The biggest failure of investors: lack of long-term commitment.
Many investors give up on their marketing efforts if they don't see immediate results. This is like abandoning your garden if nothing sprouts on the first day. But the longer you work on it, and the more effort you put in, the more it will pay off.
Marketing takes time, and repetition, repetition, repetition.
Think about this: do you rush out and buy the latest high tech gizmo the very first time you see an ad for it? Or, do you make reservations the very first time you hear about a new restaurant? Probably not - because it takes time to become receptive enough to the product or message to take action. Real estate marketing is the same, and it works best when adequate time and repetition are part of the strategy. So, plan to run ads multiple times, to send sales letters more than once, and to have a consistent presence in whatever form of Internet advertising you use. The more your target audience receives your message the more receptive they will become, and the more likely it is they will take action.
You don't need a million-dollar budget.
Real estate investors with small marketing budgets tend to give up too soon because they are afraid of failure. And since they often don't have experience and don't realize that marketing takes time, they abandon their strategy without giving it time to succeed. They quickly decide they just can't compete without a huge bank account.
But it just isn't true that you need gobs of cash to compete.
If you don't have a Donald-Trump-style marketing budget, the key is to start slowly. For example, anyone can start with free website advertising. Sites like craigslist.com, backpage.com and kijiji.com are very powerful. And what's more, you can make them highly focused. Since they are free you only need to acquire a few good leads for ads on these sites to be a huge success.
Other low-cost strategies can incorporate small-scale direct mail campaigns and Google Adwords. These methods can help you test your strategies and learn in the process. It's important to ramp up your marketing methods as your income and budget builds. As you become more successful you can apply what you've learned on these small-scale campaigns, to turbo charge your future results.
The bottom line is that real estate investing is just like any other business. If you have confidence in your plan, use creativity and you are willing to work hard on your goals, your marketing strategy can - and will - work.
Focus on what works and is the most cost effective.
Begin by attempting to leverage your time and money by reaching the largest amount of people with what you can afford. As mentioned before, this means tried-and-true methods like direct mail, Google Adwords, and free sites like craigslist.
Have goals and monitor your growth.
Make a goal to spend a little more money each month on marketing. This will give you the chance to increase your results as you learn from your mistakes, and your successes.
And don't overlook the importance of monitoring your growth as a real estate investor. Careful record keeping and tracking of both your marketing methods and your company's growth will ensure that you are getting the most value from your efforts.
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