All good investors rely on lead generation. You can do everything else right but without new leads coming in your business won’t get very far. One of the most common excuses that new investors make is not having enough money to spend on marketing. The reality is that you don’t need a lot of money to generate leads. There are several things you can do outside of large direct mail campaigns. While direct mail can be effective it can also be quite expensive. Instead of resting all your hopes on one idea you can spread your marketing dollar around with several inexpensive options. Here are seven inexpensive ideas you can use to start generating leads today.
- Craigslist. Even though some of the luster has been taken off Craigslist in the last few years it is still a great place to find business. The main reason is that there are a few different ways of generating leads. The first is by looking at real estate that is listed for sale. Many of these listings are from fellow investors who may be willing to take a discount or homeowners selling without a real estate agent. Another popular niche inside of Craigslist is to look for properties listed for rent. If you continue to see the same listing every week it could be a sign that the owner is fed up with the process and willing to sell. You can also simply create a post stating that you are a real estate investor looking for any deal within a certain market. If you find a wholesaler or two you can stumble upon a few gift deals.
- Classified Ads. There is no question that marketing has shifted digitally and towards the internet. That being said there are still many people who rely on print publications. With advertising it is much better to be one of a few than to advertise where everyone else is. Print advertising in the classified section of local newspapers gives you this opportunity. A quarter inch ad stating that you buy houses cash a few times a week can be quite effective. You can also advertise for “wholesalers wanted”, “cash for keys” or any other slogan that you think will get your phone to ring. The price for print ads has come down in recent years. Now can be a great time to give them a look.
- Bandit Signs. This being an election year there is a definite infusion of bandit signs. These are the signs that you see typically in front yards supporting your favorite political candidate. You may also see them at busy intersections or for way stop signs. You can typically buy these signs at a discount in bulk and place them in select areas to promote your business. For the cost along these should be on every property you own. Prior to putting these around town you should contact town hall and see what the local rules and guidelines are.
- Business Cards. There is still something very powerful about a good business card. In much the same way that bandit signs are used you can buy hundreds of business cards at a discount. The obvious difference is that you need to physically hand your cards out. This is often much easier than you think. Take a stack of cards the next time you are at the bar for happy hour or out at a local sporting event. You don’t want to hand a card to everyone you see but eventually conversation leads to employment. When it does be ready to offer up a card. You never know who knows who so don’t be shy in handing your card out.
- Blogs. One way to get your name out there online is through blog posts. There are many real estate investment websites that allow for guest blog posts. If you have a passion and understanding for a niche in the business you can probably write a blog. Most blogs are in the neighborhood of 500 words and don’t need to be professionally edited. The more often you contribute the quickly your name will get out there.
- Social Media. Your blog posts and social media can work hand in hand. Social media has the power to reach hundreds of people with the simple click of a mouse. Every new blog post you make can be put on Facebook, twitter, Instagram and whatever other site you are on. Even if you don’t post blogs you can promote yourself online. If you make one post every day for a month the odds are you will have at least one new person reach out to you. You should also find local investing clubs and groups to join on these sites and follow as many people in the business as you can.
- Door Knocking. The final low cost method of lead generation may seem primitive but is still quite effective. With the right frame of mind door knocking can product leads. Like anything else door knocking is a numbers game but all it takes is one sale to make it worth it. Instead of looking for an immediate transaction you should ask if they know anybody in the area that may be looking to sell their property. If they answer yes than you can continue your conversation. If not drop off your card and ask to keep you in mind in the future. For nothing more than a tank of gas and your time door knocking is something you should do at least once a week.
The best part about low cost methods is that you can try them for long periods of time without breaking the bank. The more oars you have in the water the more likely you will find your next deal.
