If you are not measuring your cost per lead and your cost per conversion then you are doing something wrong in your real estate business. You should be able to know how much you are profiting from your investments.
Like all other marketing strategies when you invest in using the content marketing strategy to get more leads, you should be able to measure the results, to know how effective your marketing strategy is.
Josh Culler has been in the real estate investing industry since 2013 and has been a part of hundreds of deals as a marketing director.
Owner of Culler Media and REI.VIDEO, Josh focuses his services on active real estate investors and real estate influencers providing content marketing.
Primarily video content and podcasting. REI.VIDEO services those who film their video content but need editing done. Culler Media services those who need a more white-glove approach, including content production, copywriting, and distribution.
Josh has two podcasts to educate you on content marketing and real estate marketing! The Content Marketing Playbook and the REI Marketing Weekly can both be found on any podcast platform.
For more valuable information click on this link and watch the complete episode: https://youtu.be/dudEEyJz1vw – “Social Media Marketing for Your Real Estate Business with Jay Conner & Josh Culler”
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
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Real Estate Investing With Jay Conner
Jay Conner:
Let’s go ahead and answer this question. Most real estate investors do marketing that is quantifiable, right? So, I spend and invest X number of dollars on a direct mail campaign. And I get so many percentage responses. I know what my conversion is. So I know I spent X number of dollars to acquire a customer on that direct mail campaign. I’m doing outbound calling. I’m doing texting. I’m doing Facebook ads that are paid ads. So all these things that I pay money out… Well, let me just say, first of all, Mr. And Mrs. Real Estate Investor, who are listening here to the podcast. If you’re not measuring what your cost per lead and your cost per conversion are, then we need to have another conversation about that, right? So most know what I am getting for what I’m investing. So before we really start drilling down on the different ways that you can use social media to really bring more money to the bottom line as a real estate investor, when it comes to content marketing, how can we quantify and measure its results?
Josh Culler:
That’s an incredibly good question. Quantifying content. It’s all dependent on the way you look at marketing. There’s hundreds of silos inside of marketing, right? You mentioned four or five of them. There’s direct mail, text blasting, cold calling, voicemails, and there’s just so many different ways, methods to market. And yes, you absolutely should be tracking every single one of those marketing channels. When it comes to content marketing, it’s a totally different ball game. This is where understanding the differences is really key. One of my good buddies, Trevor Mauch, is the CEO of Carrot. If you guys are familiar with Investor Carrot. I’ve never met a single investor that doesn’t know of Carrot that either doesn’t have a Carrot site, has had one, or knows of them. So hopefully you do.
Jay Conner:
I got three of ’em right now. For 15 years.
Josh Culler:
They’re really, really good websites to have as a real estate investor. And I got some tips on those if we want to dive into it. But I was actually on his podcast, The Carrot Cast, and we were talking about this topic of content marketing and the way he analogizes it is really, really good. So it’s hunting versus fishing. So when you’re putting out direct mail, direct mail is kind of like a little bit of a borderline one, but especially text blasting, cold calling. Think of it this way. You are literally hunting for these leads because how many times have you been hung up on or gotten a text response or absolutely no response. But I’ve gotten a response saying, “Take me off your effing list,” and stuff like that. That’s all because you’re hitting people that you’re just crossing your fingers and hoping that they’re motivated, right?
Josh Culler:
You’re hoping that you’re blanketing enough to actually get a lead. Somebody that wants to sell a house that’s motivated to sell a house. Now I’m not saying don’t do that. You absolutely need to do that. That works really, really well for a lot of people. We’re talking about the differences between that and what content is though. Content, on the other hand, is fishing. For instance, if you put a piece of content out, you put a video on your website, you put a video on Facebook about why you should sell your house to a wholesaler or a real estate investor, or what is the difference between a real estate agent and a real estate investor. And you put a video out of that. What you’re basically doing is putting a hook in the water to catch a fish. And the more hooks you put in, you don’t have to go tend to those.
Josh Culler:
Unlike hunting, you have to, literally, be walking around and looking for the deal. Whereas with this, you’re actually putting these hooks in these lines, in the water. And then if one bites, well, you can run over to it and reel it in. And that’s the difference there. And then you have this stream. So you have these hooks in the stream and fish leads, motivated leads are going by and catching onto your hooks, right? And so then you can bring those in. And that’s the difference. And the ultimate, ultimate goal for this is those fish that are hooking onto it, they’re hungry. They are hungry, which means they’re what – motivated. And so with content marketing, you have to think of the motivation. People are sitting at home in bed, maybe a loved one just passed away. They inherited the property and they’re sitting at home at two o’clock in the morning.
Josh Culler:
It’s keeping them up. And they’re like, “I just got this house and I inherited it. What in the world am I going to do with this thing?” And it’s not like now you’re sending a text blast. And that person gets that text campaign. And then the next morning they check in their mailbox. And then there’s a yellow card from you that says, “Hey, sell your house to me.” No. Now, they’re going to go to Google and they’re going to type in, “What to do with my inherited house?” And if you don’t have content out there that’s timeless and relevant to their search, they are not going to find you in their motivated stage. Now the important thing is that when they do go looking, they’re highly motivated, you better be ready to capture that lead and get back in contact with them immediately. As soon as possible. Especially during the day, if they go to your website and then they call a number off your website, you better be answering that live, or they’re just going to move to the next person.
Josh Culler:
Because the unfortunate thing about what we do as real estate investors, whether you’re a wholesaler, you’re acquiring deals, you’re doing your own motivated seller marketing, is that it’s kind of a commodity. Wholesalers are a dime a dozen, guys, people know that they can just move on to the next person. And a lot of times sellers are smart. Now they’re just going to look for the person that’s giving them the highest offer, and that’s what they’re going to move forward with. And so you taking that live call is going to be so crucial to the efforts that you’re doing with your content. And so all that to say is there’s a difference. “Advertising” I would throw into the category of that would be text blasting and cold calling. It’s you doing interruption marketing to disrupt the pattern of somebody scrolling through Facebook, “Oh, an ad.”
Josh Culler:
Or on their phone, “Oh, I just got a text blast from such and such wholesaler,” as opposed to them having the motivation, going to the web and searching for a solution to their problem. So those are the key differences. So all that says, Jay, is it’s not one or the other, it’s both. You have to absolutely do both of these strategies. And that’s when you’re ultimately going to come on top. So complimenting, having content marketing along with straight up advertising, that’s going to be the perfect success formula if you’re going to do motivated telemarketing. So hopefully I explained that well.
Jay Conner:
So, tell me if I summarized correctly what what you just said. Direct response marketing, i.e. direct mail, outbound calling, texting, Facebook ads. That is direct marketing hoping that someone’s going to see my message that just happens to come across it. In addition to that, as you say, not in contrast, but we need both kinds. Have I got this correct? And that is content marketing is for the purpose of being easy to be found when somebody is looking for us?
Josh Culler:
Absolutely. So, I’ll give you an example. And outside of the real estate world, we’ve seen these Peloton bikes everywhere. They’re very, very popular now. Those stationary bikes that have incredible technology inside of them. And we’ve been thinking about getting them for a long time. Now, if Peloton decided six months ago to hit us with ads and maybe even send us cold calls or emails that they’re marketing to us or whatnot, we weren’t motivated at that point because we were going to the gym. I have a personal trainer, and so I don’t need it, right? I’m not motivated to have a Peloton. Well, two weeks ago we were in Colorado when we stopped at a little mall and there was a Peloton shop there. And so I walked in and I’m like, “You know what?
Josh Culler:
I really like these things.” I got to try it out. And I’m probably gonna try to do this. I’m going to go get one now. I’m motivated to actually get one. So the saleslady gave me her card because they want to get credit for the store or whatever if I purchase the Peloton. I said, “You know what, obviously, I’m not gonna purchase it here. I’m from out of town. And so just follow up with me. I’ll get back to you.” Well, sure enough. Two days later, she follows up with me. She knows I’m motivated. She knows that I have interest in this Peloton bike, and she’s got to hit me while it’s hot. And so she follows up with me at that point and says, “Hey, are you still interested?”
Josh Culler:
I didn’t respond at that point because it was on a Sunday. But then throughout the rest of the afternoon, I start getting hit with ads from Peloton. Go figure, right? Like I started getting Facebook ads. I went to Google and I got some PVC ads and that’s when they decided to hit me. Well, it’s smart on their part because now I’m motivated. So then what do I do? I go to the website and double-check, “Hey, is this confirmation that I actually want a Peloton?” And so I started digging in a little bit, getting into the reviews and stuff like that. And then finally, sure enough, I’m like, “All right, this is something I want to do.” Well, they had a lot of content out there. They have a lot of training videos and how-to videos.
Josh Culler:
Here’s how you actually operate your Peloton. And here’s the things you need to know before getting into it. Here’s the shoes you want to use if you are going to actually be serious about this. And so I did all my fact finding and discovered, “All right, I’m ready for this.” And so I went and purchased one and, obviously, gave a store credit or whatever. So I was in my motivated state at that point, not six months ago, when, if they did hit me, it would have been like, “All right, delete email,” or I just don’t care. I’m not gonna be interested in these ads that I’m getting hit with on Facebook because I’m just not motivated for it. So it’s all about the state of mind and the situation where somebody is. And that’s why people tell you all the time, “Follow up, follow up, follow up.” A really big thing is follow-up or hitting them with 6 different mail campaigns over the course of a year or whatever the reason is because you’re hoping to hit them when they’re motivated.
Josh Culler:
That’s when you’re hoping to hit them just by blanketing them that way. But with content, you have stuff out there already. It’s pre-active and when they’re ready and they’re motivated, they’re going to go search for it. If they find your stuff, you have a lot more credibility and authority on stance with them at that point.
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