Find Deals & Grow Your Business With These 4 TipsBy Paul Esajian on November 30, 2018
There are literally dozens of ways to find deals and develop your business. if you are willing to think outside the box. Long gone are the days of looking for deals in the classified section of your newspaper or sending postcards and waiting for a response. Today, with the explosion of social media and all the various technologies you don’t have to wait long to see how you are doing.
By consistently putting your name and your business out there every day, you will eventually find the contact that changes your business. Instead of breaking the bank with direct mail campaigns and other pricey forms of marketing some of the most effective options will be the most inexpensive. Never use the cost of marketing as an excuse not to do something. There is always something you can do that doesn’t cost anything more than your time. Here are four inexpensive ways you can use to find new deals and grow your business.
- Social media. If you take a step back for a minute, it is amazing to think how much social media has grown over the last decade. You don’t have to be an IT person or a teenager to use all the various social media platforms every day. Probably without even realizing it anymore they are part of your daily routine. As a real estate investor there are a handful of ways you can use them to grow your business. For starters, you need to establish a presence on these sites by adding content every day. The more people see you and your business the more likely they will contact you when they have a real estate need. The next is by finding like minded groups of people within these sites. There are always a handful of groups and clubs in almost every site, usually some in your local community. If you focus exclusively on social media marketing and brand building you will slowly see a trickle of new leads come in.
- Local networking groups. Networking is something that few investors really enjoy, but it is a necessary evil to help grow your business. Without trying too hard you can find a local networking group in your area. These groups are often for local business, not exclusive to real estate. In these meetings you will find local real estate agents, attorneys, accountants, mortgage brokers and contractors that can help find deals and grow your business. The key with these meetings is to keep a positive attitude every meeting. There will be times when going to these is more of a chore than anything else. However, simply showing up with a good attitude goes a long way. You may not get a lead from anyone at these meetings for months and then get two great leads in a week. By staying consistent and showing up with the right attitude you never know who you will meet at the next local meeting.
- Real estate investing clubs. Networking meetings and local investing clubs are similar but have a different target. With networking meetings, you will find everyone from the local plumber to an appraiser. With investment clubs you will meet people who are actually closing deals in your market. These meetings are often filled with hard money lenders, wholesalers and other contacts specific to real estate investing. Additionally, there is usually an educational topic and guest speaker at each monthly meeting. You may have never thought about investing a certain way but hearing someone talk for an hour can change the course of your business. With these meetings you should show up early and focus on building one good contact. Instead of shaking hands and exchanging cards with a dozen people who won’t remember you in the morning, talk to one person for an extended period. If they enjoy the conversation you can build off that and create a relationship that can be mutually beneficial in the future.
- Local contacts. Real estate deals will not just fall on your lap. The most successful investors are willing to put themselves out there and go get them. In almost every market there are dozens of local attorneys, mortgage brokers, accountants, builders and other people who come across deals from time to time. They may not have an investor they trust if there is a need for a quick transaction. As much as you may not like it, you need to keep your name and face in front of them consistently. Take one day a week and get out there and say hello to these contacts. Stop by these offices with a box of cookies or a cup of coffee and simply tell them you were just in the area and wanted to say hello. Don’t keep them more than a couple minutes and let them get on with their day. As uncomfortable as this may be for you, the five minutes you are in the office will be remembered and appreciated by the contact. If you do this every month, or two, they will feel comfortable enough to give your name out as a referral if a prospective deal comes their way.
As productive as direct mail and other marketing options can be, they are largely one-off transactions. By growing your social media presence and local networking alliances you can have sustained success that doesn’t cost a thing.