Hey everybody, welcome back to the show! Today we are going to discuss a question that I want you to ask yourself, and that is, do my leads suck? Do I suck at lead generation? The chances are you do. The average real estate investor does and that’s what we are going to talk about today.
[00:00:00] Hey everybody, welcome back to the show. Today we’re going to discuss a question that I want you to ask yourself, and that is, do my leads suck? Do I suck at lead generation? The chances are you do. The average real estate investor does. Um, as you know, I’m Mike Hambright host of the Flipboard podcast. I’ve been doing this for over six and a half years, and a lot of things have changed along the way, but the number one most important thing.
For every real estate investor has always been the quality of your leads. Now, the truth is, is in an up market, when the market is on fire, that covers up some sins that we face as real estate investors. If our leads are not really good, and the truth is, is that, uh, that is, those days are, are, are gone for now, we always knew that there would be a shift in the market.
And the truth is, is it’s an amazing opportunity for real estate investors. But you have to [00:01:00] be prepared for this shift for a long time. Now, as real estate investors, we could get a little sloppy. Our acquisitions costs, how much we spend on advertising to generate a a, a deal has crept up. A lot of us have known it.
Everybody’s known it. Everybody’s talked about it for awhile. The truth is, is because our margins are typically kind of high, we’re able to, uh, just justify it. Well, it sucks that my cost per acquisition has doubled, but I still made 15 grand on this deal or whatever the situation might be. Your margins differ, of course, a lot by market.
However, that doesn’t mean that that can continue forever and it’s only going to continue to get worse. You can’t afford to market to sellers or prospective sellers that have no motivation, that will probably never sell to you. Now, the reality is is that there is data out there to tell you who is the most motivated.
The problem is it’s hard to get, and as real estate investors, we’re kind of lazy. Most of us [00:02:00] don’t like this part. I’ve known this as a problem for years and my own personal business, and I’ve understood the importance of high quality lead generation. In fact, as a coach and a mentor for gosh, almost over 11 years now, the single biggest question that I’m often asked all the time, all the time, all the time, is what’s the best list to market to?
Who should I market to? The truth is, is there is no silver bullet. There is a, there is no easy way to do this, and that’s why most do it wrong. About a year ago, if you didn’t know, I started a lead generation agency called the investor machine right here, and I’ve actually just created a little video on how you should change your marketing, who you should be marketing to right now.
It’s not simple, so don’t look for the easy button to do this yourself. Uh, we actually provided as a service for others, but I’m actually pulling back the curtains a little bit to share with you exactly how we do that. I would encourage you, no matter if you watch the video or not, I hope you do that. You should [00:03:00] be checking out what is working in your lead generation right now.
What are you spending money on that’s bringing you the highest return? What is not working well and cut that loose. So lead generation is everything. I encourage you to use this. Time. That’s kind of downtime we have in our market right now, which doesn’t have to be a downtime. If you’re focused on improving, uh, I encourage you to look deep and see what is working.
Now, what is not working now and start to shift. Be honest with yourself. Your business depends on it. Your family’s livelihood depends on it. You have to do this right? So ask yourself this question right here. Does my lead generation suck? And asked another way, can my lead generation get better? Can always get better?
So why don’t we put a link out at flipnerd.com/leads flipnerd.com/lea D S leads go check out this short training that I’m going to create. I’ve actually already created it, but I’ll make sure that it gets put on that link, looker.com/leads [00:04:00] and just check out some of the information I share on how the top real estate investors in America are using data.
To change the game with your lead generation. Stop marketing to people that are never going to sell to you and make sure that you’re marketing to those with the highest levels of distress based on local data from your market. So hope you got some value here today. Appreciate you at Dawn. If you haven’t yet subscribed to the show, please go to flippa.com you can get access to iTunes, Stitcher, Google play, YouTube, anywhere where you might watch your listen to our show and subscribe out there.
Of course, you can get access to everything on flipnerd.com as well, so hope you got some value there. Go check out flipnerd.com/leads and check out this quick training that I’ve created on how to take your marketing and your lead generation to a whole new level so you can not only survive in this market shift, you can actually thrive.
Appreciate you. Happy investing. See you on the next show.