The Secret $97,000 Bandit Sign

23rd of December 2009 0

The Secret $97,000 Bandit Sign

Do you get fancy when marketing properties for sale or do you stick to tried-and-true real estate investing fundamentals?  The reason I ask is because I sometimes speak with new investors who – in their mad rush to prove their investing savvy – overlook simple, yet effective, strategies for success.

Bandit signs, as simple as they are, are still a highly effective way to market you real estate business especially in the early stages of your career. And, by the way, this holds true for both marketing for motivated sellers and motivated buyers.

So, before you knock them as outdated throwbacks to another era, let me share a little story.

Sometimes I’ll have a property for sale that I’m willing to hold financing on.  Instead of my usual high-tech TV advertising campaign, I’ll let the simple, yet powerful message of my bandit sign get my phone ringing.

The message doesn’t need to be complicated or even specific to a particular property.  A general message like this works very well:

Beautiful 3BR/2BA home

NO BANK QUALIFYING!

1-800-555-1212

This particular sign has been blazingly successful for me.  Whether I have one house for sale – or a hundred – the result is the same:  My voicemail box fills with messages from motivated buyers waving cash down payments.  Many callers have down payments ranging from $3,000-$10,000, but on one glorious occasion the caller stated that he had $97,000.

You read that correctly.

$97,000!

He had lived in the same property for 30 years and for one reason or another he decided to sell.  He walked away from the closing table with a fair sized check and immediately gave it to me as a down payment on a property I had available.

Because I was willing to carry financing I had a lot of applicants from which to choose.  This gave me the luxury of weeding through all of the other applicants and selecting the very best ones for properties I had available.  The $97,000 applicant was the best.

When he and his family had seen the property, they fell in love with it and decided they had to have it.  I did my due diligence, signed some paperwork, and they moved in.

You may wonder why they would want to make such a large down payment.  They fell in love with the house.  They committed to purchasing the property and they felt that a larger down payment demonstrated their seriousness – and they didn’t want to have a big underlying mortgage payment.

This family saw another benefit in purchasing the property this way: They didn’t have to go through the hassles of bank qualification at a time when they really needed to be able to move in quickly.

Bandit signs are a simple marketing strategy you can use to move houses in almost any way you see fit.  Whether you’re buying or selling you can put these mini-billboards to work for you almost anywhere you live.  Be careful, though.  They’re illegal in some areas and if you put them on telephone poles or street signs you could get fined.

Look into your local regulations and if you get a green light, set some signs out and see how quickly they can generate real estate cash and quick profits for you.

Outdated? Maybe.

If they work… well, why fight it?

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