When Tarek and I teach our Success Path Education workshops, a lot of our students want to know when they can expect to start making money. If you’re anything like them, you’re probably wondering how long before you make money in real estate, and you’re also probably wondering how much money you’ll have to spend to get established and gain a reputation in real estate investment in your area.
With that in mind, marketing is one of the biggest expenses that people think they’ll have to deal with as they get started. Honestly, though, you don’t have to spend a ton of money to get the word out about your house-flipping business and get people interested in your properties. Here are a few of my favorite cost-effective marketing strategies that Tarek and I use for a lot of our flips.
Get Social Online
First of all, it won’t cost you a thing to set up social media accounts for your business, but just having presences on Facebook, Twitter, Instagram, and LinkedIn won’t be quite enough to get you going. When you set up your accounts, make sure that you fill out all of the available fields, including your bio, interests, description, website, etc. When you fill these out, use relevant keywords and phrases whenever possible, but make sure you use them naturally too so that everything reads well to your audience.
Of course, just setting up your accounts will only get you so far. Consistency is the real key to gaining an audience and getting them engaged with your business. Set up a daily and weekly schedule to post on each of your accounts, and make sure that each of them has unique content so people have a reason to follow you across different platforms. Don’t forget to get involved in discussion in the comments, too. The more consistent you are with your posts and the more you interact with your audience, the more they’ll like, comment on, and share your posts, and the more people will see them.
Flyers and Mailers
While social media marketing is hugely effective (and really cheap, even if you decide to do some paid promotions), it’s not your only outlet for cost-effective marketing. If you’re looking for distressed properties to purchase and you know which neighborhoods you want to buy in, do a mailer campaign.
There are a lot of different services online that will help you decide between mailing your flyers or postcards by themselves or in bundles with other advertisements. If you have a little more time than money, you can also hand deliver flyers to the neighborhoods where you’re interested in flipping. I’m also a fan of finding out where the owners of distressed properties are living (info available at your local tax office) and sending them individual postcards, too.
Get Involved in Your Community
Finally, if you really want to make a name for yourself in your area, don’t hesitate to sponsor a little league team, volunteer with Habitat for Humanity, or get involved with other charitable organizations, especially ones that build homes and shelters. With these, you can usually spend just a little bit of money to get your logo included on the organizations’ websites or banners, and people in your area will start to recognize you and your brand when they see you associated with charity and community organizations.
Real estate investment is a great way to start earning money fast, especially if you have a few handy tricks like these up your sleeve. I can’t tell you exactly how long before you make money in real estate or just how much money you’ll need to spend to get your name out there. However, if you follow these tips, you’ll see a lot more success in a lot less time without spending a ton of money on marketing and advertising.