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Determine and Reach Your Target Market
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This is an awesome business! You can find private lenders who will change your life and help you take your business to an incredible level of success.
As you prepare to find these lenders, it is practical to stop and consider just who they are and how to reach them. You want to attract people who have the means to step up and take action on your program.
When I decided to work with private lenders, I wanted to go beyond just my circle of friends, I wanted to reach others as well. My challenge was to determine common denominators and find a way to effectively reach those people.
I knew the kinds of individuals I wanted to reach were financially savvy and could appreciate the generous interest rate I offer.
I found out that I could get an extremely targeted list of names of potential lenders from a list broker. You can find the name of a list broker in the phone book or on the Internet. The one I used was Dunhill's. You can tailor the list almost any way you want. I thought a lot about this then requested the names, addresses, and phone numbers of people who met the following criteria:
a.) They were located in our county
b.) They owned their own home
c.) They bought items through the mail
d.) They owned bank Certificates of Deposit (or CD's)
Let's look at each one on this list for just a moment and I'll explain the logic behind my target choices.
A.) They were located in our county.
I wanted to focus on my local market because it was likely they already knew about me from my other marketing efforts:
They'd seen the 'I Buy Houses' signs for years. I sponsored Little League teams and so they may have seen the t-shirts with 'I Buy Houses' and my phone number on the shirts. They may have even read the newspaper articles the local paper had done about my company Integrity Home Buyers, Inc. and me.
When I specified this criteria, I believed the lender would be comfortable loaning to one of their neighbors.
Also, some of my current lenders seemed to delight in being able to actually drive by the house on which they held the mortgage while I was having my crew do the work. They seemed to feel safe knowing exactly where their money was. They liked being able to tell their friends, 'My money is in that house right there.'
B.) They owned their own home.
People who own their own home, are probably already aware of what a great investment real estate can be.
C.) They bought items through the mail.
I reasoned that if they bought things through the mail, they would take time to read things sent to them through the mail. And, one of our primary marketing tools was a postcard.
D.) They owned bank Certificates of Deposit (or CDs).
These people obviously had available money. With the banks paying a pathetically low rate on CDs this made my program that much more attractive.
So I got my list of targeted names. I mailed postcards to those names and invited them to the luncheon.
They could also request information and we would send them our professional 'audio business card'.
We didn't have a tremendous crowd - we didn't need one. It wasn't the number of guests so much as the number of guests in our targeted market who could take advantage of our program. We targeted our market correctly and have had awesome results.
Two luncheons and I had $1 million dollars to go buy houses with.
I wish you much success!
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 | Alan Cowgill |  |
Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Alan is a full-time Real Estate Investor, investing in single family and small multi-family properties in Springfield, Ohio.
Since 1995, Alan has bought and sold over 200 investment properties. Alan uses Private Lenders, not banks; to fund his real estate purchases. By doing this, he has created his own private bank of $2,000,000 in funds. Alan looks for "Win - Win" situations, where the seller, the lender, and the eventual homeowner can all "Win". He is not a Realtor, but a Private Investor.
Alan has served as an elected official to the Board of Directors for the Clark County Property Management Association. He is an author, consultant and national speaker. He has been asked to speak on the topics of “Investing for the Beginning Investor.” and “Finding Private Lenders.” His home study system, “Private Lending Made Easy”, shows new and seasoned real estate investors how to find private lenders for their own real estate business.
In addition, Alan:
• Holds a BS Degree in Business Management.
• Has over a quarter century experience in Business Management.
• Is a published author not only for Real Estate but also in American Industry.
• Featured in the Business Section of the Springfield News-Sun newspaper in May, 2001. Article on real estate investing in Springfield, Ohio.
• Adjunct Professor for 5 years at Clark State University.
• Acknowledged in the book “e-Mail Basics” ISBN #0-9676313-1-9.
• Speaking Engagements include: Yovel, England; Dallas, Texas; Fort Collins, Colorado; Atlanta, Ga.; Jacksonville, Florida; Cashiers, SC.; Las Vegas, Nevada and Springfield, Ohio.
• Business trainer and consultant.
• Member of the Springfield Chamber of Commerce and Better Business Bureau.
• Appeared on a twenty-eight minute real estate infomercial that is shown nationwide.
And best of all, Alan Cowgill is married and the father of three children.
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| Copyright Notice | |
Copyright 2002-2011 All Rights Reserved.
Published with Permission of Author.
No part of this publication may be copied or reprinted
without the express written permission of the Author and/or REIClub.com. |
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