If you’re looking for a marketing channel that brings in the most number of high-quality leads, there’s no doubt radio is the way to go. However, there is more to radio than meets the eye, and successful real estate investor, wholesaler, and REI Radio Program coach Chris Arnold will tell us more about it!
Chris Arnold has 14 years of real estate experience under his belt. For almost a decade now, his wholesaling business has been using radio ads to find motivated sellers. In fact, they’ve closed a staggering 2,500 deals using just this effective and truly powerful marketing channel.
In today’s episode, Chris discussed 6 of the reasons that have prompted many people to pick radio over other marketing channels. If you’re considering radio but unsure if it’s the right fit for you, today’s episode should help change your mind!
MARCH CONTEST ANNOUNCEMENT!
For the entire month of March, Wholesaling Inc is running a Ratings and Review contest! We’re going to fly out 3 lucky winners to Florida, paying for airfare and hotel, to spend two full days with Tom Krol!
Whether you are trying to land your first deal or scale your existing Wholesaling business, Tom is going to help you crush your obstacles and achieve your goals!
And the lucky winners will all be featured as guests on the Wholesaling Inc Podcast!
To enter, you must Rate and Review the Wholesaling Inc Podcast on iTunes (5 stars please:) and send a screenshot of the Review to Darrin at firstname.lastname@example.org.
3 winners will be chosen at random and announced on the Podcast in April! Good luck!
Is Radio The Secret Weapon To Finding Motivated Sellers?
I’m excited to share this topic with you. Many of you know that we launched REI Radio back in December 2019, and we have students from East to West Coast that is getting their ads set up, starting to execute contracts, and getting momentum on the radio. I get the privilege of doing a welcome call with every new member that comes into REI Radio.
I ask a question to every one of them because it is an important question that is, what piques your interest in radio? What made you decide that radio was a great fit for your business? This episode is not my opinion about radio. What you are going to read is what I call the six Fs that I’m getting from students on why you guys are reading as the audience is deciding to make a decision that radio is what you want to plug in as a marketing channel to find discounted properties in 2020.
I want to jump into this because this has fascinated me to get this data from all the students that we have had come in because it has been moving quickly, and it has been an honor to sign up as many people that we have. Let’s jump in. What are the six Fs? What are the reasons that people are choosing the radio?
The first one I get is this, and I call it Fascination. That is the first F. What students are telling me is, “I thought about radio before I ever even heard you talk about it. That is not a new idea to me. I have been wanting to do radio.” I had one student tell me, “I’m a guy who goes in and tries to get information as much as possible as I can online through free sources like YouTube and different things like that.”
Radio is a light lift that provides people the freedom to focus on the parts of their business they need to grow.
He was like, “I could not find any training on utilizing radio to find discounted properties.” What I have realized is I have talked about radio being the marketing channel that everyone knows about, but nobody is doing. What I have learned from my students is that for some of the people out there, this is not a new idea to you. This is something that you have thought about doing. You just have not been able to find the blueprint and the methodology of how to do it. Radio has been a fascination for you long before you heard us talking about it.
The second F that I get is what I call Fear. I ask people, “What is the reason that you are joining and adding radio as a marketing channel?” They tell me that they have fear, particularly around things like ringless voicemail, texting, and the fears about regulation and technology. They feel like that is something that they are leaning pretty heavily upon. It works. We all know that, but there is a fear that it could go away.
If you are reading and you have all of your eggs, potentially in 1 or 2 baskets, that is a dangerous place to be, particularly around ringless voicemail and texting, because we know that regulations are coming. We have already seen some of the fines starting to happen. On top of that, we know that technology, particularly through the cell phone companies and so forth, had the ability to come down and shut it down completely by not allowing those systems to work anymore. Fear is the second reason I have seen our students join REI Radio.
The third F is what I call Frustration. This was one of mine. We also relate to this. There is frustration over the saturation of some of these traditional channels. They come in and say, “I’m doing direct mail in this particular city. The city I’m in is completely oversaturated. I’m frustrated because I know that I should be getting an ROI. I have the right list and postcard. I’m doing everything right, but the competition is what is shutting my return on investment.” There is an overall frustration.
When it comes to marketing, a lot of it is about being the first to the table. If you can be the first to get onto something new before everyone else does, that is going to be probably the biggest reason that it succeeds because you do not have any competition. Frustration is the third one. The fourth one that my students are telling me is what I call Freedom. They do not have enough time.
If you are reading and trying to make the jump from working 9:00 to 5:00, and you are passionate about doing real estate full-time. You have this dream in your head, “What would it be like to do that?” That is a jump that you want to make. What will link the time to be able to make that transition is getting bogged down with lead-generation sources that take up a lot of time to run.
I will give you an example. I was talking to a student, and they were telling me that they were sitting down and handwriting yellow letters and how much time that was taking them. Whether it is handwriting yellow letters or whatever it is, it does not matter. You could be looking at the lead generation source you are doing now and be like, “This is not giving me the freedom. It is taking me too much time to manage this.”
Even on the back end, when we were doing direct mail, when it was working well in Dallas, we were willing to put up with all of the lead volume coming in because we know that over 50% of those leads were people calling to complain. The problem is that it does not generate a lot of freedom. It is not a set it and forgets it.
When it comes to marketing, a lot of it is about being the first to the table.
What I have realized the students out there are telling me is what I love about radio and what piqued my interest was, “I’m busy. I have a lot going on. I have kids, family, and all of these responsibilities that are important to be there for.” What they are looking for is a marketing channel. That is what I would call a light lift. That provides them the freedom to focus on the parts of their business that they need to grow, not get sucked into managing a heavy lead generation piece. That is the fourth one, freedom.
The fifth F is what I call Future. I talked to students coming into REI Radio, and they said, “The reason I decided to launch this in my business is because I know the importance, long-term, of building a brand.” We know that we have to begin with the end in mind. If you are reading and you have thought about this, you realize that you might not be able to brand your company through bandit signs or direct mail, but it would be a lot easier to grow your business if everyone in your city knew who you were.
Even before you reach out to them with some other type of marketing, if your name is known, you are going to have an easier time converting that because you have what we call celebrity status and instant credibility. I love that the students coming in are savvy enough to not look at the short-term game but look at the long-term game and understand the importance of creating a brand long-term. They realize that radio is one of the best ways to be able to do that. Future is the fifth reason.
The last F that I get from our students that we are talking to is what I would call Feast or Famine. They are tired of the ups and downs that some other marketing channels are creating. It is like, “I get a flood of leads coming in. I get busy working on those leads. The marketing channel I’m working on requires management. I dropped the ball a little bit. I’m getting a lot of deals and closing deals. I’m running back and trying to find more.”
It could be they are not getting consistent lead flow. It is up and down. Even though they are working it consistently, the results of the leads coming in are not consistent. I know for us, I have talked about this in the past. That is probably my number one driver for radios, the fact that it is dependable and consistent. I can hand everything over to a radio station and know that they will deliver those ads every week at the times that we have talked about, and our phone will ring. That is an important piece as well.
This was important to share because it shaped my thinking around what you think as you look at your business and evaluate some of the challenges you have. If I could summarize it again, the six Fs of why students are joining REI Radio and launching this are 1) Fascination, 2) Fear, 3) Frustration, 4) Freedom, 5) Future, 6) Feast and Famine.
If you have been reading and maybe on the sidelines, you are wondering how things are going. We are excited as you watch students who are being successful. We are proud of the ones that have gotten in quickly and set up their stations. You might be going, “I want to find out more information. Where do I begin?”
You always begin by asking great questions and by doing due diligence. The way that you do that is to schedule a call, get in, and see first and foremost if your market is open. On top of that, to make sure that it is a good fit for you and what your strategy is. What you want to do if you want to book a call is to go to WholesalingInc.com/REIRadio. Book a call, and we will be more than happy to answer any questions you have. These six Fs resonated with me, and I’m sure they are resonating with you, as our students are communicating what they see as the best benefits for why they are setting it up for their businesses. Thank you for joining us, and we will talk to you soon.
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About Chris Arnold
Chris Arnold is a 15-year Real Estate veteran who has closed over 2500 single-family real estate transactions in the DFW metroplex. Chris is the founder of multiple companies that are managed by a US virtual team, which allows Chris to run his organizations while living in Tulum, Mexico full time. His passion for leaders has led to the creation of Multipliers brotherhood which serves the top 5% of real estate entrepreneurs out of the US. Most recently Chris has launched his REI Radio coaching program. This program is designed to teach real estate investors the marketing stream that everyone knows about but NO ONE is doing!