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Often times when I talk about real estate investing, I break the topic up for two primary groups of people: lazy folks and poor folks. I want to point out that I don’t believe you can successfully become a real estate investor being BOTH lazy AND poor, but I know you can be successful using either one of these methods.
What do I mean when I say lazy folks and what do I mean when I say poor folks?
Lazy folks are people that have more money than time and they are willing to spend money to have things done for them.
Poor folks are people that have more time than money and are willing to do things to save or avoid spending money.
While I cover detailed examples, implementation strategies and more in other articles, courses and checklists, here I will present some very basic examples of what I mean.
Let’s say you are trying to find great deals to purchase or wholesale as a real estate investor. What is an example of a lazy way of finding deals? Paying a bird-dog or wholesaler to find deals for you. Another example of a lazy method is to place an ad in the newspaper to have motivated sellers call you with properties they want to sell.
What’s a poor way of finding great deals when you have more time than money to invest? Calling on “properties for sale” ads in the newspaper, calling “for rent” ads in the newspaper or on-line, or placing free ads on free classified websites are all good methods. Driving (or walking) around your town looking for vacant of distressed properties is also a good poor man’s strategy.
Can you see that someone who has limited money to spend on starting their business, but who has a lot of time might be very attracted to the poor methods? Can you see that once your business is up, running and generating some cash flow that you might need to start leveraging your time by hiring out some tasks, employing more of the lazy methods?
Both methods can work, but each one utilizes different resources in different proportions: some use much more time and some use much more money.
Until my next post,
James
P.S. In our training materials (which are included free for Real Estate Investor Bronze Members) we cover many different methods for both Lazy and Poor marketing methods. Sign up for our Real Estate Investor Bronze Membership today to access those materials plus get access to our on-going training and free consulting.
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One of the things you will need to do on your website as a real estate investor is to setup lead capture pages to have folks that are interested in one of the five major areas of your business to request additional information and join your mailing list.
To recap, the five major areas are:
- Motivated Sellers
- Buyers, Tenant Buyers and Tenants
- Other Real Estate Investors (Wholesale Buyers)
- Private Lenders
- Other Dream Team Members
Last start with the last one and then move through the list fairly quickly… dream team members are title companies, real estate agents, mortgage brokers, contractors and anyone else you might need to operate your real estate investing business. For these, I would normally suggest just a standard contact form and I would not spend a lot of time optimizing the form to maximize your sign up rate or conversion rate.
With the other four, I would be more concerned about maximizing sign up and conversion rates to get them to join your mailing list.
For the overwhelming majority of real estate investors you will be using the form that is given to you by the email list management service you subscribe to (sign up for my mailing list to download the ones I recommend) and while you can tweak the sign up form a bit with the service providers I recommend, most of your improvement will be in the headline and copy you have on the lead capture page itself.
So, what I do recommend is that you set up separate lists on your email list management interface for seller inquiries (make sure you turn it on so that you get a copy of all the initial inquiries), one for all your buyers, tenant buyers and tenants, one for other real estate investors and one for private lenders. Keep these pages and lists separated so that you can effectively manage them and then use something like Google Website Optimizer to tweak your headlines and sales copy to be improving your conversion rate on those pages.
I also have additional information about setting up lead capture web pages in the audio download Building Effective Lead Capture Web Pages.
Until my next post,
James
P.S. If you need personalized help setting up your lead capture pages, I can assist all Bronze Members with that during any consulting time.
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