When you’re first getting started in the Short Sale business you’ll need to start telling EVERYBODY about what you do. Let everyone know that you’re the short sale expert, the local go-to guy or gal. You’d be amazed at the number of people who know someone who needs your help and expertise. Listed below are some of the methods you’ll want to use in your Short Sale marketing campaigns to get the word out.
– This is an absolute must-have item. Be creative and think of your business card as a mini billboard. I have two different business cards, one for homeowners and one for investors. Here are some tag lines you could use on your cards… For Homeowners – “Avoid Foreclosure”, “We Buy Houses – No Equity, No Problem”, “I Buy Houses CASH – Guaranteed offer in 24 Hours”… these are just some tag line examples. Make sure to use the back side of your business card to explain your services even more. For Investors – “Short Sale Specialist”, “Wholesale Properties”, “Short Sale Partnerships” and even “Short Sale Training” when you’re ready. Other investors will understand the term “Short Sale” so it’s good to have it on this card, whereas it may not make as much sense on a homeowner business card. Obviously, you’ll want to include you business name, personal name, phone numbers, and e-mail on all your cards. A great place to get you first set of business cards is through VistaPrint.com.
2. Postcards – These are great for marketing to all houses in specific neighborhoods. This type of marketing is referred to as “Farming” and is a great way to get homeowners to call you before other investor knows about this lead. It’s a good idea to mail to theses same neighborhoods at least once every 4-5 weeks. VistaPrint.com is also a good place to have your postcards made; currently you can get 50% Off All Postcards, and if you choose, they’ll even address the cards and mail them for you. You just need to provide them with a list of names, addresses and the date to be mailed. If you need to get a residential mailing list, go to W3 Data where you can create your own specific list right online.
3. Signs – Bandit signs are the Marketing Secret to use if you want the phone to start ringing fast. When I go out and put up 50 signs, I’ll start getting calls before I can get back to the office. However you should consider this warning: many cities have strict rules against road signs and they may try to enforce fines for such activity. However, since a lead could be worth $20,000 and the fine only $50, you’ll need to make a business decision and the risk you’re willing to take.
4. Referrals – These are the absolute best leads you’ll ever get. After being in the business for about 8 months I started getting more referral leads than I could handle. Once people know what you do, the deals will come your way. Most of my referral leads are from other investors who don’t do short sales and only want a small referral fee if the deal successfully closes.
5. Foreclosure Listings & Letters – Since foreclosure information is available to the public at the county court house, you can obtain homeowner information and property address for your target marketing. A series of marketing letter can be sent to the homeowner informing them that your services may be the answer they’re looking for. In many cities you can find companies or individuals that compile these foreclosure lists and sell them on a monthly subscription. This saves you the time and trouble of going to the court house and doing all that tedious work. Keep in mind that there is a lot of competition with other investors who use the same list, however you’ll probably get a small share and that can be more than enough.
Marketing is vital to keep your pipeline of short sale deals full. Commit to a monthly marketing budget and stick to it. Go to local Real Estate Investment Association (REIA) meetings and network with other investors. But, the absolute best thing you can do after you get a little short sale experience is to give a Short Sale presentation at a real estate investors meeting. This more than anything else will establish you as the Short Sale Expert.