So ya wanna get more deals online, right? Don’t we all!
If we’re talking about deals here, I want to talk about a topic that is really important to me.
It’s something that I think is going to both help you really scale and grow your real estate investing business and save you potentially from a lot of pain and heartache.
We’re talking about the Parthenon model.
It’s worth noting that this is not my idea. I stole this completely from Jay Abraham, one of my personal favorite business authors of all time. If you don’t know him, I highly suggest you go and look up some of his work.
The Parthenon model is something that I see pretty much every day play out in the real world with the real estate investors that are my clients. Most of you readers know that I do marketing for real estate investors, such as SEO, Facebook, AdWords, etc. I see it both massively help a big number of my clients, and I see it hold a lot of people back.
So let’s dig into this!
What is the Parthenon model?
To understand the Parthenon, we have to take a step back and think about what most business owners are doing for their marketing. Most are using the diving board model.
So what is a diving board? Well, picture a diving board. It’s a mechanism that is made up of a solid column as a base, and the board is sort of flopping up and down whenever weight is put onto it. Jay Abraham would say, “Picture this as your marketing. You’ve got one big channel for an investor that’s typically direct mail, right? Maybe you’re doing cold calling or whatever your thing is you’re doing door knocking, bandit signs, driving for dollars or whatever. You’ve got one channel, this is your channel, and it produces money for you.” Sounds about right, doesn’t it?
One thing that produces motivated seller leads, and that’s awesome. You get deals from it. It’s cool. There’s nothing wrong with this, right? Well, wrong.
The problem is that when this is all you have, you get this up and down motion on the diving board. What does the up and down mean? In our businesses, the up and down is, the flush and the dry. You’ve got a bunch of leads in the pipeline that you are closing and turning into deals, or you’re wondering where all your leads went. This is the classic boom and bust cycle of most young businesses.
You get busy and get your leads coming in. So you decide to focus on following up with those leads. You want to get those deals under contract.
You’re focused on this and forget to keep the pipeline full. When you run out of that pipeline, you have no more leads coming up. It’s dead all of a sudden and now you’ve got to race and scramble to get your marketing back up. This takes time, and you don’t have cash flow coming in. Here we go through the boom and bust cycles. That is the diving board.
Rather than using the diving board, we can build our Parthenon. You can probably picture the Greek Parthenon. It has these great large columns. It’s very stately and stable. It has a strong roof and foundation. It has many huge, strong columns.
If this is your business, each of these columns is an additional marketing channel.
You could still have direct mail. You could still have bandit signs, but we also want to have social media. We also want to have search engine optimization. It doesn’t have to be every marketing channel for every business, but you want to have a number of channels that you can pull on so that if our direct mail slows down, our social media marketing can pick up the slack.
Even if you are getting a slightly lower ROI on a different channel, it’s still adding deals at a profit to your business and bringing in additional cash flow. Those numbers could swap or change at any time for a variety of reasons.
There’s also the force multiplier effect. This is the idea that when you have multiple marketing channels working together, the end result is actually two or three times what you would get from any of those alone.
The reason this works is because different channels are utilized to reach your typical motivated seller. If your target audience gets a flyer in the mail from your business, they’ll probably just throw it away. But if you reach that same person multiple times through social media, cold calling, etc., your business and product begins to sink in.
This is just a classic marketing truism about direct mail. You got to get them to read that flier seven or eight times. Instead of reading that flier multiple times, they went online. They did a search, and they saw your website. They went on Facebook and then they saw an ad. They went on YouTube, and they saw a video. You are omnipresent, right? That is what modern efficient marketing looks like.
If you’re just trying to do everything with that one channel, that one thing you got, you’re stuck on the diving board. You’ll get deals, but it will be a whole lot of up and down. Chances are you’re going to belly flop into the pool of poverty.
Stand on the Parthenon instead.
Cheers!
Photo source: Pixabay
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