Marketing Basics for REIs

Whether you are just getting started in investing in real estate or you are a seasoned veteran, one of the basic truths to any successful businesses is knowing how to market. It would be an understatement to say that marketing is one of the most essential tools in a real estate investor’s business plan. Let’s be honest, can you really be successful if no one knows who you are? So keeping with Part-Time REI’s goal to help educate and help REI’s one of the questions we have come across a lot is “How do I market my business?” No matter what stage you’re at in your business, you must find a way to successfully market yourself in order to gain new clients and keep your name out there in the investing market.

So first question you are probably asking yourself…how do you go about building a successful marketing campaign? This question is a broad one, and there are many answers from many different sources out there. Of course the answer will differ from investor to investor. There are a few points that will help you get a basic marketing plan together though.

1. Figure out your Budget

You can’t move forward with a marketing plan until you know how much you can afford to spend. Create an outline of a loose budget first so that you can fill in any blanks later. It doesn’t have to be exact but the point is to give you an idea of how much those Facebook ads might cost.

2. Who are you trying to Reach?

Very important question for yourself here. Who do you want to be your clients? Anyone? Everyone? Just those making over 100K a year? If it is the ladder you can be sure that your black and white paper flyers are not reaching your target market. Think about the type of client you’d most like to work with, and who would most benefit from your services and want to work with someone like you. Then figure out how to single out those people and market to them directly.

3. Find your Niche

What are you branding yourself as?Maybe you focus on first time home owners or like to rehab hundred-year-old homes. Whatever specific aspect of investing you’re best at and love doing the most can be your niche. This can be as general or as broad as you want, just figure it out and focus on that. Organic word-of-mouth marketing no doubt is the best marketing that money can’t buy!

4. Make Goals

Develop some reasonable, attainable, specific marketing goals for your business. Try to make sure they are definable, and measurable. Plan out how you will effectively reach these goals, within the constraints of your budget, giving the most time, resources and money to those goals that are most time sensitive.

5. Stay Flexible

Be sure to review your plan often and revise as necessary. Your marketing plan should continue to evolve along with your business. Your goals can change, so adapt to the changing business landscape. Some parts of the plan also will work better than others, so review and revise to accommodate what you learn as you go.

Expect a learning curve as you work out what works and what needs revision. Some of the things you try at first will fail. However, with some trial and error and by educating yourself, you will find a marketing strategy that meets your needs and takes your business to the next level.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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Erik Hitzelberger has been Real Estate Investor since 2007. While learning the ropes in the market down-cycle, he now teaches others how to use his systems and leverage other people’s expertise to achieve their own goals.

Erik Hitzelberger – who has written 194 posts on Part Time REI.

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