Compassionate Marketing for Real Estate Investors | Think Realty
How to change your messages in unprecedented times
As real estate investors, we often need to remember to be people first and deal with the emotional struggles a family may face. This has never been more evident than it was during the pandemic. In order for your business to survive the pandemic, not just grow, think about how to add value to a family who may have to sell because they literally need the money due to job losses during COVID-19.
The marketing strategy that you as a real estate investor should adopt during these troubled times requires the following questions:
- How can you add value to someone who needs service?
- What problem can you solve for the owner?
- How can you relieve some of your stress during this time that you are locked up?
- How can you get to the final table while everyone is working from home?
- And ultimately, how can you improve the lives of the people you contact?
Personally, I market consistently to test leads. My message had to change with the pandemic – I’m still able to do deals, but my approach to sellers is softer and more compassionate. Not only is the family dealing with the death of a loved one, but every family I have worked with has been emotionally affected by COVID-19, either through job loss, the threat of losing their home, or a family member moving around fighting overcoming COVID-19. Times are changing for real estate investors, and those investors who are just out for the “deal” will be in the dust. People have been exposed to the pandemic a lot, and sellers, buyers and investors have been affected in one way or another.
However, referrals have been a lifeline to our business. If you can solve the family problem of selling a property in a pandemic with closed courts, title companies working from home and the patience to close a deal go a long way. Personally, I’ve had families who thanked them for the extra time and effort I gave them to get to the final table.
Be more than the money, be more than the investment. People are worried, scared, and stressed out, and the last thing a homeowner wants to sell their needs is someone literally taking them away with a contract assignment with no intention of closing and lacking the funding to do the deal complete.
Earlier this year, from my estate marketing, I bought an investment property in a prime area that I love. I ended up getting a lot, laboriously working with the seller through a closed court system (for the estate), title companies working from home, and inspectors who were limited available due to the pandemic. The deal took about seven weeks longer to close than normal, but the great thing is that through my constant interaction and contact with the seller, we made a friendship that went beyond just buying real estate! I got to know his family and how he had to turn his business too.
Fast forward to the new year – an address popped up on my estate list that was literally across from this seller’s house. What I didn’t mention now was that the seller introduced me to his neighbor who had an extra key to the house when he couldn’t meet me in the house (it was empty and he lived about an hour away). I recognized the street and the address looked familiar. After doing some research, I was able to determine that this was actually the same neighbor and that her husband had passed away.
I had to turn my marketing. Can you imagine just sending one of my Hey, I want to buy your house cards?) I use my name on my marketing materials and have treated it like any other name on my list. So what did I do instead? I wrote her a personal letter acknowledging her husband’s death and expressing my condolences for her loss. I also let her know that since she was on my list, I knew that she would be inundated with postcards, letters, etc. from other investors and that if she wanted to sell the property, I wanted to “distinguish”. Myself from the other investors, so instead of just stating that I was interested in buying their home, I let them know that if they had any questions about the sale of the house, there was a resource for me to use. The outcome of this pivot in my marketing is unknown at the time of this writing, but a compassionate approach is never a wrong choice. Real estate investors are looking for the next opportunity, and the pandemic offers some of the opportunities.
Real estate investors who are able to incorporate a compassionate marketing message and spend the extra time getting to the last tables in stressful situations with families have the option to do more business in the form of a referral if they remember to to treat the seller with understanding in the wake of these unprecedented times.
Nancy Wallace-Laabs is a licensed real estate agent based in the state of Texas. She has over 15 years of real estate investment experience, owns multiple rental properties and has been a property manager in the North DFW area for over 12 years. Nancy has been an outstanding speaker both locally and nationally at helping people secure their IRAs through real estate, and developed an online course that teaches them how to take control of theirs by buying real estate be able to take over financial future and build up their retirement provisions or become a private moneylender.