I recommend that when you first get started as a new real estate investor that you give some consideration to the phone number that you are going to use for your marketing.
You are planning on marketing for buyers and sellers right?
Even if you put a flyer out at a Real Estate Investment Club meeting, or post a bandit sign on a telephone pole you are marketing.
The question is this….
What number are you using?
Many beginners, in their eagerness to get started, use their cell phone number on their marketing.
While this may be easy and simple, it is not very efficient. And I will show you why.
As a real estate investor you will need to have multiple marketing methods for both motivated sellers and cash buyers.
If you don’t – you won’t have many buyers and sellers calling you.
So if you want to flip a lot of houses then you are going to have to be marketing constantly to BOTH cash buyers and motivated sellers
For example, you might have the following marketing methods for motivated sellers:
So now here is the question for you to consider. ..
Even if you only use a few of the above methods for marketing to motivated sellers, If you put your cell phone number on all of the marketing then how will you differentiate between calls from sellers and calls from cash buyers?
At a bare minimum you would need to have a phone number for sellers and a phone number for buyers.
If you were using a cell phone number on your marketing then you would not know if a seller or buyer is calling you.
Your voice mail message (if you missed the call) would need to be completely different for sellers and buyers.
Here is another question for you.
If you used the above marketing methods to market to motivated sellers then how will you know which marketing method is working best?
Maybe your bandit signs are not very efficient and your yellow letter is working really well.
Wouldn’t you want to know that?
Of course you would. And if you don’t then you are losing a lot of money (way more than the $45 a month that call tracking would cost you).
MARKETING TO CASH BUYERS
When you market to cash buyers you may have the following:
Craigslist Ads Advertising Properties For Sale
Blog Posts On Your Website With Properties For Sale
Cash Buyer Web Site Where You Post Properties
Classified Ads For Cash Buyers
Bandit Signs For Cash Buyers
Facebook Ads For Cash Buyers
Pay Per Click Ads For Cash Buyers
If you are doing this kind of marketing, you would NEED TO KNOW which method is getting you the best return on your investment. For example if you put out 100 bandit signs and it cost you $250 then if you got one deal out of that and made $10,000 you would know that you spent $250 to get $10,000.
But if you didn’t know how they found your number you would not know that information. Now a bandit sign is a bad example because if you asked most people would say I saw your sign. But which sign? On which corner? What if you marketed in different adjoining cities? Wouldn’t you want to know which corners get the most phone calls?
What if you asked them and they said “I found you online” (which is what most buyers say).
Where? Which Website?
Do you see why you have to have call tracking?
If you are going to start tracking your calls and your leads then you need to know these things.
We call them KPI’s which stands for Key Performance Indicators.
Once you have KPI’s then you can track things like:
How many call were received
How many were actual motivated sellers (or cash buyers)
How many appointments were made (to sell or buy a house)
Then when you sell a house and make a profit you will know WHERE THE LEAD CAME FROM.
And knowing where the lead came from means you can tell how much you spent that day, that week or that month in marketing with that marketing method.
This is really important.
So I know you are eager. You are dying to get some bandit signs and put them out. But what I want you to do is read this article again.
Think about utilizing call tracking.
Ask yourself this question. When the phone rings and I don’t answer will there be a message? What will that message say.
If you fail to plan you plan to fail. But if you plant the seeds and build the right foundation, you can start marketing, tracking your leads and flipping houses.
And when you figure out how much it actually costs you to generate a lead, or generate an appointment or generate a profit, then you will know what your return on investment is. We call that ROI. That’s the most important KPI to keep track of.
We use a company called Call Rail for call tracking. You can get a basic plan with 10 phone numbers for $45 a month. You can add additional numbers for just $3 a month.
You can check them out by clicking on the image below