You're listening to the “REI Marketing Nerds” podcast, the leading resource for real estate investors who want to dominate their market online. Dan Barrett is the founder of AdWords Nerds, a high-tech digital agency focusing exclusively on helping real estate investors like you get more leads and deals online, outsmart your competition, and live a freer, more awesome life. And, now, your host, Dan Barrett. [00:33.5]
Dan: All right. Hello everybody, welcome to this week's episode of the “REI Marketing Nerds” podcast. As always, this is Daniel Barrett here from AdWordsnerds.com and today is going to be sort of a shorter one than normal because I've gotta be honest, I have been going from call to call to call for pretty much the last week and a half. And look, I want to put this out here. I have a pretty extensive network of, of real estate investors and people who follow me, you know, on Facebook and, and you know, know me from Masterminds and people who are in my coaching program, the REI marketing mastery coaching program, or people who are in my SCC bootcamp coaching program or my management clients. Lots of investors that I'm connected with and a lot of them have been reaching out to me to just pick my brain, get my take, lot of people want to know what is the data say about what's happening in the motivated seller market. [01:39.0]
You know, what is, what is Google indicating? What are we seeing? And look, I totally get it and look, I want to extend this to pretty much everybody. If you listen to this podcast, look, I will be honest, this podcast doesn't get millions and millions of downloads, right? It's got a very stable audience. If you are listening to me now, the chances are that you listened to me pretty regularly. This is your first time, Welcome! But a lot of people have been here a long time and if that's you, what I want to say is, look, I consider you a friend. I consider you a client, I consider you family. So if you want to reach out and talk to me or my team about COVID-19 or what it’s going to do real estate, what it's going to do to your business, you can do that. [02:20.1]
Go to AdWordsnerds.com/strategy AdWordsnerds.com/strategy let us know in the forum there's a little form you fill out. Say, hey, I heard Dan on the podcast talking about coronavirus; we have COVID-19 I want to talk about how it's going to affect my business. We will get on the phone with you and we will let you know. Hey, here's what our data saying, here's what our clients are doing, here's what we're telling our clients to do, here's what we are doing. Real skin in the game, right? Like here's what we are doing with our marketing budget right now and as it changes, we will tell you. But I want to put that out there because look, it's an incredibly stressful time. It's incredibly uncertain time and I believe we all have an ethical responsibility to help however we can, right? And like look like I don't know that much about most stuff, right? I'm not an epidemiologist. I'm not a virologist and I'm not an immunologist. I've got kids. I can't go to help out in a hospital. You know my, my son has asthma, all this stuff, right? But what I can do is share the expertise that I've built up over the last like 10 years doing this kind of marketing for real estate investors. [03:27.7]
And if that can help you right now we will help you for FREE. No Sales Pitch! I just want to get out there and help and the reason I'm doing that is the exact topic of this podcast episode. So I'm not just going to talk about what I'm doing today, I'm modeling it as well. This is really critical for you to understand, we are in a profoundly industry shaking industry changing moment and we were in that moment before COVID-19. You may have heard me talk about on this podcast I believe I did here. Let me look this up. I did an episode cause I did three episodes. Three! That's right. I did three episodes in February called The Shift, The Shift, Part 1, The Shift, Part 2, The Shift, Part 3 and I talked in depth about this thing that I call The Shift right. Here I'm going to summarize this for you, right? [04:21.7]
There is a profound change in the way that investors do business there. You have competition from quarters you never had it before like Silicon Valley. You've got more competition from other investors than ever. It is no longer enough for investors to market themselves as just, “Hey, I'll buy your house.” because that used to be enough in a sort of a world where you know real estate agents were the dominant way to sort of figure out what your house is worth and he was an alternative to that. It was a rare enough alternative that you really just had to tell people what it is and people would get excited about it. If you are at all marketing kind of dork like I am, Eugene Schwartz in the forties and the fifties was talking about levels of market sophistication basically said, “Hey, if nobody knows that your solution exists, all you got to tell them is that your solution exists.” So like for example, if I don't know that diet pills exist, all you have to do as a marketing company selling diet pills is say, “Hey, did you know there's a pill you can take that will make you thin?” [05:24.7]
They'll probably give you a heart attack, right? But it'll make you thinner. So it's like, if I want to know that diet pills exist, that's all you gotta do. But in a world where I know diet pills exist and there are 1,000,001 different kinds of diet pills, you have to then tell me how your diet pill is different. You can't just say, “Hey, I sell diet pills”, because they're like, “Yeah, I could buy diet pills at CVS.” There are million diet pills. Who cares? You gotta tell me why yours is different. Maybe it, you know, it includes Ginkgo Biloba and that's a magic and you need me to know that, right? This is what's happening right now in real estate investing. All real estate investing, marketing used to be, “Hey, did you know you can sell your house to me with no paperwork and I'll pay you cash?” That is a mind blowing concept to someone who doesn't know about real estate investing. But the average home seller knows about investing now. [06:23.4]
How do they know HGTV, right? They watch out, you know, home flippers every single day on TV. How do they know they've got Knock and Trulia and Opendoor and Zillow and a million other companies sending them marketing? How do they know? Because they got 400 postcards this week from other investors, so it is no longer enough to say, “I'm a real estate investor.” You have to show people how your different, this is why, by the way, Silicon Valley is eating our lunch right now. It isn't because they're better, it's because they have a different value proposition. What is it? It's not just “I’ll buy your house cash, It's buy your house and you can do it online.” That's the value proposition. It's different! [07:11.9]
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So I'm not saying, look that you've got to go out and develop this whole online thing and you've got to spend $1 million on marketing and building a whole website and stuff, that's not what I'm saying. What I am saying is there's a real shift here and we have to get out in front of it in order to market effectively as investors. So how do we do that? We are moving to the point where you have to base your marketing on K, L, T which stands for Know, Like and Trust. Do the people in your market Know, Like and Trust you? Do they Know you? Do they even know what you look like? Do they know your name? Have they heard your name before? Do they Like you? Have you put in the relational capital? Have you put in the work and time and sweat equity to build relationships with your community, with people in the community, with the different pillars of your community, with the different businesses? And in your community and do they Trust you? Have you time and again shown up where you said you were going to show up? Have you time and again fulfilled on your promises when you made those promises? Have you time and again shown that your word is your bond? [08:53.3]
Know, Like and Trust. The reason that people do business with specific businesses, when there are 1,000,001 competitors and everybody's competing and everybody's going for the same dollar, the reason they go to you is because they know, like and trust you and I. What I want you to do is go and look. Go look at your website, go look at your competitor’s websites and say, does this look like a company who is operating under the understanding that they are in a different world now than they were 10 years ago? Has their marketing changed? Or are they focused on building relationships? [09:28.2]
Are they focused on Know, Like, Trust? I will almost guarantee you, you will say no. What they're focused on is the offer. I will make an offer on your house and get a cash offer in seven days, seven minutes, seven seconds. We stopped innovating. Folks we stopped! We all did. It's not just you. I'm saying this to me too. We all did, but when we are in a different world now and COVID-19 gives you the perfect jumping off point to make this change. Why? Because one, we are in a situation where people legitimately want your leadership. They are looking for help, they're looking for advice, they're looking for expertise and you have that. You don't have it on everything, but you have it in real estate. Just like I don't have expertise on everything. I can't talk to the path that the virus is going to take and how it's all going to end up, but what I can talk to is how is it affecting the online marketing world for motivated sellers? [10:29.8]
I can talk about that. I do that all day every day, so I'm doing that. I'm stepping up and providing leadership and sharing what I know because it's a way of building my audience. It's a way of building trust. I haven't asked you for any money and I'm never gonna ask you for any money on anything related to COVID-19 because that's not what it's about. I'm not here to make money off this. I'm here to show that you can trust me and I'm here to do that by speaking plainly and speaking the truth and shooting straight even if it goes against my best interest and you can do the same. And guess what? We're all stuck at home! We're all stuck at home! You've got 1,000,001 hours now in the day to like learn how to do this stuff online and get used to going live on Facebook and getting, you know, throw up and throw up some videos on YouTube and sending out an email and whatever you gotta do, it doesn't even matter how you do it. You know what? You don't even have to do it the online way. I'll show you the easiest, most old school way to do it. [11:25.7]
Pick up your phone and call every single one of your leads and just say, “Hey, I know this is a wild time, I'm not going to offer to buy your house right now. Instead, all I'm going to do is say, do you need anything? Can I help you? Do you have any questions about what this is likely to do to the real estate market?” That's it! Text them, email them, call them whatever, doesn't have to be high tech. All that matters is, you help when they need help. You start thinking about, it's not about me getting the lead right now, it's about me building relational capital for the next decade or more. It's not about what's your address so I can skip trace you. It's about Know, Like and Trust. That's ‘The Shift.’ And I gotta tell you that shift was happening before COVID-19 and it'll be here pretty much forever after COVID-19. We're never going back. We are never going back. [12:21.5]
That's a big deal. So why am I doing this podcast? Why am I talking about this stuff? This is the stuff I typically reserve, by the way, for my paid clients, for my, the high level students I work with and REI marketing mastery. This is who I talk about this stuff with. So why am I sharing it with you? Because for one, I want you to get through this and I want you to do not just get through it, but I want you to succeed and grow. And two, because I know that by putting in the work, by putting in the sweat equity, by building my relationship with the community over time, by helping when people need help, regardless of whether or not it makes me a buck, I will build relational capital. And that relational capital in the future is all that really matters. [13:09.6]
Like I said at the beginning of this call or this podcast, call me AdWordsnerds.com/strategy AdWordsnerds.com/strategy fill out the form. Say your calling about COVID-19 ,you heard me on the podcast and get on the phone with my team and we will help you put a plan in place or your market based on the best data that we have. And am I saying that's the end all be all? No, absolutely not. Take everything I say with a grain of salt, but it's what I can do. So it's what I'm doing. I hope you and your family and your friends and your loved ones and your employees and the people that you help stay happy and healthy and safe. And I will be talking to you soon and every single week and someday in the future we will look back on this podcast, this whole time it will be like, “Wow, that was wild! What a time to be in life” Till then, have a great rest of your week. This is Daniel Barrett from AdWordsnerds.com signing off. [14:08.3]
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