2 Things I Found to be a Total Waste of Money
When I got into real estate 11 years ago, everyone in my office had an opinion of what to do to get leads and make money. But what I was told mainly was that you had to spend money to make money. Made sense so I started paying for advertising. Here are the areas that I spent a lot of money on below.
Advertising in Magazines and Newspapers:
I started running ads in the local coupon magazine that comes in the mail with the nice glossy cover. I had to sign a year contract and for several areas the price was $200 per month. I thought it was worth it as I had one listing but found out later that it was a friend instead who reccomended me. So stupidly, I had just renewed for another year and not one call from the magazine the second year either. My broker at that time was a big fan of advertising in the local newspaper but I thought putting in $50-100 per ad several times a month did not pay off either.
Pay-For Leads:
I am not going to mention who I advertised with but it was two major websites where buyers and sellers go to get information. I would get text messages in the middle of the night and they would ask about properties NOT on the market or wanting to see 5 rental properties early the next morning and I do not do rentals. The other big site I signed up with, I got no calls whatsoever until two weeks before it was time to renew. When I told them I had not had one call, the following morning my phone started ringing, text messages and emails but not one lead was decent. My subscription was going to expire in a week and they called again to see how it was going. I knew they somehow not activated me until the last week. I paid lots of money for both of these companies and though others get leads from them, I got nothing.
I also signed up at a major social media site and it was very costly but not any motivated buyers or sellers but instead just questions and a time line in the future.
In Summary, So now in 2015 I am going back the basics of hard work: calls, referrals, and several types of farming is the best way to get business. So my business has continued to expand but not by paying for leads or advertising in magazines/newspapers. If I want to spend money on advertising, I buy new business cards, mail out postcards, and send holiday cards via snail mail plus social media is a good way to get your name out there. Meeting face to face and shaking hands is the way to make a good impression. People who like you will either remember your name or at least keep your card nearby.
I do believe you need to spend money to make money but have to be select in how you do it. I am always tweaking my business procedures as one thing might work once and not again so in time you must re-evaluate your budget. Oh, did I mention bus stop benches and calendars? That will be another post! But 2015 will be a year of wiser decisions and more personal contacts. I am getting off the internet part of the time and starting to use the phone more.
You want your phone to ring? Re-evaluate quarterly or at least semi-annually. Meet the people and connect with buyers and sellers.
Thanks for Reading my Real Estate Blog.....
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