OfflineI've been doing some thinking about why my marketing isn't doing as well as it should. I have about 50 signs that I know are out (yes I check on them) I have active ads on craigslist and backpage.com looking for houses, apts, and condos.
I don't have any more money left to do any other kind of advertising like in the phone-book or newspaper so that's all I can do for ads now.
I don't see that many other "we buy houses" type bandit signs around my area or others but I know that Cincinnati has plenty of wholesaler/investors due to the REIA meetings I used to go to a while back.
Even my partner is having a hard time getting calls on his bandit signs. up until 6 months ago, he was getting a bunch of calls putting up 50 signs a week by the roadside. Now he is getting virtually no calls now.
What gives? What happened? Did a big company just move here and launch a killer ad campaign or implement a new advertising method that only they know about? I'm grasping at straws to know what's up.
Or may Cincinnati is tapped out and I have to do deals in another city? I really don't want to have to move and I just don't have the money to do so.
it is true that I am venting a little, but at the same time I am trying to objectively conclude if my city is really just tapped out for deals. I hate the idea of having to move but if I have to I will. Cincinnati really is a large city and it's hard for me to accept that all the deals are taken but the lack of calls and deals is making me think twice.
The only people that have been calling me are other investors wanting to network or people that want too much for their house that are not open to debt relief or doing options.
So how else do I truly know if a town like mine is over-farmed for deals?
Joe,
I haven't started my marketing yet, but have you tweaked your ads in a while? Maybe you just need to change the wording in your ads a little bit to attract the right kind of people. You know, kind of like 'Wholesaling for Dummy Sellers' ads?
People are always thinking their assets are worth more than they really are. If it was really worth that much then why are they calling?
When I was marketing for notes a while back, I noticed that people will contact you out of curiosity just to see what you'll offer them. Instead of saying "I buy..." maybe I should've said: "If you NEED to sell..."
Just a thought. Hope this helps.
I often do change the wording up. I use phrases like "Top Dollar Paid" or "I do quick debt relief". I figure that your suggested line would only attract non-motivated tire kickers who would laugh at the idea of me taking over their payments.
My next set of banditsigns are going to have a personal touch:
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Joe Buys Houses
Ugly & Pretty
Quick Close!
xxx-xxxx
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The colors will be blue and orange on a 18"x24" white chloroplast plastic board.
These will be larger than my current yellow 12x18's. I think that's part of the problem is my current sign size. Lets see if the new 2-color larger signs will do any better.
The bigger, bolder bandit signs with the personal touch sound like they just might do the trick.
Happy wholesaling, Joe.
Not so much that you might be doing something wrong, but maybe its not the right time or people that are looking to sell aren't interested in the signs and prefer to go the standard way of doing things
You've got a bunch of major cities in your state to work on. Do that and see what happens.
Hey Joe, I have experienced the same issue as you. I have the sings and the ads, but only a few calls. And the ones that do call, all want market price! I have yet to see Wholesaling work in my area. No one will sell me a house at 50-65 cents on the dollar. Another issue I have found in my area is that all the buyers on my list (about 15) they all want 50-60 cents on the dollar. I can't get them at 50-60, and even if I could my buyers wont buy them at 65-70!!!
so I feel your pain....just don't quit!
D
Don't Wish the Past, Create the Future! - DH
I really wasn't suggesting any particular wording - just the fact that wholesalers can only really be successful with people that have a pressing need to sell. And, that whatever marketing we choose has to grab the attention of those in need. Hopefully, it might also scare away a few tire kickers.
that "Your Town" can be anywhere in the country if you have the right connections, no moving required.
I'm on the southeast coast right now, but I've been thinking about maybe investing in Northeastern Ohio. I grew up there. I swear the whole place needs to be rehabbed!
Maybe you could try clicking on a city up there the next time you're on Craigslist....
I believe Carol Stinson said that when she can't wholesale a property, she checks the "housing wanted" ads to see if she can retail it for a decent profit.