Wholesaling Quick Cash
This is a continuation of “3 Small Tweaks” Part 3…
So now you’ve got five good deals and if you can increase that number of what your potential profit is on those deals, it will make a big difference. Then what you do is calculate the ROI of that particular campaign and put it in a spreadsheet. You put the date mailed, campaign absentee owners, mailed 2,000 and boom, here’s my ROI. What is ROI? That’s a Return on Investment. So what you want to do now is, over time, you’re going to see where your marketing is making you the most amount of money. For example, let’s say you spent $3,500 on marketing and you only got one deal on that $3,500, and in that one deal you netted $13,000 profit. So what you do is you take $13,000 minus $3,500, which is your expenses, equals $9,500. That’s your profit, $9,500. Now you divide that by $3,500, which is your expenses, equals 271.4% ROI on that particular deal, on that particular campaign is 271.4%. So what you do is now track your campaign ROI and then over a course of time, whether it be 30, 60, 90, to 120 days, you will know exactly what campaigns produce the highest ROI.
Now remember we are talking about adding all these different channels. There’s 50,000 absentee owners, and you don’t want to mail them once, you want to mail them continuously. That’s what I do on each of one of our campaigns. Now, you run the campaigns and then you run the numbers and figure out which one is producing the most ROI.
Now lets talk about lead management, because now when you’re marketing the amount of marketing that we do, it’s mass marketing. You are doing all these different channels, so you’ve got to have some sort of lead management and follow up system that will work for you that you can keep everything contained in one particular spot; where you can have a glance view and be able to manage it correctly.
We use FreedomSoft to manage all of our leads. Now you can go to Freedom Soft and check it out and what it does. It’s like $97 a month or something like that. Basically it’s a lead management system for all the leads that come into FreedomVoice. What you do is the leads come in, you take them off FreedomVoice, call back the sellers and put them into FreedomSoft. FreedomSoft is great because it has all the names/numbers and it’s built for wholesalers; it’s built for our business and what we do. It has name information, address, and property; it has any loan information on there if they have any of that, what their motivation is, and what they are looking to get with the property.
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