Today podcast is on one of my favorite topics which is marketing, and we will have some tips for marketing your real estate investing business.
I’m happy to have Kathy Kennebrook back on the show for a second time, and we will be talking about what’s working today. You can bet direct mail marketing will be part of that conversation.
Why Direct Mail?
Direct mail is still the #1 source of leads for both of us. That is something that hasn’t changed over the years. No matter what type of market we are in, direct mail is the best lead generator of all.
However if you’ve going to be successful with direct mail, you need to be consistent. You need a system that is implemented month after month. 81% of your deals will come at or beyond the 5th mailing. Read the rest of this entry →
In the second part of this 2 part series on direct mail statistics, I want to talk about split testing. As you know, split testing is when you test one (or more) things against another thing. In this case we are talking about split testing different direct mail pieces.
For example: Let's say that you have a list of 900 names on an out of state absentee owner list, and you have been using a yellow text postcard as your mail piece. Even though you have been mailing consistently, you just don't feel like you're getting the results you should be getting.
Once you have determined that your list is good, the next logical thing to look at is your mail piece.
Here is a fact: different direct mail pieces work better in some areas than others. Different mail pieces also work better for certain groups of motivated sellers.
Here’s a question I get all the time; how often should I send out my direct mail?
Most people that have followed me for any length of time know that I am a “mail monthly” person. With few exceptions (like mailing to probate attorneys), this is always the rule for me. And over time, it has proven year after year to be the right answer.
I learned a long time ago that I would only get great results if I would send out my direct mail consistently every month.
If you intend to be a successful real estate investor, it's absolutely necessary for you to have some type of CRM or database. Just about everyone starts out without any system for keeping track of their leads and that might work for a while. But over time things start slipping through the cracks.
What usually happens first is that you forget to follow up with someone. You get busy and you just forget. The reason this happens is because you don’t have a system to help you with those reminders.
Let me ask you this?
What was the cost of that mistake? If another investor got the deal, that is real dollars out of your pocket.
A little more time goes by and you look up one day and realize you forgot to send out your direct mail. Ouch!
Someone told me recently that they were hand writing their direct mail letters. If you are guilty of that I only have one thing to say to you; stop doing that! You cannot build a business that way.
What you need is a system; a lead manager system. With this type of system you can keep all of your leads in one place, and it will allow you to automate your direct mail campaigns. Read the rest of this entry →