TRP022: Finding Deals Using Bandit Signs | Love ‘Em or Hate ‘Em They Work | Part 1
by Randy Lawrence |
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Marketing Your Rehabbing Business:
- Remember one of the 12 Truths of Rehabbing – You make money when you buy not when you sell…
- One of the best ways to find houses to buy, fix and flip is to market direct to sellers.
- In order to find deals to buy you must market. W/o marketing you really have no business
- Marketing = creating a demand of need for what you have to offer/sell
- What are you offering?
- Solution to a distressed homeowner or distressed property owner
- Solution for a new or first time home buyer
- Solution to upgrade/improve a neighborhood
- Work and revenue for tradesman and suppliers
First step in your business is to get inventory to sell e.g., finding deals. Several ways to market for motivated sellers – this is simpler and less expensive with proven results:
- One of the most effective methods of marketing direct to sellers is using yard signs also known as bandit signs.
- You’ve seen them – “We Buy Houses” with a phone number on it?
- This is without question a time tested and proven method to get motivated sellers calling you
- Bandit Signs are tried and true. Old fashion way but they work. Love them or hate them.
- Simple but require work. Are you willing to do what it takes to win?
- Inexpensive compared to other methods e.g., direct mail
- They’re a fast, easy, and cheap way to get your phone ringing with deals
First sketch out a plan – Here’s a quick strategy to get your bandit sign marketing campaign started. All you need is:
- A well thought out plan of attack
- Phone number – by not your personal number
- Signs, stakes, nails
- Answering service and website (optional)
- Mindset and action to make it work and keep after it
Here’s 7 Tips on help you develop your Bandit Sign Campaign:
- Target an area. Decide where to place your signs. In other words – where you want deals. For example don’t place signs in newer neighborhoods if you are looking for distressed places to rehab and sell.
- Be where you have a captive audience. Target area busy intersections with stop lights/signs – places where drivers are likely to stop. Avoid placing signs along the side of the road. Drivers have their eyes on the road and will whiz right pass your signs, much less have time to record your phone number.
- Fine tune your target area(s) – with A/B testing. Develop your target area by testing response rates. Place signs in spot A, B and C. Record the results and zero in on the spots you’re getting the most action. Some spots will be hot and some will not.
- How many signs. Budget for a minimum of 20 – 25 minimum signs per target zone. We’ll talk later about sign costs and the best places to get them.
- Your goal. Remember your goal is to drive the quantity of calls not quality of calls. You can get quality calls by tuning your target area.
- Sign regulations. Finally pay attention to local sign ordinances. These are easy to find with a little searching on the Internet. For example if placing signs on public property, you may have to place your signs on weekends and remove them Sunday night to avoid violations or having them removed. If you find a good spot that is on private property – get permission from the owner.
- Next I will share action steps for setting up your bandit sign campaign so your phone will start ringing with deals!