Module 2: Off Market Acquisition Strategies

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Module 2: Off Market Acquisition Strategies by Mind Map: Module 2: Off Market Acquisition Strategies

1. Introduction

1.1. These are in order from least expensive

1.2. Don't do all of these at once

1.3. Strategy and Market go hand in hand

1.4. Track your metrics

1.4.1. use spreadsheet

1.5. Don't be afraid to change course

1.6. Get to know "the competition"

1.6.1. See what's working

1.6.2. Swap deals

2. Craigslist (Scraping)

2.1. Houses for Sale

2.1.1. Negative Keywords

2.1.1.1. -condo -townhouse -association

2.1.2. Positive Keywords

2.1.2.1. motivated, fixer, tlc, handyman

2.1.3. Build database of contacts (drip)

2.1.3.1. email

2.1.3.2. text (eztexting.com)

2.1.3.3. voicemail (slydial)

2.2. Houses for Rent

2.2.1. Bed/Bath min

2.2.2. Negative Keywords

2.2.3. "You wouldn't happen to have any interest in selling would you?"

2.2.4. Build database of contacts (drip)

2.3. Services

2.3.1. We buy houses

2.3.2. Motivated Sellers

2.3.3. Sell your house fast

2.3.3.1. Agent Relationship

2.3.3.2. Other Wholesaler

2.3.4. Real Estate

2.3.4.1. agents

2.3.4.2. lenders

2.3.4.3. wholesalers

2.3.5. Auction

2.3.5.1. estate

2.3.6. Property Management

2.3.6.1. list of landlords

2.4. Life Situation

2.4.1. "moving"

2.4.2. "divorce

2.4.3. "estate sale"

3. Zillow

3.1. House for Sale

3.1.1. Traditional View

3.1.1.1. Newest

3.1.1.2. Filter type

3.1.1.2.1. By Owner

3.1.1.2.2. Keywords (TLC, Fixer, Handyman, Investor)

3.1.2. Use Map

3.1.2.1. Add Solds

3.1.2.2. Understand Neighborhood Trends

3.1.3. Drill Down

3.1.3.1. Nearby Comps

3.1.3.2. Compare Pricing

3.2. Houses for Rent

3.2.1. Bed/Bath Min

3.2.2. "You wouldn't have any interest in selling would you?"

3.2.3. Build database of contacts (drip)

3.3. Make Me Move

3.3.1. given some thought to selling

3.3.2. compare to Zestimate

3.3.3. Call

3.3.3.1. Determine Motivation

3.3.3.2. Get Contact info (drip)

3.3.4. Direct Mail

3.3.4.1. position yourself

3.4. Preforeclosure

3.4.1. Skip Trace Owner - Intellius

3.4.2. Work with Short Sale Specialist

3.4.3. Knock on Door

3.4.4. Send direct mail

4. Classified Sites

4.1. Craigslist

4.1.1. Research other ads

4.1.1.1. Keep in mind that keywords are important

4.1.1.2. Ideally you rank in Google

4.1.1.2.1. Fiverr.com

4.1.2. Don't try to look too professional

4.1.2.1. Simplicity is sometimes better

4.1.2.2. no pictures or websites

4.1.3. Create different postings

4.1.4. BE CONSISTENT!

4.1.5. Be sure to include a phone number

4.1.5.1. answering is critical

4.2. Backpage

4.2.1. Free

4.2.1.1. Post frequently

4.2.1.2. Keep it simple

4.2.1.3. Consider adding a short video

4.2.2. Sponsored

4.2.2.1. Very inexpensive

4.2.2.2. Can cover multiple areas

4.2.2.3. Repost every day for VERY little

4.3. Close5

4.3.1. Local buying and selling app

4.3.2. formally EbayClassifieds

4.3.3. almost no competition

4.4. Facebook

4.4.1. Will cover this in Social Media Module

5. YouTube

5.1. Record Your Own Video

5.1.1. less than 3 minutes

5.1.2. Doesn't need to be overly professional

5.1.3. "we buy houses Atlanta"

5.2. Use Fiverr

5.2.1. Somebody else record video for you

5.2.2. Use for Video Promotion (views, likes)

5.2.3. Testimonials (Try to get real ones though)

5.2.4. SEO the video (keywords)

5.3. All about Ranking

5.3.1. Keyword Research

5.3.1.1. Fiverr

5.3.2. YouTube Channel

5.3.2.1. We Buy Houses Atlanta

5.3.2.2. Sell House Fast Atlanta

5.3.3. Contact

5.3.3.1. Put phone number in Title and Description

5.3.3.2. Link in Description to Website

5.3.3.2.1. Or use Squeeze Page (leadpages.com)

5.3.3.2.2. Need to capture email,phone - drip campaign.

6. Estates

6.1. Estate Sales

6.1.1. Craigslist

6.1.1.1. garage sales

6.1.1.2. search "estate"

6.1.2. Estatesales.net

6.1.2.1. Sign up for list

6.1.2.2. get regular notifications

6.1.3. Estatesale.com

6.1.3.1. On list = notifications

6.1.4. EstateSales.org

6.1.4.1. On list = notifications

6.1.5. Google "estate sales" - local auctions

6.1.6. MAKING CONTACT

6.1.6.1. phone

6.1.6.1.1. Have script ready

6.1.6.2. slydial

6.1.6.3. email

6.2. Probate Records

6.2.1. Courthouse

6.2.1.1. More work=more opportunity

6.2.1.2. Figure our your local municipality

6.2.1.3. Obtain data ... often manually

6.2.1.3.1. Take Laptop

6.2.1.3.2. Use Spreadsheet

6.2.1.4. Looking for Executer info

6.2.1.4.1. May need to skip trace

6.2.1.4.2. Intellius

6.2.2. Letters

6.2.2.1. I'm looking to buy a house ....

6.2.2.2. NOT ... I'm sorry for your loss

6.2.3. Followup

6.2.3.1. Situation will change

6.2.3.2. email and slydial drip campaign

6.3. Paid Leads

6.3.1. successorsdata.com

6.3.1.1. finds records of people passing (not probate)

6.3.1.2. Will do mailing for you - very cheap

6.3.2. USprobateleads.com

6.3.2.1. $3-$7 per lead

7. Door Knocking

7.1. Highly Targeted Neighborhoods

7.1.1. Transitioning

7.1.1.1. High AND low comps

7.1.1.2. Obvious houses in need of renovation

7.1.2. Lots of Investor Activity

7.1.2.1. Signs of other renovations

7.1.2.2. See wholesale deals in area

7.1.3. Approach the right way

7.1.3.1. Casual dress (Don't look too slick)

7.1.3.2. Step back from door (don't crowd their space)

7.1.3.3. Be careful about entering someone's home

7.1.3.4. Don't argue with rude people. Always smile and remain polite.

7.1.3.5. Come prepared with notepad.

7.1.4. Bring a partner

7.2. Talking to Homeowners

7.2.1. Not as scary as you think

7.2.2. People like to talk

7.2.2.1. Learn about neighors

7.2.2.1.1. History of neighborhood

7.2.2.1.2. opportunities with other neighbors (ie. divorce, foreclosure, bankruptcy)

7.2.2.2. Don't get stuck

7.2.3. Have a script

7.2.3.1. Hi, I really like this neighborhood and am looking to buy a house, do you know anyone that may be interested in selling?

7.2.3.2. Position yourself: Just looking for information.

7.2.4. Pick the right time

7.2.4.1. Evenings and weekends will give you the best chance to talk to people

7.3. Be Consistent

7.3.1. Like anything, this is a numbers game.

7.3.2. Go for a few hours at a time. Hit at least 50 houses.

7.3.3. Keep in mind the deals are in the follow up ... and the flyers you leave behind.

7.4. Leave Something Behind

7.4.1. Leave a door hanger or flyer

7.4.1.1. Similar to your script

7.4.1.2. Printing (7 cents to 10 cents)

7.4.2. A credibility folder

7.4.2.1. testimonials, business history, etc.

7.4.2.2. More expensive, but likely more calls

7.5. Track Your Progress

7.5.1. Simplecrew (app)

7.5.1.1. geotags

7.5.1.2. pictures

7.5.1.3. timestamp

7.5.1.4. Also, perfect if you are hiring someone else to do the doorknocking

7.6. Keep a log of vacant houses

7.6.1. GREAT way to find opportunities that others may not know about

7.6.2. Make a log of these houses

7.6.2.1. skip trace (Intellius)

7.6.2.2. postcard, email, phone campaigns

8. Bandit Signs

8.1. Disclaimer

8.1.1. Understand your local code

8.1.2. Most get taken down quickly

8.1.3. There can be fines

8.2. Buy Signs and Stakes

8.2.1. Printed Sign

8.2.1.1. Easy to read text

8.2.1.2. NOT: "We Buy Houses" or "We Buy Ugly Houses"

8.2.1.3. INSTEAD: "Ken Buys Houses"

8.2.1.4. Get an EASY phone number (Lead capture)

8.2.1.5. White background/Blue writing or Yellow background/Black writing

8.2.2. handmade signs better for selling/renting

8.2.3. Small ones

8.2.3.1. cheaper

8.2.3.2. tend to stay up longer

8.3. Where to put them

8.3.1. Outside City Limits (if you can)

8.3.2. Working class neighborhoods - tend to stay up longer.

8.3.3. Big intersections (near shopping centers)

8.3.4. Near freeways (on and off ramps)

8.3.5. On power poles, as high as possible

8.3.6. Rotate direction of signs

8.3.7. BUT, don't be obnoxious. You don't want to have so many that residents complain.

8.3.8. TIP: Put signs in the yards of bank owned properties.

8.4. When to put them

8.4.1. Not during prime traffic hours

8.4.2. Friday to Sunday (if code strictly enforced)

8.4.3. Frequently. Pick an area to farm and continue putting them up.

8.5. Hire Somebody

8.5.1. $1 per sign?

8.5.2. Use SimpleCrew to track

8.5.2.1. pictures

8.5.2.2. time

8.5.2.3. geotag

9. Social Media

9.1. Personal Accounts

9.1.1. Facebook, Instagram, Twitter

9.1.2. Intentionally friend everyone you know

9.1.3. Be active ... comment on others posts

9.1.4. BUILD REPUTATION

9.1.4.1. Post pictures of houses - frequently

9.1.4.2. People like ugly "Before" pictures

9.1.4.3. Ask for opinions, comments.

9.2. Page / Group

9.2.1. Create a page for your Real Estate Business

9.2.2. Invite friends to like it

9.2.3. Build following / Post good content

9.2.4. You can boost posts from here (see below)

9.3. Paid Advertising

9.3.1. Full blown Campaign

9.3.1.1. Daily Budget

9.3.1.2. Track Metrics

9.3.1.3. Understand Target Audience (likely to move)

9.3.1.4. Consider paying a PPC Consultant

9.3.2. Boosting Posts

9.3.2.1. Not that expensive

9.3.2.2. Easy way to get in front of a lot of people

9.3.2.3. Quickly build local reputation

10. Direct Mail

10.1. List

10.1.1. Quality

10.1.1.1. The more targeted, the better the response

10.1.1.2. High Quality likely more expensive

10.1.1.3. The harder to find or generate, likely the better the response rate. (and less competition)

10.1.2. Common Lists

10.1.2.1. What would make someone motivated?

10.1.2.2. Absentee Owners (most popular / most competition)

10.1.2.3. Probate

10.1.2.4. Tax Delinquent

10.1.2.5. High Equity / Long Term Ownership

10.1.2.6. Age (65+) / Long Term Ownership

10.1.2.7. Notice of Default (pre-foreclosure)

10.1.2.8. Code Violation

10.1.2.9. Custom list (door knocking, driving for dollars)

10.1.2.10. Specific farm area

10.1.2.11. Evictions

10.1.2.12. Out of State Owners

10.1.3. Sources

10.1.3.1. Agentpro247.com

10.1.3.2. Listsource

10.1.3.3. InfoUSA

10.1.3.4. USleadlist

10.1.3.5. Melissadata

10.1.3.6. Zbuyer

10.1.3.7. Foreclosurelistings

10.1.3.8. ReboGateway

10.2. Mail piece

10.2.1. Postcard

10.2.1.1. Large vs small

10.2.1.2. less expensive than letters

10.2.1.3. Ultimately - copy is most important

10.2.2. Letter

10.2.2.1. Professional

10.2.2.2. The more you look like a private individual, the better.

10.2.3. Handwritten Letter

10.2.3.1. Actual handwritten

10.2.3.2. "Yellow Letter"

10.2.4. Tearsheet

10.2.4.1. Looks like a newspaper clipping

10.2.4.2. Little more expensive / Unique

10.3. Sales Copy

10.3.1. Simplicity

10.3.1.1. "My Name is Ken Corsini and I want to buy your house at "123 Oak Street."

10.3.2. It's about them, not you

10.3.2.1. Build credibility - but be brief

10.3.2.2. You want to solve THEIR problem

10.3.3. know your audience

10.3.3.1. Wrong verbiage to certain list can tick a lot of people off.

10.4. The Phone is Ringing ... Now What?

10.4.1. Most investors STINK at this

10.4.2. This is the most important component to direct mail advertising

10.4.3. Have to be able to build rapport first

10.4.3.1. Can't negotiate until you've built some amount of trust

10.4.3.2. Sellers aren't going to give you their bottom dollar immediately. It takes time.

10.4.3.3. Many sellers will take less than another offer simply b/c they "Like" you. (professionalism)

10.4.4. Likely more success in person

10.4.5. Simple Contract

10.5. Tracking

10.5.1. CRM is important

10.5.2. Know your KPI's

10.5.2.1. Cost per Lead (per list, per mailing)

10.5.2.2. Cost per Deal (per list, per mailing)

10.5.2.3. Return on Investment

10.6. What makes you successful

10.6.1. CONSISTENCY

10.6.1.1. First mailing may get you nothing

10.6.1.2. People need to see your advertising multiple times

10.6.1.3. You HAVE to trust that the leads will come in if you continue to send them

10.6.2. Adaptation

10.6.2.1. Don't be afraid to try different lists and mail pieces.

10.6.3. Follow-up

10.6.3.1. Use a CRM

10.6.3.2. Have a solid drip follow-up campaign in place.

11. Pay Per Click

11.1. The Basics

11.1.1. Advertising based on keywords

11.1.1.1. "Sell house fast"

11.1.1.2. "Sell my house"

11.1.1.3. "We buy houses"

11.1.2. Advertising inside a specific geographic area.

11.1.3. Bid on $$ for each keyword that produces a click (ex. $7.50 per click)

11.1.3.1. keyword research is VERY important (SEE INCLUDED KEYWORD RESEARCH REPORT)

11.1.3.2. bidding based on competition is important as well

11.1.3.3. negative keywords can be just as important

11.1.3.3.1. (ex. "mobile homes", "homebuying websites")

11.1.4. Goal: Clicks go to website and turn into leads ... leads turn into purchases

11.1.4.1. important to have a good lead capture page

11.1.4.2. Can actually track conversions

11.1.5. Ads are critically important

11.1.5.1. Specific so you don't get errant clicks

11.1.5.2. Copy is important. Can literally double lead gen by improving quality

11.1.5.3. Extensions

11.1.5.3.1. Description is important

11.1.5.3.2. Put Phone Number in Ad Extension (could be free lead)

11.2. Pros and Cons

11.2.1. Most expensive type of lead

11.2.2. Typically strongest leads

11.2.2.1. conversion % higher

11.2.2.2. high profit deals

11.2.2.3. People seeking you rather than responding to marketing piece

11.3. Platforms

11.3.1. Google

11.3.1.1. Most popular

11.3.1.2. Google Adwords - extensive platform

11.3.1.3. Very competitive

11.3.2. Facebook

11.3.2.1. (Covered in Social Media Module)

11.3.3. Bing

11.3.3.1. Smaller audience but less expensive

11.3.4. Other Social Media Sites

11.4. Metrics

11.4.1. CPC (cost per click)

11.4.1.1. ex. $7.50 per click

11.4.2. CPL (cost per lead)

11.4.2.1. ex. $120 per lead

11.4.3. CR (conversion)

11.4.3.1. Need to have a page that converts well (trial and error)

11.4.4. MOST IMPORTANT

11.4.4.1. CPD Cost per deal

11.4.4.1.1. ex. $2,400 per deal

11.4.4.2. CPP Cost per profit

11.4.4.2.1. ex. $2,400 for $20,000 average profit

11.5. Keys to Success

11.5.1. Know your Metrics

11.5.2. Commit to an adequate budget

11.5.3. Constant Measurement and Improvement (keywords, ads, landing pages, etc.)

11.5.4. Retargeting is important

11.5.4.1. Repeated Exposure

11.5.4.2. Good for Branding (see your ad on a major site)

11.5.5. Consider using a PPC company to manage for you.