Making Money in Real Estate
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WARNING: This single step can double your real estate investing
income in the next 90 days. Decide on your target market
Determine what your target market will be. I know from
experience that it is really easy to want to do EVERYTHING:
Foreclosures, probate, absentee owners, abandoned properties,
tax liens, lease options, and the list goes on and on! But, to
be a successful real estate investor and to really make money in
real estate, you've got to focus! Drill an inch wide and a mile
deep!
Let me guess, you heard a teleseminar on short sales and you
wanted to dive in! Then, you buy the probate home study course
you just found online!
I am guilty of this! I went to a 3 day real estate training
several years ago. Every single strategy, technique or tactic
that was taught was "it"! So, promptly upon leaving, I decided
to try everything all at once... The thing about this is that
we're so often looking for the magic pill, and unfortunately, no
such elixir exists in real estate.
Believe me. I
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understand your frustration when everything seems
to contradict everything else. So, I'm going to clear things up
for you! You don't have to do everything in real estate. You
have to do one or two things well. So, perhaps you work with
foreclosures and within the probate system for your real estate
investing focus. You become the expert in those areas.
You learn one market and how to negotiate, overcome objections,
solve problems that come up and so forth. I systematized it and
then move on to the next market and let the system run on
autopilot.
So, first things first...
1. Pick your niche: Foreclosures, probate, absentee
owners, MLS, abandoned properties, farming neighborhoods, tax
liens, code violations, etc.
2. Determine your method of communication: Direct mail,
driving for dollars, telemarketing or mass media advertising
3. Set your real estate marketing budget: Figure out how
much you are going to spend per campaign. A campaign is not a
monthly
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budget. Keep in mind a real estate marketing campaign is
not necessarily a monthly budget. You may spend $100 one month
and $500 the next simply because of what marketing tactics you
are using.
4. Implement Implement your plan - and stick to it!
You've got to commit to your real estate marketing or else
you'll be throwing money out the front door rather than really
making money in real estate! Be patient and stay in for the long
haul and the deals will come. Just remember that real estate
marketing is an investment into your real estate business and
constant investment results in a constant stream of income.
About the author:
The Next Level Institute is dedicated to helping real estate
investors - whether a brand new or a seasoned investor - become
more successful with less effort. Get your free 4-part
mini-course on finding deals AND learn the 7 keys to sucking in
the deals faster than a "Hoover" vacuum! Get your free e-book
at: www.7steprealestate.com
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