A common misconception for those getting in the small apartment space is that you have to have a fortune to not only get your first deal under contract but to market the deal to attract a buyer. Both are simply not true.
Just as I teach in my book, “How to Make Big Money in Small Apartments,” you can not only leverage OPM—other people’s money—to get apartment deals with no cash or credit of your own and no bank qualifying, you can also leverage their time and resources to find someone to buy or invest in your deal.
Some of the most effective ways to market your multifamily deals require little, if any, money, and I’m going to share the top-four vehicles for finding the dollars to match with your deals:
- Charity organizations
- Networking and
- Monitoring the competition
Perhaps the easiest of the top-four free strategies for marketing your apartment deals is through referrals. This strategy is used in a variety of businesses and industries and are also applicable to what you are doing. What makes referrals so fabulous is their potential to bring in new investors.
Why are referrals so effective? Simple. People trust information that is given to them by their friends and colleagues. When you are shopping around for a physician, dentist or mechanic, aren’t these people the ones you turn to first for guidance?
While some might tap Google or grab for the Yellow Pages, a majority of us will ask for a dependable recommendation by someone we already know and trust. This is why referrals are such an important part of the business you are building and the reputation you want to uphold.
Your reputation precedes you, and when people are pleased with you and the work you do, word will spread like wildfire. Never underestimate the power of referrals and never dismiss the importance of a stellar reputation to help you build your references.
Tapping Charitable Organizations
Another free marketing opportunity for your multifamily deals is helping out at a charity fundraiser. If you sit on the board of any charitable organizations, you have a great pool of potential investors at your fingertips. You are able to get in touch with people that have money and money that they are looking to invest.
Look for opportunities in your own business to give back to the community through donations or charitable contributions. Even giving something for a charity raffle or silent auction goes a long way towards building favorable relationships between you and the people who support these organizations and can lead to some worthwhile connections.
The Power of Networking
Good old-fashioned networking is another free marketing method to match your deals with dollars. Network with fellow members at the clubs and organizations where you are a member. Reach out to those people that are in your focus groups.
Take the opportunity when you are at work and hanging out with colleagues at the water cooler to let them know about your multifamily property deal and see if they are interested or if they might know someone who would be interested. You have not because you ask not, as the adage goes.
Keep Your Competition Close
Another method of free marketing that is sometimes overlooked is spying on your competition. Find out where they are getting their money and how they are funding their deals and follow suit. You can use your network to do this even faster than you researching this by yourself.
All of the strategies mentioned above are effective and cost you nothing. Take advantage of these strategies and put them to work for you. You will be pleased with the results and at the money you save.
Special Event: Join Ron LeGrand and real estate entrepreneur Lance Edwards for a must-see webinar about how you can get started in apartment deals this Tuesday, March 3rd, at 2 PM EST. Register here.