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What Good Is A Real Estate Investing Course If It Doesn t Contain A Marketing Plan
ou're a Real Estate
Entrepreneur or Investor, A) It's a concrete result you put
and you're out there in the out for your mind to seize on and
market place looking for deals. I strive to achieve.
have a question. for you. B) It allows you to clarify
exactly what you want to achieve
Are you doing a bit of in the coming 30 days.
advertising and just hoping that C) It allows you map out the
a deal will fall in your lap, or activities needed to achieve that
are you operating in a way that plan.
makes certain it will happen. If D) It allows you to plan in
you don't have a process for advance to delegate off the lower
making sure deals happen, you paying activities, so you don't
don't yet understand the end up doing them.
importance of having a marketing E) It allows you set time
plan. deadlines, to hold others
accountable so everything gets
The sad fact is that even after DONE!
all their training, less than one F) It results in you being free
percent of all real estate to concentrate on your highest
entrepreneurs and investors payoff activity: Making Offers
actually have a marketing plan. On Great Deals!
Even though it's very simple, G) You have a business that
don't underestimate its power. operates consciously, not by
accident.
The most important thing about
marketing is to have a marketing More people fail in real estate
plan! because they simply do not have a
plan or goals. You should have a
Why? detailed marketing plan of what
you want to accomplish and how single deal. And, this is a
you are going to accomplish it. deadly sin.
And, don't be vague, either. You simply must know how you are
Things like, I want to make more currently doing.
money than I can ever spend, and
I want to be rich, and I want to You should know:
make $10,000 a month, are not
plans. They are too vague, and 1) the total leads that call each
they won't help you get there. Be month (each week is more
as specific as you can possibly manageable),
be. 2) where those leads come from,
3) how many "qualified" seller
In planning for monthly revenue, prospects (i.e. those that you
try to put your money goals in are willing to invest follow-up
cash income, not gross revenue. I in if
know gross revenue is what you're they don't sell now; they have
used to thinking in, but cash is motivation, you are interested in
obviously more important. It's the house.) you get each
what you take to the bank, and month,
it's what pays bills. 4) the ratio of total to
qualified,
First, examine your current 5) the number of deals you close,
numbers. More than 80 percent of
all real estate entrepreneurs 6) the ratio of closed deals to
know how many houses they are qualified leads for each lead
buying each month, but they don't source
know where those houses came from 7) how much you make from each
and how many leads they had to seller,
process to develop them into the 8) and how much it cost you to
acquire a new seller. mailing expired listings. But,
you get ten qualified calls a
With this information you can month from his classified ad and
look at your current resources, 10 qualified prospects calling a
look ahead, and then plan out month as a result of mailing
what you want to have happen. The expired listings. So, you
number of deals you want to do, currently close ten percent of
the amount of money you want to your prospects.
make.
Firstly, you can improve on this
For example, let's say you are situation by improving that
bringing in around $10,000 a twenty percent close ratio. By
month and your average deal gives improving your closing ratio by
you $5,000. Yes, I know that's things like more precise
low, but for the sake of example. targeting, the present lead-flow
That's two deals a month. These would stay the same, you'll get
are cash proceeds and after your same twenty real prospects
expenses you net 50 percent of and achieve your goal of doing
your gross or $5,000 a month. And four deals next month.
let's say that you want to double
your net income next month. But assuming that's not something
you have control over right now,
You will have to get twice as the other way to double your
many deals to double your income in the next month is to
business. Goal? Four deals a double the number of qualified
month, or one a week. prospects you talk to and make
offers to. So instead of getting
Let's say you currently gets one 20 qualified leads to call, you
deal a month from a classified would need 40.
ad, and one deal a month for
Your plan to get forty qualified planning. If you do this and you
prospects would need 10 to come allow yourself to get into the
from expired listing mailings, 16 whole spirit of planning, and
to come from flyers in target making things happen on purpose,
neighborhoods, 4 from business you will easily double your
cards handed out everywhere, 6 to income in twelve months.
come from signs placed in the
ground at high traffic count Your monthly plan should include
intersections, 10 to com from the following:
classified ads that drive people 1) A goal for total net income.
to the website. Total: 46 2) A goal for number of deals
prospects. Cool! That's six to signed up
spare. 3) A goal for number of
appointments made.
With this number of leads coming 4) A goal for number of
in you have what is needed closed qualified, interested sellers.
four deals and reach your goal of 5) A goal for total number of
doubling your net income. leads.
Actually, it's more than doubling 6) Average net income from each
because your fixed expenses don't deal.
increase with the income. 7) The number of prospects you
have to generate to reach your
You should have a monthly plan. goal.
Schedule thirty or forty minutes
out of one day to make up your A detailed plan to generate the
monthly plan and see how you did number of prospects you need.
last month. Schedule this time Your plan doesn't have to be
and keep to it. Don't do any work typed out or put into a computer.
or take any calls during this It can be handwritten on paper.
time. Keep it strictly for It doesn't have to be pretty.
responsibility for your business.
Scratch pad plans are good On the other hand, taking the
enough. The important part is time to think through your goals
that you do a plan every single each month, both for income, and
week and keep on top of things. marketing activity, then
committing them to paper will
This is a simple thing to do, but make things start happening by
it is just as easy to not do. plan and put you in control of
Blowing it off is the equivalent your business.
of you absolving yourself of
About the Author:
Ben Innes-Ker is a full-time real estate entrepreneur, best-selling author, and real estate investing warrior. He has developed the "Motivated Seller Magnet - automatic lead generating system" to help real estate entrepreneurs and investors attract more motivated sellers with less effort and increase profits. To learn more about this powerful step-by-step program and receive your free special report, go to http://www.motivatedsellermagnet.net
Source: www.isnare.com
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