The 5 Biggest Marketing Mistakes Real Estate Wholesalers Are Making This Year
Are you about to make one of these deadly marketing mistakes?
This is looking like a fantastic year for real estate wholesalers. There are millions of motivated sellers. There is plenty of money for deals. Landlords and rehabbers are still looking for inventory. However, to connect all the dots requires marketing. As a new company just a year or two old you might be spending just $10,000 a month on this. If you’re moving fast you might have over a billion dollars to grow your business through marketing this year. No matter what your budget, the key is getting the most out of it. Fail to do that for a couple of months and you could be facing bankruptcy.
Here are the five top mistakes not to fall into now…
1. Copying Tactics That Don’t Work
The number one mistake real estate investors are making is copying tactics they see others using, but don’t really work. Or at least don’t work well. Just because someone looks successful, doesn’t mean their marketing is really working. At least it may not be working on anyone but you. They might have just put their last dollar in marketing to you, and are a week away from going broke.
If you don’t know the returns they are getting you really don’t know. This can apply to investment strategy, websites, videos, ads, the length of your content and podcasting.
Test and watch your data before you go all in.
2. Cheap & Flawed SEO
Trying to get noticed by the search engines and to rank high on Google can have great advantages. Yet, most get it horribly wrong and waste lots of money on these efforts. Most actually do more harm than good to their rankings and visibility.
The most common reasons for failure here, include:
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Hiring cheap SEO companies
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Keyword research by people who don’t really understand the real estate industry
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Copying outdated online suggestions over putting yourself in your customers’ shoes
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Ignoring common sense when picking keywords
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Not reviewing and updating keyword research and SEO on a monthly or quarterly basis
3. Taking Bigger Competitors Head On
You wouldn’t try to take a semi head on if you were driving a Prius on the road, right? Yet, many investors do this every day with their marketing. You can’t directly take on competitors who are spending $30,000 on blog content a month, or who are happy to throw away 4 billion dollars on online ads this year just to drive you out of business. Not if you are only investing $10k a month in your own marketing. You have to be creative and find a competitive edge and unique way to stand out.
4. Not Providing The Communication Options Your Ideal Customers Want
You might really want to get motivated sellers on the phone for a live pitch call. For all the same reasons they really don’t want to do it. You can spend $1M on ads to drive traffic to your website. Yet, if your only option is to call or use Facebook Messenger, you might only convert 1 in 1,000 hot leads. The rest are onto your competitors’ websites looking for other options. Like emailing, texting for help and live chat features. Remember, it’s not about you. It’s about them. Recognize that the last thing distressed sellers want is yet another person on the phone reminding them of how desperate their situation is and pressuring them.
5. Not Getting A Marketing Coach
Even if you don’t have other types of coaches and advisers yet, you already know that the best in every field has one. Given that 90% of your business relies on marketing, this is the most important part of your business to get help in. You don’t have to spend $40,000 on a cheesy coaching program full of fluff, but it pays to have an expert adviser to help you leap pitfalls and get right to winning in this area.
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