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If you’re an agent or broker and you’re not working with property investors, you’re missing out on a huge pot of easy money. Investors and agents can work together to follow up on high-profit leads, in a way that benefits them both. I’ve invited property investor Tom Cafarella onto the show to walk me through the three concrete lead sources he uses to generate a steady stream of clients for his business.
Tom is a Boston-based real estate investor who has been in the business for over a decade. He started in 2007 and quickly learned that buying listings online and flipping them was highly profitable. But when the market started to recover in 2013, he watched his online listings practically disappear and he knew he needed to start buying off-market in order to make the kinds of deals he made before. He spent years learning (by trial and error) the marketing techniques that really work for investors. He explains to me why his magic formula of direct mail, online marketing, and cold calling – despite my reservations – works the best for him.
We also discuss why it’s crucial for investors and agents to work together. Once you’ve generated a strong lead, getting to know that customer means it might be better for them to list retail, rather than sell to an investor. But if you work together, the money from that sale stays within your circle. Tom and I also discuss the exact script you should follow when you’re contacting a lead for the first time.
- Why every agent should be an investor and vice versa
- Why buying lists may not be getting you the leads you want
- The types of properties that offer the best lead opportunities
- Which types of properties you really shouldn’t waste your time on!
- How to focus on your cost per lead, and what you can do to get it lower
- How to build an efficient direct mail list, and make it work for you
- Why the content doesn’t really matter in a direct mailing
- Two essential tools for online lead conversion
- Why you shouldn’t try and do the online marketing yourself
- How to cold call the right way
- How to leverage both an investor and an agent to close the deal