To completely dominate your market, a lot of key factors are involved. Choosing the right marketing channel, however, ranks high on many people’s lists. Today’s guest recently tried radio marketing and shared what his experience with this effective and exciting marketing channel has been like.
Brian Stewart has been in the wholesaling business for 6 years now. While he already has a thriving business, he wanted to take it a notch higher, so he decided to give radio marketing a try. Just 2 months in and he has already closed 3 deals!
In this episode, Brian shared what his whole experience with radio marketing has been like, what he likes about it, the hurdles he encountered, and his advice to those who would like to give this phenomenal marketing channel a try. You’ll learn many radio marketing basics in this episode, so don’t miss it!
How To Completely Dominate Your Market With Brian Stewart
I am excited about the guest I have on, Brian Stewart. He and I have been working together because he signed up for REI Radio, and he’s got in. He’s got in quickly. He’s got it set up. He’s closed out some deals. We want to pick your brain on how this whole process has been through your eyes. Coming in and saying, “I’m going to try this whole thing of radio app.” Before we hop in, tell us a little bit about you, Brian. A little bit about your background. How long you have been in the game, etc.
I have been in the business for about six years. I’ve got my feet wet with an investment company here locally on the property management side. My brother-in-law, I used to work for him on acquisitions. He got me in the door. Did the property management side for 2 to 3 years. He got me moved over to acquisitions. We started buying for hedge funds, and then that died down a little bit. We decided to go out on our own. I have been on my own, straight wholesale.
Wholesaling for a few years. Before radio, what were you doing for lead generation? What were you trying out?
Cold calling and texting. That’s pretty much all I did.
Here’s the big question. What attracted you to radio? After you heard about what we are doing, why pick up the phone, call in, learn more about it, and more importantly, sign up? What drew you to this and said, “Radio is a good fit for my company and what I want to accomplish?”
There were a couple of things. The biggest thing was little to no competition. I don’t listen to a whole lot of radio except satellite radio but the little bit that I do, I never heard anybody on the radio advertising buying houses. That was a big part of it, and it seemed like the competition in the cold calling space and the texting, it’s like every other local investor I talk to is doing it.
Keeping a fresh list is always a challenge. It works. Don’t get me wrong. I had a great year with those two strategies but I felt like it was pulling teeth. It was getting a little more difficult every day. I was keeping my eyes and ears open for that next channel that wasn’t so crowded, and then all of a sudden, here’s REI Radio, and I jumped on it because it’s limited to three people in each market. I wanted to get in there quick and be the first one, hopefully, and I was, thankfully.
Virtually no competition was a key thing. What was maybe the second thing that features interest besides the fact of this thing is not oversaturated like some of the other stuff?
The other big thing was, it’s pretty much like the Crock-Pot of marketing. You set it, forget it, you’ve got the timer on it, and it’s done. You go in, record, and that’s it. It keeps running. It’s a beautiful thing. I still do some of the cold calling and texting. I have got people set up for that. They are virtual assistants. There are days they are emailing me, and the power is out in the Philippines. I can’t text or whatever the case may be, whereas radio, you don’t have to worry about any of it. You don’t have to worry about lists and managing people. You record the ad. It’s on autopilot, and the leads keep coming in. It’s pretty awesome.
With radio, you don’t have to worry about lists and managing people. You record the ad. It’s on autopilot, and the leads keep coming in. It’s pretty awesome.
I like your analogy. It’s the Crock-Pot. That’s fantastic because you turn on the timer and let that baby simmer. It doesn’t require a lot of management, which is what I experienced with direct mail and different things like that. You have to keep working on where you don’t get the opportunity to turn it on and let it go, which creates consistency. That’s the word I learn from you.
I can’t always be consistent if my VA doesn’t show up. We can make calls at the level we were supposed to do that. That never happens with radio. There’s not a fallout. People are reading and they are like, “You’ve got in here. How difficult was this to set up? Scale it 1 to 10. I’m thinking about this but is this a heavy lift? Did you have to bless your blood to do it?” What was your experience in setting it up?
The process itself, you make it as simple as it can possibly be. I was pretty surprised at how simple it was because you hear a lot of these different courses, and when they are being sold, they are selling you on the simplicity of that course. A lot of them you get in, and there are so many components to it. It takes forever to get through but I said, “I don’t care what it takes. I’m going to do it anyway.”
When I’ve got in there, I was blown away at how simple it was and how fast we were able to get it set up. Even with everything else I had going on because I was wholesaling full-time and was still running appointments, staying on top of everything else. I’m a one-man show other than having the VA for the texting and cold calling. Even amidst all that, I’ve got the whole thing set up within 21 days.
At the time you came in, you were able to set it up within 21 days and be live on the radio.
I have to check the exact date that I joined but it was right at the first of the year or so, and on the month of January, the first ad ran.
Congrats. I’m proud of you. That’s a fast turnaround, and I love hearing that. You and I were talking about success. The big question people are asking us, “You are live on the radio. You close the deal. Are you making any money?” You and I were chatting about a deal that you closed, and you made $11,500. The average for your market in St. Louis is maybe around $10,000. Your personal average is around $8,600. This was a deal that you closed that was above your average. Tell us about your first deal on the radio from when the call came in, how motivated was that person. What was the experience? Break down this deal that you did.
This lady was elderly. Her husband passed away a few years ago. She had this huge house. For her, it was 2,100 plus square feet. A 2-story house and 2-car garage. They couldn’t keep up with it. They had lived there 30 something years. Raised their kids there. The kids are all grown and gone. She can’t keep up with the house. It’s all original.
Her daughter had talked her into moving out of the house and finally downsizing to a smaller condo. She could take care of. It was a burden. She still had a mortgage on it, and she’s paying her new condo payment, paying his mortgage. She can’t keep up with the house. She still has all the stuff in it, and they didn’t think they were going to be able to sell it for what they owed on it. They didn’t know what they were doing.
They heard the radio ad. They called, and it was a pretty quick turnaround. I’ve got out there, we talked, and it was one of my favorite appointments because going through the whole process, building the rapport, and literally, she and her daughter started crying while I was there. It almost made me cry because she’s 70 something years old had this burden of this house on her shoulders, and had no idea what she was going to do. She didn’t think she was going to be able to get out from under it, and when I told her we could help her, they both started crying.
That goes back to sometimes the heart of what we do. We talk about transactions but the flip side is we are solutions providers. Sometimes you get in there like you did, and you brought hope to a situation that people sound like felt a bit hopeless. I love that side of the story. That’s my favorite part because that allows you to know that what you are doing carries that level of significance with it, which is super cool. I have a question for you. Did you have any competition on this deal?
On this particular one? Not at all.
Fifty postcards stacked up. Had they been hit with text blasting?
Nope. They didn’t mention anyone else. I didn’t see any postcards. It was pretty much me from the get-go.
We know the reason that is because radio is not list-dependent if you are doing texts, RBM, cold calling or whatever. The reason that it’s so competitive is everyone is utilizing the same list. It’s different methods to hit that list but in your circumstance, you run on the radio. It’s not list-dependent. You find yourself out there with someone that is completely unmarketed, too, at that point. It makes that deal easier.
I know you are getting up on this. Did you feel any different walking in knowing they heard you off the radio? Was there a sense of confidence you had or maybe a way you felt they looked at you as being more of an expert because you were on the radio? Did you sense that on this first time going out and getting this deal done?
Yeah. You do get a little bit of that. I have been on enough appointments from radio now that there’s a difference. Sometimes it’s hard to describe unless you have experienced it but it’s a different dynamic. They almost look at you like they know you.
There’s something about the radio and the television what that does psychologically. That happens to you and me. We see a celebrity that we have never met. Ones that we like, maybe we love their movies, etc. There is a sense. I like the way you put it. We feel like we know them. They don’t know us but we know their stories. We watch their movies. I agree. There’s already a level of rapport that’s built from hearing you on the radio. I love that. Not only did you do this deal but it also sounds like you have been on some other appointments, and you are getting some good momentum around this. Is that correct?
As I said, I ran the first ad in the month of January. I have closed two deals. I didn’t tell you this before we’ve got on but I locked up the third deal. That one is already sold. I had a buyer lined up for us. I would say momentum is good now.
Radio marketing has the least amount of competition, and it’s the easiest to get set up.
I’m excited about this process of setting it up. We are at that place now where people have gotten managed students. They are up and running. For us, the reward we get is this right here. I’m working for you. I’m excited because you are excited about it. It’s creating some confidence, some revenue that you wouldn’t have.
Particularly with everything going on now, I see it as being even more important because everybody is revving up their texting and cold calling if you are watching all social media. You still have this protected thing, radio on the side that is not going to get blasted with more competition like the other stuff is. I know what drew you radio. You gave a couple of things that did, but now, that you have been doing it, what do you like about radio now? I want a different answer.
The one thing that I had always thought about radio is that you couldn’t target it well. I didn’t realize you could get so specific and dig into the proper demographic and the type of sellers that you want. I always thought it was more of a broad shotgun approach. I had no idea you could get in there with the sniper rifle and hit the targets you are looking for.
That’s a huge misconception about radio. It’s a shotgun approach. It’s a spray and pray model. When in reality, we know that you can target your audience by targeting the type of music that they listen to. As you came in, you were able to go, “This is the type of clientele I do deals with,” and you were able to utilize radio to target those.
We were talking about that in one of the particular areas that you were working on before we started recording. Let me ask you this question, and people always want to ask. I want to flip to the other side. What has been the biggest hurdle with radio? What has been the biggest challenge so far?
The biggest hurdle it’s probably because of the station that I’m advertising on and the type of audience that I’m going after is. I do get a good amount of leads that are outside of the area. I’m in St. Louis, so we are right across the bridge from Illinois. I don’t do any buying in Illinois. I only know one other guy. That person was in Illinois, and most of the stuff that we get in Illinois isn’t even an area that this guy would consider because that side of the bridge is rough. That’s probably the biggest challenge. I have been considering may be going in and tweaking the ad a little bit to be more specific on the area that I want.
First of all, if you are reading, you’ve got to realize that radio covers a huge radius. For us, we get calls from Oklahoma. A couple of things that we have done on this is, “Let’s do some real-time coaching,” because we experienced it within the game. The first thing we did was we came in and changed the language and said, “We buy homes in North Texas.”
That started minimizing people calling us from another state. That was an immediate fix. The second thing that we did that was valuable was in the beginning, we started building a refer list. You’ve got your one guy of people that we knew that work these other areas, and we would pass those leads along. I will tell you the biggest thing that got us to do, it challenged us to strengthen our buyer’s list and grow our radius so that we could do those deals ourselves in those areas.
What’s funny about that is the out of the area at the beginning was like, “What are we going to do with this?” It then became this force that challenge us to grow bigger, and now where we are at after years is we are able to do those deals in areas that we normally wouldn’t do. The great part about that is it’s not in the main competitive area of Dallas-Fort Worth. It’s more out in those rural areas, and now that we have a buyer’s list to support that and we get those deals too, on top of that. That was one of the growth parts that we had to go through as well.
I totally relate with you and what you are experiencing in the beginning, and that’s what we have done over time. Now we love those deals out in the further out areas because we have buyers for them and so we can capitalize on them. I’m glad you brought that up. Now that you are processing this, where do you want to go with the radio? Is your mindset, “I like to keep my budget.” Let’s remove Coronavirus and all of that. What was your vision? Do you want to keep it small and lean? Where you are at? Do you want to scale radio and do more? What have you been processing?
I knew right out of the gate that I wanted to scale it. If I’ve got results from it, and which I obviously have been, I want to scale and take it as big as it can get. I don’t want to stay small.
We did the same. We have scaled it. That has been my mentality because if the ROI is great, the management of it is simple. The quality of lead is good. The competition is pretty much virtually none, then that’s something I want to invest more money in. If you are listening and have been hearing us talk about radio, and some people, they are like, “I have been waiting to hear the first person come in and talk about some of the success and so forth.”
REI Radio is at that point. I was so excited to do this call with you because this is us as a company, the place where we get to see the fruit of our labor. If you are interested, you want to go to WholesalingInc.com/reiradio. Book a call as Brian did. Ask questions. As he said, “You’ve always got to check to make sure your market is open.”
Brian, I believe that yours is potentially sold out. You want to be able to get in and make a move. I will say this, “Now, more than ever, the radio stations are in trouble.” People are pulling advertisements, so they are softening and what we are finding is, if you were ever thinking about getting in and wanting to get the best price, the time is now. That is one of the upsides of what’s happening now.
When it comes to radio, it’s going to make the process of negotiating much easier because their inventory is dropping, which makes them need us a lot more as advertisers. To wrap it up, any last thing you want to say? If someone is reading and going, “Should I do this radio? What are some of the final thoughts you might want to leave with someone that’s chewing on this?
I would say you’ve got to do it. For all the reasons that we have already talked about, it’s the least amount of competition. It’s the easiest to get set up, in my opinion, from the 3 or 4 different things that I have tried and obviously seen the fruits of it. I’m sold. I’m going all-in on it. I’m going to dump as much as I can into it and try to ramp this thing up. If you are on the fence about it, I would say do it, especially before your area is sold out. As you said, I had a friend that tried to get into my market, and you told him he could have it sold out. I would say don’t wait because your area is going to be sold out if you do.
I’m glad that we’ve got to hang out, and we will catch you next time on another episode. Talk to you later.
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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!