You do not have to spend a gold mine on your marketing strategies for finding investors for your multifamily deals. In fact, there are some very effective ways to market your multifamily deals and not spend a dime doing it. There are four very effective and, better yet, free means of marketing your multifamily deals. These methods employ the use of referrals, charity organizations, networking and keeping an eye on your competition.
The most effective marketing strategy you have available to you is your referrals. This strategy that is used throughout the business world is also applicable to what you are doing. Referrals are absolutely fabulous at bringing 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 what do you do?
You ask around. Some people may rely on the Yellow Pages but the majority of people want to hear it from people they trust that a certain person or business is reputable. This is why it so important for you to begin building your reputation and for you to work with reputable contractors as well.
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.
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.
Good old-fashioned networking is another free marketing method. Network with fellow members at clubs you belong to. 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.
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. Use your network to do this.
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.