I’d like to continue along the theme of no money down for this month’s marketing tip. Earlier in the newsletter I covered how to buy properties using none of your own money. Now I want to talk about how to advertise for bargain properties in a way that minimizes wastage and maximizes your results.
If you know me well, you will know that I find almost all of my property deals myself using my own advertising and contacts. I have picked up a lot of useful tricks of the trade in the process.
A lot of property investors assume advertising is expensive and therefore never give it a go. You can in fact advertise your business very efficiently with little risk—it just takes a little ‘out of the box’ thinking…
First of all, we all know that doing things in bulk saves us money.
For example, you know that buying a two pint carton of milk usually works out cheaper than buying two individual pints. Advertising works in exactly the same way, except in advertising you are working in a two dimensional space.
You have the amount of advertising |
space you buy. And you also have the length of time for which you agree to run that space. There are two ways in which you can work this principle to your advantage.
First of all, you approach your local newspaper. Ask the price for a full page advertisement. This will work out cheaper than taking out lots of small advertisements AND you’ll generally get more leads from a single large ad compared to a smaller ad (based on a comparison of the cost per square inch). So your cost per lead can be lower.
Now approach four or five other property investors in your local area who are already advertising say in the property wanted section of the local paper, the yellow pages or the Internet. You can also search the member list on www.tycoons-forum.com to find local investors.
All of you pitch in for the ad, then split the leads between you in a way that’s fair and square. If this proves successful you may look into large scale leafleting, radio ads or even local television. When you have a successful campaign, book your advertising for a few months or even a year ahead. This will reduce your advertising costs significantly allowing you to place even more advertising with the money you’ve saved to generate even |
more leads.
BEWARE: this approach works well when you are using a proven advertisement that you have already promoted successfully either in the newspaper, on the Internet or as a design on a leaflet. To learn how to come up with proven advertising check out my “how to find bargain properties” instructional videos:
http://tinyurl.com/29q4zm
You also need the mindset of a successful entrepreneur to properly implement this strategy. All the millionaires I know think like this “I can get everything in life if I just help enough other people get what they want”. The unsuccessful people I know have a Me Vs Them attitude – they would never dream of helping their ‘competitors’ make money.
That’s why they’ll remain small fry and the millionaires continue to run successful businesses. Unfortunately I see the latter mindset much more often than the former.
Work this to your advantage. Be willing to work with other people in your local area. Why slave away on your own when you can help each other make a bundle of money and have fun in the process?
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