Bird Dog Marketing Plan
In order to Succeed in Real Estate Bird Dogs Need a Marketing Plan
Now that you have a serious interest in becoming a bird dog, you must think about some of the things that are going to make you successful as a new investor. One of your main goals should be different strategies to attract motivated seller leads but in order to get the seller leads, your marketing has be map out down to a science.
You can shoot from the hip if you are better working on your toes however the best way to measure you marketing success would be to know the numbers. Here are some of the things you should know about your motivated seller marketing plan:
- Where your leads come from?
- The amount of prospects you need to reach to get a lead.
- Total leads that come in every week and month.
- Amount of quality leads.
- The number of leads we actually close.
- Closed Deals ratio to qualified leads.
- Your profit rate from each seller lead.
- The cost for each seller lead.
If you don't have much money for marketing, then you would need to put a value on your time. You will also need to spend more time on your marketing when you are using less money to find motivated sellers. You can't cheap skate your way through real estate if you want to become successful. Everything takes either time or money and for maximum profits you should balance both.
From the information above if you know it cost you $5 per lead whether in time or money you want to be sure you get a return on your marketing so your profit lead should be at least $5 per lead. Meaning you the revenue generated from each lead should be $10. You will also learn how many leads on average it takes to get a deal and how many deals it takes to close one. Let's face it, some deals won't make it to closing because no one thinks it's a good deal, there might be a lien or judgment or there could be inspection issues.
Once you get your marketing plan in order you will be able to see what activities give you the best return and those will be the activities you naturally shift too.
Your monthly plan should include:
- Your net income goal.
- Your goal for a number of leads.
- Goal for visiting a house to take pictures and get more information.
- The amount of closings you want.
- Average net income from each closing.
- The number of prospects you need to contact to reach your goal.
- A detailed plan outlining the activities you need to do so you can reach your goals.
The objective here is put your plan in place because if being a bird dog is worth pursuing you might as well do it right from the beginning to get this venture down to a science. You always want to have a clue of what you need to do to reach your monthly goals of generating motivated sellers leads each and every month.
Following the basics will put you in control of your actions and will allow you to waste minimum time and resources on the wrong tasks. Marketing is a numbers game and succeeding at real estate is to know the proper numbers. With knowledge of the numbers and the activities it takes to get a motivated seller needs you single-handedly take gambling from the equation.