your website. Having some professional photos taken of you for your site will really set you apart from everyone else in your area. Be sure to have an “about us” video on your website so folks can get to know you and learn how you can help them solve their problem. After all, it's all about them. If you specialize in something like I do such as probates, add that information to your website. It really goes a long way in building your authority, credibility, and your expert status.
6. Make Videos
This is an important step to take. I know that it might be outside your comfort zone, but the video is the #1 thing that will set you apart from your competition. It builds your brand, and it helps other people remember you. The first step is to set up a YouTube channel and commit to making just one video a week. You will have a nice number of authority videos one year from today. Want to go big? Pull out your phone and make 2 videos each week. You will have over 100 videos one year from now. Building this online presence will definitely help you find good deals. And…they will also find you!
There are so many things you can do to set yourself apart from the competition. I encourage you to think outside the box and be different. Be unique. Create a memorable experience for the seller every step along the way.
- The Comprehensive Guide to Successful Probate Direct Mail Campaigns
- How to Get Better Results Marketing to Absentee Owners
- Getting Motivated Sellers to Choose You (Apple Podcasts)
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This blog which was originally published in 2017 has been updated.