Posted on: February 12, 2022
WI 884 | Effective Marketing Channels

 

Not one, not two, but three! Yes, three wholesaling coaches take part in this episode of Wholesaling Inc. Introducing the Saturday Rino Roundtable, where the wholesalers talk about their own experiences and insights.

These three coaches exchange ideas on the direction that they want to take during this year, 2022. Lauren, Chris, and Brent lay out their similarities and differences based on experience. They explain the niches of marketing that work for each of them and also cite instances in which they faced challenges.

Learn more about these different channels and techniques in this episode to start off a year of efficient marketing.

Marketing Roundtable – What Are The Wholesaling Inc Coaches’ Most Effective Marketing Channels – Part 1 of 2

I have an episode for you now. It is going to blow your socks off. You have never read an episode like this on Wholesaling Inc. It is going to be different from any other. This is the Saturday Rhino Round Table. This is a discussion with other Wholesaling Inc coaches teaching you every single day on this show. I’m going to deep dive into the lives and businesses of the other Wholesaling Inc coaches, as well as my own.

In this episode, we are going to be talking about what our marketing looks like for 2022. We are already talking about the shiny object syndrome, all the things that are working for us, and what is not. The cool thing is some marketing channels work better in one location than another. I hope you get a lot from this, so stick around until the end.

Lauren Hardy, Chris Craddock. How are you guys doing?

I’m doing well. How are you doing?

I’m learning how to host a lot better because I can’t ask you both how you are doing it at the same time. It doesn’t work. Lauren, now your turn. How are you doing?

I am doing good. Thanks for having me. I’m super stoked to be able to see my two favorite coaches at Wholesaling Inc.

We are doing something new at Wholesaling Inc. This is the Saturday Round Table. People are going to get to see the insides of our businesses, how our lives looked like, the struggles of Lauren Hardy, Brent Bowers, and Chris Craddock. We are rolling with this. On the next one that I do with Brent and Grace, I’m going to say the same thing. They are my two favorite coaches as well. I’ve got it. I know your tricks, Lauren.

I feel less excited now that the others are your two favorites, too.

Those are my favorites now, though. At the end of the day, that is all it matters. Let’s get into it. Let’s offer the readers some juicy, good stuff, and let’s talk about the marketing of 2022 or how does our marketing looks like for 2022 for our businesses. Lauren, you should go first. You were not expecting this. I know I threw you on the spot but what does marketing look like for the Virtual Wholesaling Queen, Lauren Hardy, for 2022?

I like to focus on two marketing channels at one time. I usually will have two types of campaigns at one time and I dump the loser. If there is a loser, I will get it off and put something in its place. Now, the winners for me are TV ads and texting campaigns. I’m still loving texting. I will say, “Texting isn’t what it used to be.” It used to be a lot easier. There has been a lot of hoops, and it’s almost a job in itself managing all the changes that have been going on with texting campaigns and software but it’s still worth it.

Often it is those tiny things that get to our business. They’re the silent killers.

I’m loving the texting thing. I also picked up doing TV ads. I have a lot of opinions on TV ads now that I have more experience. I would say, “It works better in some markets.” I’m in three markets. I’ve got perspective here, and it’s still a viable campaign. It’s still a winner, in my opinion. That’s my 2022 game plan.

I’m not doing the texting. I’m trying to bring on a texter. He’s one of my friends, and I did a couple of deployments with Afghanistan. He’s getting out of the military. He’s a recruiter. This guy can recruit people to join the military for four years. I think he can get people to sell their house or their land, hopefully via text message but TV ads, that excites me. I’ve got to change up my TV ads because they are not working so well in my market but it might be a little bit of a change-up. We are going to be putting my acquisition managers on the TV ads rather than my ugly mug.

Brent, I don’t think it’s you because I’m on both of my TV ads. I have been told I don’t have a face for radio. Same girl, and same outfit. One of my ads brings in twice as much as my other one. What’s crazy about that is the market is about the same size and average house price but one of the markets is very wholesaler trendy. It’s saturated with investors and wholesalers.

That’s the market your ads are doing better.

It’s doing worse.

It’s weird how a different market can change everything. We are in DC, where I am personally and physically in the DC market. Every bit of marketing we send out gets less of a result than we do. We also have an expansion team down in Richmond. In the Richmond market, we get a much bigger bang for our buck, and it’s across the board. Everything we send out does better in Richmond.

The average price that we get on, everything that we do is bigger and better here in the DC area because the cost of everything is bigger. We get a bigger bang for our buck for every deal that we land. It’s so crazy how one market to another to a place where all of a sudden, you are pedestrian in your marketing returns. All of a sudden, you are a hero, an hour and a half south. It’s this crazy.

What is the difference between a pedestrian and a hero?

An average Joe on the street, a pedestrian.

Is that what you’ve got for advertising, Chris Craddock? Do you have some guy on the streets flipping a sign and doing all those cool things? What is your 2022 advertising looking like?

WI 884 | Effective Marketing Channels

Effective Marketing Channels: If you’re not a numbers person, just hire a CFO to help.

 

I do think texting is an interesting place to be but it is a place where we are spending more time and energy now. Everybody in their mom is in it. I personally get about 30 texts a day from somebody asking me if I want to sell some of my rentals. I’m like, “They are not on my name.” These people skip tracing my LLCs and then getting through to me.

I know that if I’m getting this many texts, everybody is getting bombarded by it but it’s still working, so that’s good. I’m also still a big fan of direct mail. Everybody calls it the dinosaur. It is so expensive. It’s all the other things. In direct mail, you still get a response, get people calling and targeted. I like texting and direct mail because both of them can be pretty well-targeted.

I would like to say I do want to do direct mail more in 2022. I used to be a direct mail queen, and then I’ve got out of it a little bit but in 2022, I want to add direct mail back. I agree with you, Chris.

Why did you stop, Lauren?

It was so expensive in the markets I was in. It wasn’t producing results. It’s market-specific. I pushed pause on it and I started doing cold calling and texting. Those were the two campaigns I was juggling. I only juggled two at a time for the most part. In 2022, I would like to do a cadence of a direct mail, a text, a call. I might do something more like that.

I love that you keep saying market-specific and I want to commend you or applaud you that you know the KPIs. You are tracking key performance indicators for multiple markets. You know the TV does better in one area and texting is doing better than another area. How hard is it to track these metrics? That was the most daunting thought that I had to figure out, “How much money I was spending on mail? How much I was sending? What my return on that investment would be or are our postcards better than letters?” I hired a CFO to help me with these things because I know that I’m not good at that. How do you pull that off?

I did the same thing. I hired an operations manager to help me keep track of the KPIs. I’m so excited you ask me this question because this is on my brain now. I discovered the most kick-ass CRM for real estate investors. Maybe you already know about REsimpli. They have thought of everything and it tracks your KPIs for you. It’s crazy what they created. It’s amazing. KPI tracking will be done for you.

Lauren and I were talking a lot about this in 2021 and I have been thinking about it so much ever since I know Lauren went to Keith Cunningham’s 4-day MBA. I remember she said, “I have read that book many times and I love it. If you never read it, The Road Less Stupid, it is so good.” There we go, The Road Less Stupid, Brent Bowers is on it. With that said, one of the things Lauren said after the event, she went to was, “If you know your numbers, you can press a lever and it goes. It makes it better.” I have been thinking about that ever since she went. When was that, in the middle of 2021?

It was August 2021.

Ever since August 2021, I have been talking to my COO over again and that is not me. I have always looked at my numbers but I’m not the guy that naturally looks at my numbers. I’m not the guy that if you look at my underwear drawer, it is naturally color-coded by color. That is not me. I have to fight to get that way but I know that leveling up as a business leader means looking at your numbers and not going by, “I feel like we are doing well. There was more money in the bank than there was last month.” Let’s be honest, most entrepreneurs have operated their business like that at some point. That was one of the things that I thought about. Lauren, you still have not sent me your notes.

Don’t add to your expenses and expect your revenue to go up.

Probably the things that you said afterward had stuck in my mind so much that it changed and transformed the fact that we are now numbers based on everything. We are looking at our ROI. If I spend $100 here, what is my return on that? It has changed our business and has been able to allow us to stay focused instead of running after every single shiny object. I want to say thank you to Lauren for what you learned and said to me because it has stuck with me.

I’m feeling pretty left out because Lauren didn’t even tell me about this. I’m training my marketing director, she will say, “Should we send the code violation list?” I’m like, “Why are you asking me? What do the numbers look like in the last several months? How much have we spent? What did it bring as an ROI?” She goes, “It hasn’t made us anything in the last several years.” I was like, “Why do we mail it a second year?” That’s the stuff that we have to know.

I feel so stupid even saying it out loud but that is the thing that happens in your business. You are worried about this land deal coming in, what’s going on with this market or what is my realtor partner doing over here and the mosquitoes kill more people than sharks, lions, tigers, and bears put together. They are super small but they are knowing little killers. That’s what happens in our business. Those little tiny things that get us.

I’m happy to be vulnerable and share one of my massive failures. We will send out a piece of marketing to a certain list or we will do something, and do a great and amazing deal. I will believe that list or that type of marketing is amazing. It is incredible because we had that one deal that went through and emotionally, all of my business, I’m basing around this emotion because I did one good deal.

All of a sudden, we look at the numbers and realized, we did one deal. After spending all this other money on it, we broke even because we spent all the money we made on that same thing and it wasn’t a great deal. To be vulnerable here, when I’m not looking at the numbers, I make stupid mistakes based on my emotions rather than where I’m making money.

I feel like Lauren has a story too that she wants to share.

I had a student who did the same thing but it was with the territory. Have you ever gotten a student where they started backward? They don’t have a lot of experience in wholesaling but they have business experience, so they started hiring a bunch of people. I’ve got handed that. He asks me this question that I knew. I go, “That’s a symptom. That’s not your real problem. Tell me more about you.” He told me that he was in four different markets and this is someone who doesn’t have a ton of experience in wholesaling. On the side of his full-time job, he did 8 to 10 deals several years ago.

He and his wife decided to go full-time and right out the gate, he hired executives and staff. I go, “Tell me, you were first here. What got you to go to this new market?” It was because his wife moved for a job. She was briefly stationed there for a minute, so he started sending marketing there. He did one deal. It was one deal that then got him like, “I’m going to pick this market, too.” He was marketing in two markets. He stopped doing deals is when he started becoming a Jack of all trades master of none.

He couldn’t pay attention to the market. He was doing good and got some traction because now he’s focused on the next market but then what does he do? He assumes something is wrong with this market. He goes to another market and then another market. By the time I’m getting it, he has got four markets and it all started because he did really good in one that got him to think about, “Maybe it’s your market. Maybe I should go jump.” It is funny you do things off of emotion. That was my story. I was shocked a little bit with that.

It goes back to what Tony Robbins says, “When we do well, we party. When we are not doing well, we ponder.” Maybe Jim Rohn said it and Tony Robbins took that. I’m guilty of that too, Lauren, with the land business. I have people bringing me land deals all over the country now. We’ve got into Connecticut and Pennsylvania all in one day. I’m like, “These are great markets.” We sold one quickly. I’m like, “We’ve got to start attacking this market.”

WI 884 | Effective Marketing Channels

Effective Marketing Channels: Indigestion kills more businesses because we can’t take on more and more and more. Sometimes, we need to look at what we’re doing.

 

Before you know it, you are getting yourself spread too thin. I forget about the markets that have been taking very good care of me for the last couple of years. That’s powerful. I’m glad you said that. I want to say the same thing that Chris Craddock said about that one deal, one marketing channel that becomes pure gold. That was a bandit sign for me a couple of years ago.

We did a $55,000 net profit deal and it was off of one bandit sign. What did I do as a business owner? I go out and buy more bandit signs. I hire more bandit signs, guys. I had another friend of mine that I let store his bandit signs at my house. He went to another market. He was in the military. He’s now crushing it in Tennessee. I was like, “I will buy your bandit signs at $0.20 on a dollar but you are going to have to port your number over to me. Before I knew it, I’m at sitting at $12,000 bandit signs. The last time I’ve got a deal with a bandit sign was several years ago.

Another thing that Keith Cunningham said that I’m taking seriously at this point might leave us for the last little point of the show. He said every business owner that falls into this trap where they say, “I need to grow my business to increase my revenue.” What do we do by growing our business? We add it to our marketing expenses.

We start spending more money because I need to grow my business to make more revenue. Instead what Keith says is before you do that, you go, “How do I generate more revenue out of my current business?” I did an analysis. It was a very painful experience for me but I looked at my current business and every deal we did in 2021. I am strictly wholesaling now.

The only reason I used to be a flipper is when I launched the coaching program, I wanted to dedicate my time to the students. Flipping took a lot of my energy and time. I said, “I’m going to go to a volume wholesale model. I don’t need to be a project manager. I’m going to focus on wholesaling for now and in coaching.” The flipper in me got curious. I looked at all the wholesales I did. I looked at my current business and searched every address to see which ones were verifiably flipped that I could see that we sold it then they sold it again a few months later.

That’s like seeing who your ex-girlfriend married.

I look and on average it was a 3X. We would have made three times more revenue. If we would have flipped the house and me going, “I am a flipper. I started flipping houses several years ago. Why have I not done that?” I could have done the same amount of business in the same area and made three times as much money on a good percentage of the deals I did in 2021.

All that would have done is it was gravy. I would have made more money. It would not have added to my expenses. My point is don’t add to your expenses and expect your revenue to go up. Often you add to your expenses and your revenue stays the same. Now you lowered your profit margin. Instead, how do you make more money out of your current business? Sometimes new marketing methods are not the answer.

That is the problem with us entrepreneurs. We call it Shiny Object syndrome but everything is a shiny object to us. Entrepreneurs like us are visionaries but it’s the same thing with the marketing channels. One thing I heard Keith Cunningham say at a Business Mastery, he talked about indigestion. He said indigestion kills more businesses because we can’t take on more. Sometimes we need to look at what we are doing.

That’s why REI Revive exploded my house business. I’ve got a realtor partner that Chris Craddock talks about and this guy is closer. He’s our team. He sent us a deal the other day. I expected you to say, “That was your top marketing channel. I learned something new now.” My top marketing channel is my realtor partner.

Entrepreneurs tend to be smart, energetic, and able to move things. But the problem is the second you disperse that focus, you lose all the force behind it.

I know they are all right but the reason why they stick around is that they are true. You can do anything but you can’t do everything. That’s the whole idea. Entrepreneurs tend to be smart, energetic, able to move things but the problem is the second you disperse that focus, you lose all the force behind it. I don’t know if you guys are big office fans but I love the Dwight Schrute quote where he’s like, “Dwight, give me your undivided attention.” He’s like, “You couldn’t handle my undivided attention.” I’m like, “That’s true for entrepreneurs.”

Could you imagine when an entrepreneur gives their undivided attention to something for a full year, instead of getting the Shiny Object syndrome? You say, “This looks like I’m going to make more money flipping, no wholesaling, no a different market, no this market, land.” All these other different things but every single one of us, as coaches that work with a lot of people we know and we see it because it’s true inside of ourselves. We have to fight that back over again to stay focused. When we see our students that stay focused, that’s when they can make a lot of money and crush it.

It’s like a laser. You focus that laser, you are going to cut through steel. If we try and scatter like birdshot out of a shotgun, we are not going to do much but that’s true. “Entrepreneurs’ undivided attention will cut through steel.” I’m going to use that quote. I never heard that before.

One of the biggest things for us here in 2022 is for us to decide what we are going to be doing and make sure that we stick to it. I have been doing a lot of business planning because I personally have twelve streams of income that I oversee. I have been meeting with lots of different business partners and we looked at 2021.

In 2021, across the board, all of my businesses have grown but the ones that grew the most were the ones where we had a plan at the beginning of the year and we stuck to the plan. There were times when we thought about leaving that plan, going a different direction, when we stuck to it and said, “This is what we need to do. We need to persevere, keep our blinders on and stay focused.”

Those are the businesses that made the most money in 2021. It doesn’t mean that we shouldn’t pivot when we see a business plan isn’t working but it does mean that most of the time we give up on a business plan too soon because all of us overestimate what we can do in a short time and underestimate what we can do in a slightly longer period.

Aside from marketing is squeezing the juice out of every contract that we get. That does include the house flipping. I’m going to bring back house flipping. I’m going to be flipping virtually in 2022. Funny enough, Chris Craddock, I’m going to get my boyfriend to project manager because he’s got the construction background from his Clark Construction days. Brent, my boyfriend is from Maryland where Chris is part of. It is so weird, with 5 degrees of separation situation going on there.

Thank you so much for jumping on here. I know you have busy schedules. Chris is running twelve companies. We will see you guys soon.

Important Links:

About Brent Bowers

WI 623 | Wholesaling LandBrent Bowers, is an investor and coach with a focus on buying and
selling vacant land. As an Army Officer with over 8 years of service, Brent was
spending a great deal of time away from his family, and he knew he needed to make some
changes in order to be more present with his wife and children.

In a short period of time,
Brent was able to expand his business, hire a team, and (most importantly) spend quality
time with his family while still working hard and helping others.

While Brent invests in many different types of real estate, his favorite investment strategy
deals with buying and selling vacant land, and he enjoys sharing his expertise in this area
with his coaching clients. Brent chooses to live his life based on Bob Burg’s quote, “Your
influence is determined by how abundantly you place other people’s interests first.” He is
passionate about helping other people find success in real estate investing, particularly in
land investments.

About Lauren Hardy

WI 834 | Virtual MarketLauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.

Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.

About Chris Craddock

WI 857 | Real Estate SuccessA nationally certified Life Coach in Leadership and top 20 in all of Keller Williams Realty International, Chris Craddock is the host of the Uncommon Real Estate Podcast, a Realtor, and entrepreneur who runs multiple successful businesses in the Washington DC Metro area (and Richmond, VA). Chris and his companies consistently bring in over 5 Million in revenue year after year. His team, The Redux Group, sold just over $160 million in volume in 2020. Chris has been married for 20 years and is the proud father to six beautiful children.

 

 

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