If you shut off your marketing, you have no business. Your pipeline is 3-4 months down the road.– Gary Boomershine
Marketing for Real Estate During COVID | How to Adjust Your Messaging and Budget through the Pandemic
Back in May, I shared the data behind how COVID is affecting motivated sellers and exactly how investors should be adapting through this unpredictable market. Now, this was all on a private Zoom call with our friends at RealEstateInvestor.com.
I want to share it with you because the concepts and strategies we go over are just as relevant today as they were a few months ago. When others are not willing to change with the times, this is your chance to serve people better than ever, and come out thriving.
Read the Full Show Notes Below…
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One thing I really love about what we do here at Carrot is the data we are able to provide. When we started, it wasn’t just to help people create pretty sites. It was to help them create sites that perform. Our friends Robert and Gary over at Real Estate Investor have a similar mindset: helping people succeed in this competitive market.
With an unstable economy, the wrath of COVID, and uncertain sellers, it can feel discouraging to spend your marketing dollars when you aren’t certain about the results. In this call, we talked about why you shouldn’t be pulling back, what you should be doing instead, and the results you can expect from your actions going forward.
Shifting Into Opportunity
With everything going on, many investors are pulling back on their marketing, which in all honesty, is a huge mistake. Here at Carrot, we see about 80,000 leads come through our system each month.
Since the stay at home orders hit, these numbers haven’t dropped off. What has dropped slightly is conversion rates, and this is exactly where savvy investors and agents will find opportunity.
Problems Aren’t Going Away
There are many homeowners out there who are struggling with a mortgage, repairs, or other financial concerns. However, they are hesitant to make a move because they don’t want people in their homes or they aren’t sure if they can move or where they can go. It is up to YOU to educate them on their options and the solutions.
Change your messaging and answer these questions for them before they even ask! Acknowledge their concerns and let them know exactly how you will help to keep them safe during the pandemic. As you’ve heard me say before, shake the skeletons, address their concerns, and let them know that you are here to help.
Trust The Math
When you look at your sales pipeline, it could be several weeks or even months before you are able to close a deal. Many statistics show it takes around 6 “touches” to successfully close a deal.
If you pull back on your marketing today, this affects what you will be closing in 30, 60, and 90 days. Your competition, who stays with it, will reap the rewards, where those who stop their marketing will see their earning potential quickly fade away.
What you are doing today, creates the results you will see tomorrow.
I always advise people to trust the math. I’ve been asked, “What can I do for 5k?” And the answer is that I really don’t know. You need to run the numbers for your market to find out what you are willing to trade in order to generate a profit. Here’s the equation I use:
First, I will look at the average profit per deal.
For this example, let’s say it is $20k. Then I will determine how many leads it takes in order to close one deal. Let’s say it takes 10 high-quality leads to get a deal. Now ask yourself, what would you trade to get that $20k?
Many people would happily give up $5k in order to get $20k, which equates to $500 per lead. Sure, that may sound high, and you will likely be able to get leads for less, however, don’t give up on your marketing until you have spent that $5k. You can use multiple channels and keep in mind that there is an ebb and flow process to all advertising.
FREE TOOL: Carrot’s ROI Calculator
Setting Yourself Apart
If you were to Google “sell my house fast” and any given city, you are likely to see Carrot websites dominating the search results. I hear people say that a lot of the Carrot sites look alike, but with our new designs and simpler editing process, it is easy to make your Carrot site more unique.
We have recently launched several new designs plus a drag-and-drop editor making things easier than ever. We have many clients who have done so much to their site, you would never know it was built by Carrot!
Right now, people may seem hesitant to sell, however they are likely going to need more help than ever before. Now is not the time to slow down. It is the time to shift to meet the market demand.
With iBuyers taking a step back along with many other investors and agents out there, now is your time to swoop in, show people what you can do, and become the solution that so many people need right now.