For the past couple of years since leaving my long term employer, i’ve been looking for a combination of ways to put a solid passive income in place around property, or real estate as it’s known in the USA, and affiliate marketing. YouTube and Facebook are currently awash with trainers and mentors who will teach you all of the possible ways to make money from Property. The Internet is also swimming with people who claim to have that killer affiliate scheme that will make you a million dollars overnight and allow you to quit your job that same month. We all know of course that there is no such thing as a quick buck and anything that appears too good to be true, probably is.
Learn everything you can about property
The route that a lot of people follow these days when starting a business in property or real estate is that of the ‘accidental landlord’. This is where a house is rented out to allow the owner to either buy a new house or move in with someone else. It may not necessarily have ever been planned to happen. Typically, the owner gets consent to let from their mortgage provider and then rents privately. This tends to work well and gives the new landlord an income, but very often the rent just covers the mortgage and no real nett income is derived (but, someone else is paying your mortgage so that’s still good). Then depending on whether the individual has an entrepreneurial streak or not, the whole buying to rent thing becomes a proper business.
Pretty much everyone knows how to buy or sell a house now, and an increasing number are now renting from someone else. However, if you’ve decided to make property your business, there’s an awful lot to learn about the different methods of property purchase and control before you even get to the Marketing side of the business. If you want to excel in property, you need to know all the different ways you can make money from it.
Here’s a selection of books I recommend at Amazon to get you started.
Property Books You Must Own and Read (click to buy)
Learn about networking and finding people you need
Property, as the gurus will tell you, is not about the actual property, it’s about people. In fact, it’s exactly the same as affiliate marketing in that respect. You need to be a helper, not a salesman. The people that make money in property are the people who can spot an opportunity, then convert that into a deal by helping the vendor out of the spot they’re in. If you can identify a motivated seller then you’re half way there already.
Normally, property investors look for BMV (below market value) deals, but also deals where the vendor is in negative equity or the property has fallen into disrepair. The vendor may also be a tired landlord who wishes to be free from the merry-go-round of the rental game, or indeed he may need to shed a property for tax reasons, or maybe move from residential to commercial.
The property investor needs to have knowledge of all of the methods he may use to secure a property. However, sometimes an opportunity might come along where he can’t buy the property himself, but could pass it on to another if that is the case. He may also find himself short of money when a deal comes along, so needs an investor to provide finance and get the deal over the line. That investor would then be paid a rate of interest for his trouble.
To have access to all of these people, the property investor has to Network and talk, trading his own expertise with those of others who compliment his needs. This is usually done on a local basis by going to the regional PIN (Property Investment Network) meetings, but increasingly it can be done online with LinkedIn and Facebook. He needs to market himself and present himself as a trustworthy businessman, with all the necessary credentials. I have nearly 2,000 contacts on LinkedIn in the property sector.
Collecting the names and email addresses of potential leads
Property people are also finding that having a website is especially useful where people are needing to sell their houses. An investor can quite easily drop their contact url into the local newspaper or Facebook to get responses. The potential vendor is then funneled to a ‘squeeze’ page to collect data, usually the name, email address and pertinent details in order to make contact and find out the seller’s circumstances and intentions. The contact may be given an incentive to leave their details as part of the process, maybe a free book or discount.
Learning how to set up the squeeze page and collect the data is quite a specialised task, but can be taught by a good (affiliate) marketing course. In this case, the squeeze page will be used to establish a contact list. The investor can also build a mailing list of investors, vendors, estate agents, sourcers, trainers, landlords, tenants and letting agents. A successful property investor will also have marketing skills as well. Many people still need to add that skill to their library though, which is why good affiliate marketing training can help.
Follow up your leads and make your deals
As has already been said, to successfully market online, you need to think about the person, not the product. How can I help the seller? How can I solve the seller’s particular problem? You need to build up a trust with the seller so that he lets his guard down and a rapport is established. After all, he may have never met you before and hadn’t heard of your company. He needs to trust you and in the early days, your job is to be a listener, to earn his situation inside out.
To get your deal across the line, you need to know how the seller’s problem can be solved, what resources you can call on and how to approach the sticky subject of money so that the deal is mutually beneficial to both parties. Don’t try to rip him off and if there is no money in the deal, walk away as you don’t want to waste the seller’s time as well as your own money. The respected property investor will give advice (not financial) as well as look for opportunities. That advice may be given in a way that gathers data, markets your services and breeds trust all at the same time.
To allow a property investor a full range of opportunities, he needs to be able to find good properties, he needs to know how to finance them, how to find investors, sellers, agents, landlords, mortgage providers and have the skills to market all of those services to those same people.
In addition, a property investor would also find it beneficial to add another string to his bow by educating himself in marketing. He may also consider affiliate marketing as a perfect way to add further passive income to his portfolio by either leveredging other people’s products, or sell his own by becoming an author of digital training materials. Udemy and Clickbank are very successful at hosting courses for trainers, so don’t overlook them.Affiliate Links:
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Dave O’Hara is an Internet Marketer and Property Investor from North East England. He is an active member and promoter of Wealthy Affiliate, an Educational Portal for Affiliate Marketers of all experiences.