4th article in the Marketing Your Real Estate Investment Business Series. Previous one – Networking your REI Business.
You can’t just pass along your business cards to every John and Jane Doe you come across and expect all of them will be your next client. It’s both impossible and a waste of a lot of the cards spent to have printed out with your good name on it. Knowing your audience is key for many trades in life, and real estate is no exception.
Local contractors and sub-contractors are an excellent resource when you’re looking for Real Estate Investment (REI) properties. When you think about it, they know your farm area, the surrounding buildings, and the work put into other homes in your area. All this information can be a great advantage over your competition, so why not pass along your card to the people who hold all this golden knowledge on their fingertips.
Establish a network of informed people who can give you the information that you need and will allow you to purchase properties ahead of your competitors. Don’t be afraid to thrust a big stack of your business cards upon them to make sure not one. To further entice them of their loyalty, let them know from the very beginning that you will give them a referral fee for everyone they pass along your way.
Don’t underestimate people who initially seem like they don’t want to talk real estate by their job or appearance. Remember: they always potentially could; maybe not even now, but in the future it’s not uncommon. But you also shouldn’t overestimate, since putting all your eggs in one basket in never good business etiquette. You might know some wealthy lawyers or doctors, but that doesn’t mean they’re guaranteed to handout cash. They can just as easily say no to you as someone unemployed.
As we brought before in both Marketing and Networking your REI Business, look all around your vicinity for people to pass your card off to. Again, you shouldn’t hand it to just anyone. Actually talk with the locals so you can know if they will take your business to heart and have even the slimmest chance of calling back to you as either a client or with the intel of someone they know looking to be one.
When you use all the resources you have in your community and shake all the right hands, you will achieve the success you strive for!
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