Do You Have A Marketing Plan For Your Real Estate Investment Business ?

If you own investment property, you’re immediately classified as an entrepreneur and – as it’s a small business opportunity unto its own, you must have a marketing plan in place in order to make the most of it.

Unfortunately, this is one of the top reasons why statistically, 92% of all first time investors fail in 3 months, and less than ten percent of those who do will survive the first year of their investment portfolio.

Here are a few should and should not’s that you should follow:

First, your marketing plan should begin with an analysis your current situation and investment environment. This means that you need to look at what you are doing with your investment property or properties. For example, evaluate where your leads come from, how many leads contact you each month, and how many prospects you get each month that are worth following up on.

Secondly, it’s all about the metrics. Determine how many qualified leads you get in proportion to the total number of leads that come in currently. Evaluate how many deals you close as a result of the qualified leads vs the tire kickers, and how much money you generally average from each closed deal.

Finally determine how much it costs you in total to get each close deal -- that is, determine how much you spend advertising, phone calls, overhead expenses, and other costs before you see the actual money.

When you're looking at your investment property business this way, you'll be able to see how your small business opportunity is faring. If you're getting lots of leads but are getting very few closed deals, you know that you may want to make some changes.

One last point I’d like to make is that you should be tracking each one of your lead sources. For instance, are you generating the most qualified leads through your ads in the newspaper? Off bandit signs? Through your website? From the call to action magnets on your car? Business cards? You get the idea.

Once you do know where the top three to five sources of leads in your small business stands, then develop a solid marketing plan by setting some goals and allocating a portion of business funds each month proportionate to these lead generation machines.

Write down your goals for total net income, your goals for the total number of deals you want to sign up, and your goals for the number of leads and interested sellers you want to generate. Determine how much net income you need to or want to make from each closed deal.

Lastly, based on how your investment property business is doing right now, determine how many prospects or leads you have to generate in order to reach your goal. For example, if you currently get one closed deal from every 10 leads that contact you, and you want to have ten closed deals at the end of the year, you know you need to get 100 leads to contact you.

Getting your marketing plan down on paper will help you see exactly what steps you need to take in order to take your business opportunity from small-time to successful.

Cheers,

Brad Wozny
Creator, 7 Figure Profits™

Seed Newsvine

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