As you begin to establish a cashflow investing business you will want to have some basic materials to assist you. What materials you use will vary depending on the approach you prefer to marketing. One thing you should keep in mind with this business is that it is a people business. You will do better as an investor if you are willing to talk to people and develop a talent for talking to people. Once you are willing to accept that this is a people business you can then setup and organize your approach. You may need to start compiling a list of contacts or leads to work with.
Business cards are a vital part of any business and especially so with this one. You will want to have them on your person all the time so you can work your business wherever you find yourself. If you wish to grow as a business you need to let those you meet know what you do and how that may help them. Make sure you get some business cards as you start your business. Newsletters are also an important resource when working the cashflow business. You can use these newsletters for both professional referral sources and note holders. The importance of newsletters cannot be emphasized enough. This is what brings you your referral and residual business. This is the most exciting part of any business. Once you get the residual returns coming you can virtually sit back and watch it happen!
Flyers and brochures are also going to be an important part of your marketing toolkit. Simple flyers can be used to do co-op marketing with some businesses. They are also useful for local advertising on boards around the community. You can create many different flyers and brochures that are useful for many facets of your marketing with a simple word program on your computer.
You do not need to create anything complicated. Simply specifying some details about what you offer will suffice.
Other options for marketing may include some of the following:
Ã?â‚?? Street signs/car magnet
Ã?â‚?? Radio and television (Works well but we hope you have lots of money)
Ã?â‚?? Co-op marketing (use our flyers)
Ã?â‚?? Seminars and expos (use our flyers, newsletters and brochures)
Ã?â‚?? Billboards (Works well but we hope you have lots of money)
What about lead lists you may wonder. In this business as with many a list of potential note holders is a good idea if you are going to work with direct marketing to note holders. There are some things to take into account when purchasing your leads. It is a cost that is well worth spending as long as you understand what the list is. A common misconception with these lead lists is that the list is 'current' or 'qualified'. I guess it is really your expectations that need to be corrected with this part of marketing. Think about the implications of those two qualities and try to define what the words mean. When dealing with note holders the only information available is what can be found in public record when the note was created. To wonder if this information is 'current' is immaterial. It is what it was when it was recorded. That is the only information that is available to the list compilers. The question about whether the leads are 'qualified' is also not a valid one because once again the lead information is only what is available in the public record database. It is not often that a note is recorded with the phrase 'I want to sell this note'.
The alternative to buying a lead list is to find the leads yourself, a process that is very time consuming and possibly frustrating when you need to work with such large numbers. You can buy a list of leads to circumvent the work involved in personal research for the information. When buying leads, be wary of anyone who tells you they have pre-qualified or motivated seller leads. Think about this; Why would they sell you the lead if the person wanted to sell the note for sure? I certainly would not sell those leads to you! You should never trust any company who makes such ridiculous promises.
When you do buy a list of leads for this kind of business you must accept that not all the marketing pieces you send out will reach the intended recipient. People move and progress changes everything. The address in public record may not even exist anymore. If you are determined to take this approach to marketing you must understand that a 30% undeliverable return rate is very normal. One more thing about those leads that you should understand is they will very seldom come with phone numbers.
In conclusion I would like to say that there are many great opportunities still available in this business. It is not for everyone and it does require effort to make such a business happen but the returns can be great if you put forth the effort needed. Marketing is important for any business and is actually a common part of all our lives. It varies depending on what we are currently involves with but it is always there. We are already telling people what we are about and what we do in life. We are already gathering contacts for various parts of our life. Don't complicate the issue by thinking that marketing this business is any different that what you already do.
