Wholesaling Homes: Most Important Metrics in Marketing

It is clear that marketing is critical to the success of those wholesaling homes today, especially for those craving higher volumes of deals and more money fast. So what’s the key to better marketing and more real estate deals?

There are many, many forms of real estate marketing and new ones are being invented every day. What investors should be asking is what works the best? This means a need and the capability of measuring results and defining a way to improve them.

Unfortunately, despite testing, tracking and analyzing data being so much easier today, even for the complete novice, this is where many find they get tripped up with their wholesaling marketing and many don’t realize it until it is way too late.

The biggest issue is that far too many real estate investors get wrapped up in watching and attempting to improve the wrong metrics.

How are you measuring the value of your various marketing efforts? For most, it is all about response rates. Everyone wants more leads and more responses. Unfortunately, the truth is that while all leads have some value, response rates don’t always directly correlate to achieving the reach goals investors want to hit.

The truth is you can do a lot of damage to your business and waste a ton of time and money chasing responses. The good news is that honest professional marketing experts will tell you that high response rates are actually relatively easy to create.

Most of those in wholesaling will find they can rapidly increase their response rates with simple tweaks like adding toll free numbers to their marketing pieces, building up a better web presence, making broader offers or bigger claims. Those just starting out can even find massive response rates from basic wholesaling marketing channels like newspaper ads. However, what good is 100 calls a day if none of them result in viable deals?

What you really want is probably a better return on your marketing so that your budget goes further as well as more net profit.

The first logical step for better marketing ROI is increasing conversion rates. The single best move to improve conversions is to get better at targeting marketing and tailoring marketing messages, not making them broader.

However, many simply stop here and miss crucial factors that can make all the difference in true bottom line profitability. So next, look for ways to improve the auxiliary costs, such as labor and cash cycles, which all play into truly accurate ROI calculations.

You should be able to pinpoint your cost per lead and the total cost of each closed sale. Once you have these numbers, determine what will deliver the maximum ROI and do more of this.

However, don’t restrict yourself to one form of wholesaling marketing by any means. You’ll at least want a handful of ongoing diverse campaigns to keep leads and deal flow consistent.

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