Every single one of us is out there and trying to come up with ways to generate business.
Maybe I should not say that "every single one of us" is trying. Maybe, "most" of us are trying??
If you have made it to the mountaintop and are living off of your residual income, all of your bills are paid off and the next generation of your family is taken care of, then I commend you. I know that for myself, I am not there yet and believe me, I would love to hear how you did it and how long it took you (hope is always strengthened by stories of success).
I am going to throw some ideas out there this week about generating sources of business, what has worked and what has not worked for me over the years and I hope to get some feedback and compare thoughts and ideas and see where it goes.
I currently run tv commercials (and pay about $500 per month for those), buy Lending Tree Leads ($100,000 per month on that), Zillow Leads ($11,000 per month on that (and not the co-marketed ones with Real Estate Agents btw)), put on seminars ($5,000 per month there), Billboards ($5,000 per month on those), Facebook (scaled down to about $500 per month this year from about $3,000 per month in 2015, 2016 & 2017) and benches in grocery stores ($3,000 per month there). I have an idea on my internet leads (Lending Tree & Zillow), but I'll save that for posts later this week.
My latest idea, and this is my question for today, is MANUFACTURED HOME DEALERSHIPS.
I believe that the trick is to generate REFERRAL SOURCES. When you have a referral source, you can sit back and just take the calls. When you have referral sources who CONSISTENTLY send you business, that is truly when you can start substantially increasing your business and your income.
I was taught at Ditka's restaurant in January of 2002 by a gentleman worth $800m how to properly generate referral sources. It has worked extremely well for me, but it can still be much better.
Here's my question on manufactured home dealers -- they are like car lots. People walk onto the lot, look around, pick out a unit and then they need financing.
I am going to totally make a number up -- they get 30 people per month who walk onto their lots looking. Out of 30, 15 want to buy, 9 qualify and 6 close.
Why not be the real estate agent who represents those 9 people? 6 of them need land to put the manufactured home on and 3 of them change their minds and end up buying stick built? As long as they are in business, they will always have 20-30 walk ins to their stores and on their lots and that could be an endless source of business for you.
If I were an agent with a manufactured home dealership or dealer in my area, why not go and solicit them under those terms?
I realize that there are agents out there who live in areas where there is not a manufactured home within a 500 mile radius of you, so maybe this is not a viable idea to get business. Again, I have other things which I mentioned above and I will post about later this week, but for right now, this post is about using manufactured home dealers as a referral source.
As for me, I want to offer them financing for their clients. I am currently creating a construction loan for manufactured homes using FHA, VA and USDA financing which is seamless. It actually already exists in my industry. I am not re-inventing the wheel as far as the loan goes, but the process is very cumbersome. I am simplifying that process in the hopes of gaining that marketshare. Most lenders stay away from manufactured homes while I on the other hand, actively and aggressively look to do loans on them.
Anyways, looking forward to hear more about what others think of this idea or if you know of any manufactured home dealers who would be interested in talking business?
As always, thank you so much for all of the feedback as always!! I can be reached at 1-216-780-1103 or message me on Facebook since I am on there 24/7.
I am licensed in Ohio, Michigan, Florida, Illinois, Pennsylvania, Virginia, Georgia, New Jersey, Maine, Oklahoma, Colorado, Texas, Arizona, California and Washington. North Carolina should be here any day and I am going to submit my licenses for South Carolina, Alabama, Wisconsin, Indiana, Kentucky, Missouri and West Virginia within the next few weeks.
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