Making Money in Real Estate
WARNING: This single step can double your real estate investing income in the next 90 days.
Decide on your target market
Determine what your target market will be. I know from experience that it is really easy to want to do EVERYTHING: Foreclosures, probate, absentee owners, abandoned properties, tax liens, lease options, and the list goes on and on! But, to be a successful real estate investor and to really make money in real estate, you’ve got to focus! Drill an inch wide and a mile deep!
Let me guess, you heard a teleseminar on short sales and you wanted to dive in! Then, you buy the probate home study course you just found online!
I am guilty of this! I went to a 3 day real estate training several years ago. Every single strategy, technique or tactic that was taught was “it”! So, promptly upon leaving, I decided to try everything all at once… The thing about this is that we’re so often looking for the magic pill, and unfortunately, no such elixir exists in real estate.
Believe me. I understand your frustration when everything seems to contradict everything else. So, I’m going to clear things up for you! You don’t have to do everything in real estate. You have to do one or two things well. So, perhaps you work with foreclosures and within the probate system for your real estate investing focus. You become the expert in those areas.
You learn one market and how to negotiate, overcome objections, solve problems that come up and so forth. I systematized it and then move on to the next market and let the system run on autopilot.
So, first things first…
1. Pick your niche:
Foreclosures, probate, absentee owners, MLS, abandoned properties, farming neighborhoods, tax liens, code violations, etc.
2. Determine your method of communication:
Direct mail, driving for dollars, telemarketing or mass media advertising
3. Set your real estate marketing budget:
Figure out how much you are going to spend per campaign. A campaign is not a monthly budget. Keep in mind a real estate marketing campaign is not necessarily a monthly budget. You may spend $100 one month and $500 the next simply because of what marketing tactics you are using.
Implement your plan – and stick to it! You’ve got to commit to your real estate marketing or else you’ll be throwing money out the front door rather than really making money in real estate! Be patient and stay in for the long haul and the deals will come. Just remember that real estate marketing is an investment into your real estate business and constant investment results in a constant stream of income.