Real
Estate Tips
For
Take a moment to answer this
question: When I say the term "real estate
investing", what do you think of?
Go ahead - take a second to think
about it right now.
For most people, that term conjures
thoughts of landlords fighting with bad tenants - or images of doing
fixer-upper projects on old houses. You might even think
about buying foreclosure properties as they're auctioned from the
courthouse steps.
And of course, you think of the
late-night infomercials that promise to teach you to buy property with
no money down.
All of those topics are a part of
real estate investing, and you'll probably choose to study one or more
of them very closely. In fact, I'll teach you about those
things in this e-Course. But the undeniable fact is this:
Truly successful real
estate investors focus on people more
than they focus on real estate. The professionals know that
nobody makes any money until a problem is solved, so they spend their
time seeking out people with real estate problems and only then do they
use their real estate knowledge to create profits.
What do real estate "wanna-be's"
do? They spend all of their time reading the latest manual or
studying courses, but they spend virtually no time trying to find the
people who would benefit from their skills. Newbies focus on
"strategy", not on "people" or "circumstances".
The simple fact is this:
Newbies think that their knowledge of the "latest greatest" real estate
strategies will translate directly into profit. But the most
successful investors know that profit is created only when Opportunity
meets Specialized Knowledge.
So how do the pro's find these
opportunities for profit? Let's take a look at that right now.
Fatal Flaw
#1: Newbies Don't Know How Or Where To Find Great
Opportunities For Real Estate Deals
For the first 18 months of my
experience as a real estate entrepreneur, I was a dismal
failure. I spent a lot of time reading books and listening to
tapes about creative real estate strategies, but I made no money at all.
Not a penny.
Not only did I fail to make
money. I actually lost a house to foreclosure. That
was painful beyond belief, but I brought it on myself because I focused
exclusively on being a master of real estate strategies, rather than a
master of finding people whose circumstances matched my knowledge.
But then, as if by magic, things
began to happen for me. Deals started to appear that I'd
never seen before. Finding the fabled "motivated seller" was
suddenly much easier than in the past. And that led to deals
where I actually made real, spendable cash. It was truly
amazing!
What was the difference?
Instead of focusing on learning
every detail of the technical strategies of creative real estate
investing, I began to focus on finding great deals through some simple
marketing strategies. Marketing is the process of reducing
down the entire population of the world into a small subset of people
with whom you can do business.
Marketing
requires you to answer these questions:
1. Who is your
"ideal" prospect? If you're trying to find homes to
buy, your ideal prospect would have certain characteristics, such as:
-
The prospect is a home owner
-
The prospect is "motivated" to sell
their property
-
The home is in a certain geographic
area
-
The home is in a certain price
range
-
The home is in (excellent, good,
fair, poor) condition
There are a lot more variables to
fully defining your ideal prospect, and you might even have different
ideal prospects depending on which strategies you're using.
But the point is simple: You must know who you want
to do business with.
Example - "My
ideal prospect is a home owner who is motivated to sell their property
as soon as possible. The home should be in average or better
condition and should be located in the certain zip codes I work
. The home's value should typically be in the range of
$100,000 to $195,000."
2. What are you
going to offer to your prospect that will motivate him/her to do
business with you?
Another way to state this
is: What is your "message"? What is the reason
you'll offer for someone to do business with you?
Your message must be simple and
should convey a very clear benefit to your prospect. Some of
the most commonly used "messages" among real estate entrepreneurs are:
Important Note: These
are all very common marketing messages, but not all
of them are particularly good messages.
Here's a Better Example
- "I offer immediate debt relief to home owners by buying houses in 7
days or less."
3. How will you
physically communicate your message to your ideal prospect?
Will you use
The list of available
communications media is literally endless. Your job is to use
a few (not just one!) of those types of media to communicate your
message to your ideal prospect.
To summarize - marketing means that
you're communicating a desirable message to a suitable prospect, at a
time when that prospect needs what you're offering.
Why
is marketing so important?
Isn't it true
that all home-buying strategies are totally
worthless unless you've got a relationship with a home owner who is
willing to sell using your strategy?
And isn't it true
that unless you have a qualified buyer, it doesn't matter if you know
70 different ways to sell a house - you still won't sell your
house? Of course that's true.
That's why marketing is so
important...and why most new real estate investors fail so
miserably. Instead of focusing on the people that they can
help, they focus on the technical strategies that they'll use.
And here's the hard truth of the
matter: Nobody cares about how
great your strategies are. All that people care about is what
you can do to help them.
So your job is to:
-
Identify your ideal prospect
-
Create an offer that motivates your
prospect to do business with you
-
Make your prospect aware of your
offer
Important note:
That was a very short discussion of marketing and
prospecting, both of which are very big
topics.
From Real Estate nsider
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