The Number One Mistake Short Sale Investors Make
60I’m going to get right to the point on this one. If you own a small business and you want to stay that way in this economy, you have to stop thinking of marketing as something you do in your spare time.
That’s especially true in real estate. In this business, you have to stay on your toes, right? You finally find a good letter or ad that people are responding to, and you are psyched. You’re excited about each new day, meeting all kinds of people, and getting all kinds of things done.
Then one day the phone doesn’t ring at all, and the silence is deafening. You didn’t keep up with your marketing, did you?
The number one mistake I see from short sale investors is failure to implement and maintain a consistent marketing strategy. It is step one out of several needed to get that paycheck at closing. Without step one, none of the rest of those steps are going to ever get any game time.
Too many times, I see people who get a couple of deals and their focus immediately moves from the marketing to the closing. They don’t seem to realize that when they interrupt the marketing cycle, they have to start over and wait for things to begin happening again. Short sales take time. If you wait until one is over to start the next, you’ll be doing only four deals a year, if that.
Trust me, I made this mistake, too. Experience is a wonderful teacher, but only when you learn by doing. It’s when you learn by NOT doing that you have to watch out! I can’t stand seeing someone waste time and money like that. That’s part of why I became a short sale coach. If you don’t have a coach, join us. Team up with someone who has been there, and you won’t always have to learn the hard way.
Here’s my short list of effective marketing techniques:
• Referrals from
- Real estate agents
- Mortgage brokers
- Title companies
- Bankruptcy attorneys
- Divorce attorneys
• Buyer’s agent to work the MLS and realtor referrals for you
• Lists from courthouse - new foreclosure lawsuits, etc.
• Postcards
• Yellow letters
• Direct mail to Chapter 7 discharge, dismissal, and relief from stay list
• Web 2.0 internet marketing
The results of ineffective marketing are little opportunity and no leads. If you can’t do it all, find a way to get help. Whether you or your assistant stays on top of your marketing efforts, use as many methods as possible and make sure those efforts are consistent.
This is not something you do when you get around to it, and this is not an area for cost-cutting in the lean times. This is where your deals come from. This is where your livelihood comes from. Don’t tell yourself you can’t afford to do any of this. Tell yourself, “I can’t afford to skip this!” Because if you skip the marketing, it will be one of the biggest mistakes you ever made, too.
Want more specific advice on how to market yourself in your area? Register today for a free Silver membership in Strategic Real Estate Coach, and start networking with the best people in the short sale business.
