Deal-finding is an important task in real estate investing
Phone calls during vacation. Countless mails. Hectic Schedule. Is there a way to break the concept that a successful man is always busy?
Choosing to Work Smart
Hard work is a positive characteristic of a successful individual. However, technology enables us to accomplish tasks in a faster and easier way. The trend now is to “work smart” rather than “work hard”. Based on the Altus Group CRE Innovation Report, commercial real estate industries are competitive in technology innovation to save capital allocation. The report includes a survey of over 300 international commercial real estate executives. It reveals that 77% of the firms are investing in technology to support their processes and assets. Indeed, the market automation continues to show growth and relevance in real estate investing.
Finding deals in a customary way
The usual way to find deals is to look for the following sources:
Listed deals are those included in the Multiple Listing Service (MLS). This database is officially endorsed and supported by the National Association of Realtors. The database contains a concise list of the properties and information that you need. However, the competition in MLS is very high as the information is available to other investors as well. You can also find listed deals through online and offline sources.
Off-market leads refer to properties that are subject to sale without the intervention of any official advertising platforms. Some strategies for finding off-market leads are bandit signs, direct mail, and FSBO. You may also use the method of “direct to seller marketing” and pocket listings from agents. Likewise, you can search through online sites, digital platforms, social media, and even from your workmates and friends.
Maintaining a circle of business acquaintances is advisable. You must strengthen your community to be able to expand your network. Your friends and colleagues can even give you useful referrals to find deals.
Technology makes deal-finding faster and easier through marketing automation
The “New Normal” and the demand for technology
The COVID-19 crisis brings a lot of changes in the economy. The demand for technology becomes more prevalent as most businesses are shifting to a work-from-home arrangement. The clamor for smartphones, laptops and gadgets continue to surge in response to technological automation. In real estate investing, the customary ways to find deals become even more challenging. The mobility of people is still being regulated. Most seminars and events are now shifted to online training, webinars, and virtual events. Marketing tasks are now also being done through an online platform.
Marketing automation and deal-finding
The conventional method of physically searching for deals is not the only way to do it. Deal-finding can be done through marketing automation.
Marketing automation is an automated system that manages marketing campaigns across various channels. The goal is to leverage all the tools available to reach potential clients. The most common channels for digital marketing are media and television; cell phone through SMS and multimedia messages; email marketing and social media.
The impact of automation
Manually sending an SMS is no longer necessary using automation tools. The integration of artificial intelligence can make this task possible on a mass scale within a short period of time. Marketing automation can maximize your time and save your energy as technology works for you.
Here are some ways you can do to optimize marketing automation:
1-Start with a large number of leads
Marketing is a sales funnel and a mass number game. You need to start with a large scale of leads that will gradually filter down the funnel, until you reach the person that is willing to transact with you. Our deal finding suite may help you in starting with a large number of leads.With Real Estate IQ, we can provide you with more than 45,000 leads a month.
2-Apply the merging of fields method
Merging of fields method is a way of packaging your marketing strategy in a personal and conversational manner. The message you are sending must not be repetitive because your client may tag you as spammer if you will keep on sending monotonous messages. You need to put a personal approach in sending a message based on the interest of a person.
3-Develop social media marketing
Real estate investors are commonly using Facebook ads and Google ads to reach potential sellers and clients. Social media has developed a reputation to be a good avenue to find leads. Since most people maintain a social media account, it is a good platform to expand your community and promote your brand identity.
In Real Estate IQ, we are dedicating efforts for us to win together. You are welcome to be part of our community where we share ideas and experiences with other co-investors. You may also access our investment blogs and learn about the Hot trends in investing!
Joseph Dela Cruz has a background in Mechatronics Engineering and started his career in the high-tech industry in Austin, focusing on computer vision while becoming involved in the growing DIY/ maker and startup culture. His achievement includes bringing innovation in Real Estate IQ by combining technology, big data, and real estate; managing the Data Operations and Engineering team; and REIQ’S Austin & San Antonio Market Leader