Posted by JHyre in Ohio on March 07, 2002 at 14:09:43:
After 10 drinks, I start throwing leaping roundhouses…wait, that schtick is taken, LOL.
John Hyre
Marketing Idea Of The Month - Posted by Tim Jensen
Posted by Tim Jensen on March 06, 2002 at 13:48:37:
Hi All,
I was planning on talking about my bench signs this month however, it has only been out a month so there is not much to report. I will wait til it has been out there a little longer before I discuss it.
This month I would like to talk about marketing and other investors.
I happen to be one of the more aggressive marketers in my community. I have an ad, bench signs, direct mail, news releases and even put out a bandit sign or two. I get my fair share of calls, however I also have been getting some attention too.
I was speaking with a friend of mine last week and it seems that my agrgrssive marketing has caught the ire of local investors. I am a member of my local apartment association. Last meeting, I put out the $100 bill business cards on all the tables. Well… well… well. Someone on the board of directors complained. They said that the meetings were not about advertising. I was not told to stop it just informed someone was not happy about it. Last summer, I was putting up bandit signs on boarded up buildings. A investor called me and asked if I owned the building(I had a sign on), I told him no, but I put it there because I wanted to get the word out I will buy these places. He was not happy about my signs. What do you know, a few weeks later, the alderwoman called and asked me to take the signs down. Gee, I wonder who called?
So, what is my point?
This months installment is more of an interactive. I want to hear from others who have had similar experiences. How did you handle the jealous investors?
Lets not talk about whether bandit signs are legal or not. Just how you handle the jealous investor.
So, lets hear your ideas and stories!
Tim
Speaking of jealous investors… - Posted by Hank
Posted by Hank on March 06, 2002 at 20:38:30:
Or just plain pain in the a*s pikers, did you ever call my dear friend, you remember, the lady that called me a greedy sleazebag?
…How about this idea…Leave a bunch of bright “WE BUY HOUSES 555-5555” bumper stickers at a couple friendly local mechanics. These guys will, for a fee, tell customers that $25.00 will be taken off their repair bill if they just put this bumper sticker on their car. For every month they leave the sticker on, they will get a free tank of gas. They’ll have to call me about the details of the free tank of gas. …I’ll just give 'em a 15 dollar coupon to be redeemed at the same gas/sevice station once a month after I inspect the bumper sticker to make sure it hasn’t been taken off and put back on again just for the visit to me. … I think there might be a future in this idea - after I iron out or alter some details.
I don’t care what kind of vehicle is stuck to my sticker - within reason.
Your main point, simple answer - Posted by Jim FL
Posted by Jim FL on March 06, 2002 at 17:55:13:
Tim,
As you asked in the followup post below;
“How do you handle the jealous investors?”
Simple, rather than “handle them”, I just out perform them.
There are a TON of investors in my area, both new and seasoned.
Frankly, I’ve run into my fair share who are in my opinion, “Shady”. (There is one here who apparently offers to buy houses Subject to, leave the sellers in, then evicts them a month later…YIKES!!)
I’ve now bought a few houses where other investors met the sellers first.
Why did I get their houses instead of the others?
I can only guess that it was my approach.
I was told by a few sellers several different observations, with some being more prevelant.
Things like;
- The other guy just came in, looked and offered us LESS than what we owe, all cash. (DUH!!)
- The other guy made us feel “Creepy”. (one seller in particular was VERY upset by the other investor, and said that he kept staring at the sellers wife’s posterior…I never noticed it, too busy looking at the house I suppose.
- The other investor wanted the seller to do more, like show the house, pay for ads, place up signs etc.
- The other investor seemed lost. (Newbie-itus?)
- The other investor did not have ANY references.
- The other investor did not listen to them, or want to hear much of what they had to say.
- My advertisements did not call their house “Ugly”.
Frankly, you and I both know there are enough deals out there for all of us.
When we conduct ourselves as professionals, and listen to sellers, we can often get to the root of their problems and solve them.
I try to be laid back when talking to sellers.
I listen, as much as my busy mouth will allow me to, but I also talk more than most, and use this to steer the conversations.
Just recently, another investor from my area who is rather new called me, asking if I’d mind working on a deal with him. He wanted to learn a little more, and was still new enough that some fear was holding him back.
We met with the seller, and sat there talking with them for 2 hours or so.
I knew after the first few minutes that a deal was probable, but the seller would need some time to “think about it”, and get to know us.
We left that meeting, leaving the seller some handout info I have made up, and told the seller to call us in a couple of days if they decided to sign with us, or with any additional questions.
As we were driving away from the house, the other investor made a comment to me.
He said, “you know Jim, I just learned a lot in there, but the one thing that really struck me was that it is okay to just sit and talk to sellers. You did not give them some HARD sales pitch or anything.”
He was right, this is my style.
Sell me your house, or not. I do not NEED to buy any property.
By the way, the seller called back two days later, and we are signing them up this weekend.
For me, I’m in this for the long haul, and know that competition is only something in your own mind.
Sadly, other investors do not always feel this way.
Heck , last night, at a local club meeting, I overheard someone talking about a method for buying that is somewhat like my own. They had some questions they were asking, from what I later learned was their partner.
I tried to chime in a bit, being as polite as possible, and offered to help them, for free.
Boy did I get the cold shoulder.
Too bad, so sad.
Rather than get upset when I see another investor in my area marketing more aggressively, I commend them.
Go get em attitudes make me smile. (I’d like to think that I have one myself.)
I know that if this person gets a ton of leads, eventually they will either grow to where they can handle them, or they won’t.
When they cannot, then if we have previously opened a dialogue, which is friendly, who are they going to call with their “Extra leads”?
ME!! (I hope!)
I’ve done some of this myself.
If another investor is out there marketing hard, like the Homevester thread a few days ago, all this does in my opinion is create public awareness of our trade, and this benefits all.
I do get upset when I read, hear, or see on T.V. stories about bad investors who scam people.
This does not help us one bit, and does give us some hurdles to jump.
But, in the end, as long as we perform, and keep solving problems, our business will survive and thrive.
My last two deals were referals from past sellers.
Why do you think they passed along my contact info to their friends?
Anyway, no more rambling from me.
I just don’t “Handle” jealous investors, their attitude means they won’t be around long anyway, IMHO.
Good topic Tim, thanks,
Jim FL
My Brilliant Marketing Idea Of The Month - Posted by Heidi W
Posted by Heidi W on March 06, 2002 at 17:03:17:
Ad in paper under EMPLOYMENT
MAKE EASY MONEY - ADVERTISING ON YOUR CAR
MEETING Sun 9:00am sharp - Bring you best car - make sure it’s washed!
When they show up…have VINYL LETTERs spelling out…
YOURBUSINESSNAME.COM
BUY’s HOUSES FAST!
800-XXX-XXXX, #20
Select from people who have nicer cars and appearances and drive around alot, or part in conspicuous places.
If they sign up, pay them $20 on spot (after putting the vinyl letters on their rear window) Explain that when callers call - you’ll ask if they remember the #Number. If they do - and you get the deal - they’ll get $250 additional money. Also tell them that when people stop them in the street to have them be sure and call the number and include their CAR #.
Well, what do y’all think of this idea?
Back to my main point - Posted by Tim Jensen
Posted by Tim Jensen on March 06, 2002 at 15:30:44:
To all:
How do you handle the jealous investors?
Tim
My Brilliant Marketing Idea Of The Month - Posted by GL(ON)
Posted by GL(ON) on March 06, 2002 at 14:24:02:
Go down to the hobby store and buy a radio control blimp. Put your ads on the sides and sail it around little league games, high school football etc.
What the heck, it worked for ReMax, Fuji and Goodyear.
Re: Marketing Idea Of The Month - Posted by GL(ON)
Posted by GL(ON) on March 06, 2002 at 14:20:55:
They do have a point, if you are putting up illegal signs and trespassing you are giving yourself a bad name and some of it is going to rub off on the rest of us.
Let me add - Posted by Tim Jensen
Posted by Tim Jensen on March 06, 2002 at 13:52:24:
Let me add,
I don’t care if someone calls and complains or rips down my bandit signs because they are just against them on principal. I just get annoyyed when someone calls and complains because they are mad that I am using an marketing idea they didn’t think of. IE-Jealousy
Tim
Re: My Brilliant Marketing Idea Of The Month - Posted by J. Clifton
Posted by J. Clifton on March 06, 2002 at 19:03:36:
Sounds like auto ads are catching on, and are going to be the next marketing ‘big wave’ investors talk about, given the bad will/legal issues involved with bandit signs. I suggest you start asking friends first, to see what you can get put on cars for free. Stress the finder’s fee. The only fee you should pay upfront is to get the signs or letters. And instead of a code#, why not explain that just one number will be used, but if ANY ONE of the 10 advertisers produces a lead that ends up as a deal, ALL 10 will get $200 EACH. This will make it seem more likely to them that they WILL make money. And you’re paying out of profit, so unless the deal is too thin, there shouldn’t be a problem.
I like it… - Posted by JHyre in Ohio
Posted by JHyre in Ohio on March 06, 2002 at 18:57:06:
and will be most interested in hearing how well it works. Just one more way for me to avoid using you-know-what!
John Hyre
Re: My Brilliant Marketing Idea Of The Month - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on March 06, 2002 at 18:41:18:
I like the idea. I am going one step further and am going to paint my race car doors. I would like to have it done before the Easter Bunny Nationals.
I am leaning towards something like this;
Sponsored By T 'n G Homes
Need To Sell? We Buy Houses!
Tacoma (253) 212-1085
Seattle (206) 334-3026
I was thinking of something like this on the doors since I already have the tail done with Tim’s Nightmare and I have the rear quarter panels already done with Low Budget Racing Team.
You vinyl lettering should work for the general populace though. I don’t think they would go for paint.
Re: My Brilliant Marketing Idea Of The Month - Posted by Jim FL
Posted by Jim FL on March 06, 2002 at 17:29:21:
Heidi,
Excellent idea.
I am in the process of running a few “Auto ads” now.
They’ve not been out long enough for me tell you how well they work yet though.
I thought about trying to track them and pay the drivers per deal, but it just seemed like too much effort.
Instead, I am paying people a flat fee monthly to have my sign on their cars.
I’ve started with 10, and will see what results we get over a two month period before deciding to keep them or add any more.
Give your system a try as well if you are so inclined and we can both report back here later to see how well they work out.
Good creative marketing thoughts, keep it up,
Jim FL
Re: Back to my main point - Posted by JHyre in Ohio
Posted by JHyre in Ohio on March 06, 2002 at 18:39:58:
I’m with Tim:
- Success is the best revenge; and
- Except to cause mischief for the sake of sheer entertainment once in a blue moon(“Hey, Bob, how’s your boat bottom ad campaign going?”), I completely dismiss small minds. Life’s too short for that kind of headache.
John Hyre
Re: Back to my main point - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on March 06, 2002 at 17:56:09:
I wouldn’t. Not everyone can or will get along. If they are jealous, there is nothing you can do. Try and talk with them when you see each other, but if it just doesn’t work out, you don’t talk with them.
Why do you care? NT - Posted by Andrew
Posted by Andrew on March 06, 2002 at 16:27:40:
Tim,
I don’t get it. Why do you want to “handle” them? Are they still causing you trouble?
-Andrew
PS - If you decide to “handle” them by giving out Rolex’s, then I’m jealous too. Very jealous!
Design your own blimp ad! - Posted by GL(ON)
Posted by GL(ON) on March 06, 2002 at 20:41:39:
Here is a web site that allows you to design your own blimp ad in color.
http://www.blimpguys.com/blimpmaker.htm
There are a lot of radio control blimps from $89 up.
And here I thought I was kidding LOL.
Ha ha ha ha ha - Posted by Tim Jensen
Posted by Tim Jensen on March 06, 2002 at 14:28:04:
GL,
That is too funny. My only questions. How much do those blimps cost?
Take Care,
Tim
Re: Marketing Idea Of The Month - Posted by Randy_OH
Posted by Randy_OH on March 06, 2002 at 18:24:23:
Tim and others,
Good discussion on a very important topic. I have not used bandit signs, but from reading this board they seem to work better than any other method of finding motivated sellers. I am, therefore, thinking about giving it a try, but I am very concerned about the legal issue. It seems to me that the strongest argument in favor of the signs is to make the comparison to the realtor signs. I have never heard anyone complain about open house signs. This was touched on below, but did not seem to get anyone’s attention. I would like to get some opinions on this line of defense for bandit signs. Are the open house signs okay? If so, are bandit signs any different?
Randy