As every successful real estate investor will advise you, money in real estate is in the marketing of your real estate business, not in doing it. You need to master the business of marketing. Having all the knowledge and preparation, awesome negotiating skills, even a significant sales mastery over others will be for naught if you have no leads. No Leads = No Business.
For example, say real estate niche is with foreclosures. Knowing the foreclosure rules and the laws applicable in your State are important, of course, as are the skills and expertise you may draw upon. The key for your business success, however, is to generate hot foreclosure leads. Without those leads nothing can happen, and nothing will happen.
The lack of leads will mean failure in the big picture, the lack of deals means the lack of profits and you are out of the real estate business soon enough. The key then is to develop the art and the skill of generating hot leads.
As successful as I am, as successful as I have become, I am so attuned to this simple rule of success, I have it typed on a 3X5 laminated card I keep at my desk with these words in bold type: ” MONEY IN REAL ESTATE IS IN MARKETING YOUR BUSINESS, NOT IN DOING IT!”
The reason most do fail at real estate is that they fail to recognize two very salient and foundational principles: Real estate is a business, not a hobby and the key ingredient in your real estate success is to master the business of marketing to get those hot leads. Most of your competition will never understand that the marketing aspect of the real estate business is more important than any other part of it. Nothing happens in your business unless you have that steady stream of leads to work with. Success in marketing is a simple formula to consider: leads plus conversion equals profit. Then apply a tried and true formula to that: picture a funnel larger at the top, smaller below, 1000 leads generates funnel down to 100 prospects which will or ought to net 10 customers.
It is a matter of conversion. You must follow up your leads. You must build credibility and trust with those prospects to turn them into customers.
My Formula:
1000 calls/year= 80 calls/monthly (which) = 8 prospects/month to visit= Buy 1 house (10 homes per year)
When you’re in the business of foreclosures, you are offering an invaluable service that sellers in foreclosure need to know about. You have the ability to truly help them with their equity, their credit, their self-respect. They will only benefit from you if they know about your service and only if you successfully reach out to these prospects. Some of these distressed owners will need and want your help. Your goal is to develop the high response marketing to enable you to get as many hot leads as you can of these motivated sellers. You need to have them call on you, as many as you can handle, and make huge profits along the way.
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