Posted on: January 22, 2020

Are you looking for a marketing channel that’s scalable, provides massive returns, and requires very minimal maintenance? Radio marketing checks all the boxes! If you’d like to know more about it, today’s episode is for you!

Today’s show is hosted by Chris Arnold, a rockstar wholesaler who runs a successful virtual business while living his best life in Tulum, Mexico. Chris is no stranger to the power of radio marketing. In fact, he credits radio as the marketing channel that has helped him build a really successful virtual business.

In this episode, Chris interviewed successful real estate investor and his good friend, Clint Bartlett. Clint is also co-owner of Dynamic Properties, a flipping company he built with his business partner Jeff Cone.

Just like Chris, Clint uses radio marketing and in today’s episode he shared his experience with the medium and how he and his business was able to benefit from it. If radio marketing is something you’d like to try, tune in and discover if it is the right fit for you!

Key Takeaways

  • An insight into his business
  • The marketing strategies/channels they have tried
  • Their exit strategies for some of the deals they have closed
  • What their business goal is
  • What attracted him to radio
  • What the process was like when he started setting up his marketing efforts on radio
  • What his experience has been with radio marketing
  • His monthly budget for radio marketing
  • The number of deals he got from radio marketing
  • The cost per lead for his radio campaign
  • What the interesting thing about marketing on the radio is
  • Why conversion rate is really high for radio
  • The difference he sees in the quality of leads from radio compared to other marketing channels
  • What their value proposition is
  • The return he has gotten from his investment
  • What he likes best about radio marketing
  • The biggest challenge he has experienced as far as marketing on radio is concerned
  • His plan for radio marketing in the coming years
  • Where people can go if they’d like to know more about radio marketing
  • What he wants to say to those people who have not tried radio marketing

RESOURCES:

If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!

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Episode Transcription

Chris Arnold:
Welcome, welcome, welcome. I am your host, Chris Arnold. If you’re tuning in for the first time and going who is this Chris Arnold guy? If you’ve not heard, I’ve been adopted into the Wholesaling Inc family as a coach. It’s an honor to work with Cody and Brett and Tom. My focus is actually utilizing radio to find discounted properties because we know that radio is something that everyone knows about but no one using. There’s virtually no competition. I have a special guest today, a good buddy of mine that I’ve known now… Clint, we’ve known each other for about a year and a half.

Clint:
We’re going on a year and a half buddy. We are.

Chris Arnold:
The reason I brought Clint on is Clint was one of the first guys I helped set up radio in his market in Omaha, Nebraska. Not only is he a good buddy, I call him my fitness nemesis because he’s [inaudible 00:01:57] on everything. It doesn’t matter if it’s pull ups, it’s bench press. We’re constantly pushing each other. Clint, dude, you’re just a great guy to be around. I love, love our friendship.

Clint:
All right, for the sake of the podcast, I’ll say I love our friendship too, buddy. For the sake of the podcast.

Chris Arnold:
I love it. Let’s jump in. Clint, tell us about you. Where are you located? What are you up to? Give us some insights into your business.

Clint:
Sure thing. I am in Omaha, Nebraska, which is geographically about in the middle of the country. We’re kind of a small, big town about a million people in our Metro area. My business partner, Jeff Cohn and I have been investing in real estate here now for a solid five years. We really started 2014. Did not start doing any marketing for deals until mid 2016 is when we started our first marketing. We started outbound calling was the very first thing that we started doing.

Clint:
Since then, all we have done is shamelessly rip off tactics, strategies from anybody else who appeared to be successful. We started with outbound calling. Then we started doing mail. We started PPC. We started layering those things in over the last few years and have just been growing not as big as what we wanted, but this year we’ll close on a close to 75 deals. We do not wholesale. We close on everything that we put under contract. The majority of those deals that we buy, we wholesale and simply just clean them up, clean them out, put them on the market as is. Then we try to keep two or three doors, single family homes, for rental properties as well every month.

Chris Arnold:
That’s a really aggressive goal on the rental side. Tell us a little bit about what you and Jeff are trying to accomplish for your portfolio. It’s big.

Clint:
Yeah, it is big. We want to own a thousand doors. That’s where we want to be, or have a $100 million portfolio. It’s about a hundred thousand dollars a door if you do the math. We love single family home acquisition because we can buy it at deep discount. That’s hard to do in multifamily, but we are breaking into the multifamily space. For the sake of scalability, it just takes a lot of time to buy and hold a thousand homes, single family homes. It’ll be a mashup of both single family, residential and multifamily that we plan to own a thousand doors with over the next five years.

Chris Arnold:
Let’s talk about radio. You and I met because you joined Multipliers, which is a mastermind right out of Mexico. That’s how I know Clint so well and why we always give each other a hard time. We’re constantly talking. Then when he comes down to Tulum, we’re always running around the beach having a good time. When you and I met, you took an interest in radio. What attracted you to radio? What was it? What made you say, “Chris, can you show me the ropes?”

Clint:
I joined Multipliers largely because of what you shared with me with radio. I mean that’s why I joined. I’ll be flat out. Now I’m staying in Multipliers for more reasons than just the radio, but it was very intriguing. I think the thing that was most interesting is that you had a proven model of radio advertising and marketing through radio for real estate investment deals and you were doing it on a large scale. So it’s not like you were spending pennies every month. I mean when we talked over a year ago, you had all your eggs in that basket and you guys understood it, you understood the system, you understood how, what, when, where, why. It was a huge vote of confidence for me after talking to you and it gave me the confidence that it’s something that I could do here. Even though the market is different in Omaha than what it is in Dallas. I knew that we were going to be different, but you’ve proven the model.

Clint:
That was a huge sell for me is the fact that it wasn’t something that you were experimenting with. It wasn’t something that you’d been doing for six months and had some short results that you’re all excited about. It was like it was your mainstay.

Chris Arnold:
Yeah. At this point we’ve been doing it for nine years. A lot of tweaking and getting it right.

Clint:
Exactly.

Chris Arnold:
So what was your experience in setting it up? People might be listening. Okay. What’s it like setting up radio, how difficult it is. Do you mind touching a little bit on the process and your experience in setting it up?

Clint:
The process was very easy for me, and that largely came from conversations that I had with you. I knew what I needed to be looking for. I knew what type of stations I needed to be talking with. From a pricing and negotiation standpoint, you really helped me understand what I needed to do to negotiate better pricing for my ad spots. The setup was very easy because I was able to replicate so much of what you’d show me. Anywhere from what to say on the ad, from what does the ad sound like? I was able to basically just rip and reapply everything that you’ve done on a smaller scale here in my market.

Clint:
So it really started out with… I mean, my step one after I got that education from you was just reaching out to the local radio stations, developing that relationship, starting negotiations, figuring out what I wanted my ad to sound like. Within 30 days of talking to you, we were up and running in our market on our first radio station that we started advertising on, which was a smaller AM station. Because I’m a cautious guy. I don’t like to throw tens of thousands of dollars into something I don’t understand. So our spend, we set our budget at 1000 bucks a month with a small AM station.

Chris Arnold:
You got on a station at $1,000 a month?

Clint:
A thousand dollars a month, and that’s at $10 an ad. That’s 25 ads a week, five a day times five days a week times four weeks. So 250 bucks a week, 1000 bucks a month is what we were paying against small station AM 590 here. It’s Nebraska Cornhuskers. It’s like the sports talk radio, but it had the right age demographic that we were looking for. We got so far this year… We started in I think February of last year. So far this year, we’ve gotten three deals, which that’s not a lot, but I’m only spending $1,000 a month. By the end of the year I would have spent what, 10 grand?

Clint:
The first deal that we did was $12,000 profit. It was a whole tail. The second deal was another whole tail at like a $23,000 profit. So that was a little more significant. The third one’s pretty interesting. We’re holding it right now. The guy is building a new construction home. So he sold us his house. He wanted to rent it back for six months, and then he’s moving out in the spring and we’ll put the house on the market. But we expect to make in between 30 and 40 grand on that house. At the end of the year, we’ll have a $65,000 profit on like $10,000 spent.

Chris Arnold:
That’s about a one to six return.

Clint:
Yeah. It’ll probably be closer to one to seven. I mean, knowing where we’re at. The other thing is, we just… I told you this, but we just added the FM station. So we doubled our marketing spend. We’re now at $2,000 a month because this particular radio station was running a promo and I’ve been negotiating with their marketing rep for over a year trying to break into FM. Their original quote that she gave me was $20 for a 30 second spot. I was able to lock in the next year at $12 a spot because of this promo that they’re running. I developed a relationship with her already, and I was always hounding her. So it was a perfect time to get in.

Clint:
We had an appointment last week and actually I have an appointment in 45 minutes. I have another radio appointment that looks like a good one. I go on our appointments whenever I’m available. We need to keep this short and sweet because I’m going on my next radio lead appointment. The interesting thing was radio is, I’ll say this, the cost per lead is high for us. I don’t know what it’s like in your market, but we don’t get a lot of phone calls. I think our cost per lead last time I looked, it was like 600 or $800 was our cost per lead, which is kind of insane. But our cost per contract, it doesn’t matter to us because we’re converting at such a high ratio. Conversion rate is insanely high because we only need so many appointments to convert a deal. So yeah.

Chris Arnold:
[inaudible 00:10:11] about the quality of the lead versus some of the other stuff out there where you’re getting a large volume of leads, but you’ve got to dig through a lot of stuff in order to get to the goal? What’s the difference you see in the quality?

Clint:
Exactly. Well, I mean honestly in the past entire year when I looked at it, we were literally paying 600 or 800 bucks a lead. It’s like 20 leads for the entire year and we converted three deals. The conversion rate is just so high, obviously because of quality of the lead is better. You’re hitting an audience that is not getting pounded with postcards or with phone calls. It’s just somebody who’s innocently listening to radio and they opt to call you. Obviously in the radio ad, our value proposition is we’re cash buyers, we’ll buy your trashed home, code violations, bad tenants, whatever the issue is. So it’s just kind of neat that you’re hitting somebody who doesn’t have a stack of postcards sitting on their kitchen counter at home. I love it.

Chris Arnold:
Yeah. What it comes down to is the dollar per dollar return. That’s what we care about. Cost per lead, all that type of stuff is irrelevant. What matters is what is the return I’m getting on my investment? You’re spending $1,000 and roughly getting 6,000 to 7,000 in return. Let me ask you this. What did you like most about radio?

Clint:
Honestly, there’s kind of the… Every once in a while I’ll get a text from a friend that’ll say like, “Hey, just heard you on the radio.” That’s kind of fun.

Chris Arnold:
Celebrity status. That’s what we call it.

Clint:
Yeah. Local celebrity. But at the end of the day, I mean for me it’s the numbers game. So if I have a one to seven, one to six, one to seven, one to eight return, then I’m going to do it all day. Frankly, we have two acquisition managers who up to their knees in bad leads and low quality leads that they’re nourishing for months and months at a time. Obviously these are higher quality leads that don’t need a lot of nourishment. Every one of them that we bought with, I mean I think we went on the appointment once, put an offer together shortly thereafter, closed within a few weeks. So everybody that we’ve worked with from radio so far in terms of purchase contracts have been very quick, seamless deals because they’re the right type of seller. They’re truly motivated.

Chris Arnold:
What’s the biggest challenge with radio? We’re talking about the upside. Any downside that you’ve experienced? The biggest challenge with radio?

Clint:
I have no complaints yet. I mean, I guess if I go a whole nother year and there’s no deals we put under contract, maybe I’ll complain that I didn’t get any deals this year. But I have zero. I mean it’s one of those… Honestly it’s a set it and forget it. I mean once you record the ad, I mean you spent 10 minutes of the radio station to record the radio commercial and then it goes. I mean it’s really simple. I have no complaints. There’s been no challenges thus far for us. Again, maybe my story would be different, but we’re converting deals and we’ve converted enough to justify doubling our marketing spend and frankly going into next year maybe putting some more marketing dollars towards it as we see more results.

Chris Arnold:
That leads me right to my next question. Where do you want to go with radio over the next couple of years? Do you imagine continuing to scale it? What’s your plan for radio with the type of return that you’re seeing?

Clint:
Definitely. We’re going to take a look at every quarter and review all of our different marketing spend avenues and wherever we’re getting the highest return with the least amount of work, obviously we’re going to divert more dollars there. Radio is exactly that. It’s a higher return, low amount of work to get that return. For me, again, I’m a cautious guy. I’m probably not going to go dump another five grand a month into it. I’ll probably just add $1,000 a month. Halfway through the year, if wee pick up a couple more deals from radio, I’ll add another station. I’ll do like a… Right now we’re on classic rock. We’re on AM. I might try to pick up something that’s a little bit different variety just to capture a different audience, but I will continue to double that spend as long as we’re seeing the results and the conversion stay with the rate of our spend.

Chris Arnold:
If I could recap because what you’re saying is a lot of exactly what I told you that we experienced down in Dallas, Texas. That is you’ve named some of the things. It’s a set and forget it. That’s what I love about it. Right? It doesn’t require a ton of maintenance like some of the other marketing pieces that are out there. The other thing is it’s a high quality lead, so rather than getting a high call volume and low quality lead, it’s actually the reverse. You’re getting a lower call volume but a much higher lead. Then you talked about the idea of getting celebrity status and we also refer to it as instant credibility because if you’re on the radio, you must know what you’re talking about. So it’s exactly the same thing that we experienced down in the Dallas Fort Worth market.

Chris Arnold:
So if you’re listening, if you’re tuned in and you go, I want to learn more about this, I’ve heard you guys talk about it. Now I’m hearing the success of Clint who’s all the way up in Omaha, Nebraska. What you want to do is go to Wholesalinginc.com/REIradio and you can book a call to see if your market’s open because we are actually running this and creating exclusivity in market. Just book a call. See if it’s something that’s a right fit for you, but I know for myself and for you Clint, it’s been a great piece to plug into our overall marketing plan. So wrapping up Clint, of course I get to see you here in less than 60 days. You’re going to be down in Tulum.

Clint:
Oh, yeah.

Chris Arnold:
Which I’m excited about. But to people listening that are hearing about radio for the first time, the bells are going off. They’re going, you know what? This is really interesting. I’ve heard about radio, but I can’t really think of anyone that I know that’s utilizing it. What would you want the listeners to hear about radio? What would you say to them if they’re tuning in to this concept for the first time?

Clint:
I mean obviously… I don’t listen to the radio much, but when I do, I mean think about the radio ad. There’s a reason that the radio still exists, and it’s because of the ad space. That’s why radio still exists. The other thing that I would say is I had never heard of anybody doing radio in the REI space until I talked to you. The results speak for themselves. So it’d be silly not to consider it just because of what you’ve been able to do over the last 10 years in radio. Now seeing as you’ve shared your strategies and tactics with more people and they start to have success, it becomes a proven model at that point.

Chris Arnold:
Absolutely. Well, Clint, I know you got a radio appointment to go to that you’re going to go lock up. I’m going to let you get to that. But man, thank you so much. Thank you for your friendship. Thank you for being a part of Multipliers and just for being a good buddy, man. You and I are constantly [inaudible 00:16:54] jabs at each other.

Clint:
I can’t wait to fricking mess you up in Tulum. It’s going to be… You will compete.

Chris Arnold:
I know. It’s on the priority list. Thank you so much for tuning in. Again, that website, if you want to book a call, learn more is wholesalinginc.com/REIradio. Thank you so much.

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