Deals Deals Deals!!
Distress properties to renovate and resell or rent are the lifeblood of any real estate investment business. Almost every investor struggles with finding houses at a price that allows them to make the right repairs and make a profit. During Covid all auctions and evictions have stopped making it even harder for investors to find houses. Yet there are a select few investors that are unaffected by the market change. If anything these elite investors are doing more deals during Covid then before.
Distressed properties to renovate and resell or rent are the lifeblood of any real estate investment business. Almost every investor struggles with finding houses at a price that allows them to make the right repairs and make a profit. During Covid, all auctions and evictions have stopped, making it even harder for investors to find houses. There are a select few investors that are unaffected by the market change and if anything, these elite investors are doing more deals during Covid then before!
What's the secret you ask? The answer is simple yet difficult, all at the same time. As an investor (or in any business) you need a comprehensive marketing strategy that involves dozens of tasks that need to be executed consistently; here are a few to get you started.
Networking: Networking is the number one way I bring in deals. This method requires a ton of up front time and work but will pay off for a lifetime. People do business with people they like and trust, so go out there and start making friends. Attend events, start a podcast and conduct zoom meetings. Aim to selflessly give value by helping others while wanting nothing in return. I feel that is how you build long lasting relationships
Organic Social Media: In 2020 the good news is it's never been cheaper to build an audience. The bad news is, it takes time and hard work. Some of the most popular online business people have been creating content for over 10 years before they get traction. Creating a personal brand is hard to quantify but I promise you it's worth the time and expense.
Cold Calling: Cold calling is an old tried and true method. It's a number game that requires a thick skin because you will receive a daily F U! Experts say it takes 200 calls to close a deal and a good cold caller can make 200-300 calls per day, so do the math. If you're willing to spend the time and develop the right pitch you will 100% be successful.
Direct Mail: Direct mail is a very low converting yet very predictable way to purchase properties. The biggest mistake investors make is that they give up after one or two mailers. Experienced investors mail anywhere from 2,000 - 5,000 mailers every week! You read that right! You must also constantly tune and test the message. If you think you're going to send one mailer one time and get a deal, you're in for a rude awakening.
Realtors: Real estate agents are one of the best ways to get deals. There are 28,000 agents on Long Island and I want to become friends with every single one of them. Imagine having a 28,000 person salesforce searching and looking for properties on a commission basis? If you treat agents right that's exactly what they can do for you.
One thing is for certain, no investor has a magic deal tree in their backyard. The top professionals are doing 20,30, even 40+ little things right all the time and that's how they get deals, so get to work and I promise you the harder you work the more deals you'll get!