I’ve been thinking/reading of the various ways to advertise and am wandering what the best / cheapest way is if I’m just getting started. I don’t want to spend to much money, but still want enough leads to get 1-2 deals a month. Here’s the ways I was thinking of starting now:
Free advertising (Craigslist, observer, etc, any other ideas in this area???)
pre-foreclosure list and calling/mailing people on the list
Is this a good start? Any recommendations? I’m in TX
I think in general, you’ll find 1 or 2 deals out of 100. So you need a way to generate at least 100 leads a month. For the money, I like direct marketing vs. just an ad in the local paper. However with direct marketing, plan to pick the “type” of seller and area you target and make sure to follow-up 6-7 times.
I also think bandit signs work well.
Pre-foreclosures are getting interesting in that many sub-prime borrowers fall into that catergory and they have little to no equity.
None of these is real cheap, but this is a business and you need to expect to spend money or effort and most times both.
I prefer door hangers to post cards, especially in an urban area with dozens of homes on a single street. Bandit signs on busy roads are good. I know you don’t want to spend much, but the guys I know who do large volumes use billboards.
ENVELOPES: Would it be better to call or mail my pre-foreclosures?? Here is the way I was thinking of doing it, let me know what you think. Pay people I know $.50 to stuff each envelope with paper I print (on a color printer) and hand write the address on the envelope with no return? Each one would cost me about $1. Any thoughts? Or would it be better to call instead of mail…
DOOR HANGERS: Have you gotten more response from door hangers? How much does each one cost you? Do you have any good services for door hangers/post cards?
BANDITS: For bandit signs, I saw this device that would allow you to hang them up high enough to where people couldn’t just pull them down. Have you seen these? Do they work well? Seems fairly easy to make - it’s just pvc pipe…
BILLBOARDS: Well, I’m just getting started so I don’t necessarily want ALOT of volume yet. I’ve got a full time job right now and just want to do enough deals a month to where I’m making money but not overwhelmed. When I get more experience (maybe within a few months), I can think of other advertising avenues.
driving for dollars, then researching and sending consistent mailers to that house with 4 feet high grass ect, is the least expensive, and the most effective means to find your first motivated sellers.
Once you have done all that make a few bucks then you can do mass mailers targeted!
What is everyone saying to people that call about your bandit signs? I’m not talking about customers. I’m talking about city officials and people that are complaining? What are you guys telling people?
The signstapler is an awesome tool i’ve been using a homemade one for several months and it speeds things up considerably compared to the old posts in the ground method. As far as angry calls about my “area” (spin on bandit) signs. Just blame that S.O.B. the sign guy. “Never answers his phone and I told him not to put them there anyway” or if I’m in a fun mood I mess with them, because it usually isn’t the city who calls but people who claim to be part of “citizens patrol” or just private citizens.
i just used a metal transition strip. like something you would see at the doorway between a carpeted and non carpeted room. The proper term escapes me at the moment. just put 2 screws towards the bottom and have some rubbers washers handy to work on the spacing. my pvc is about 45 inches long and that gives me (6’2") enough reach to get it about 10 or 11 feet in the air. Well away from the already over stapled areas. If you have a lot of metal poles in your area i suggest mixing in some zip ties as well you can get 48" ties on line.