P-Rid’s Private Money Millions Series: How to Explode Your Private Money Lending Program with a Newsletter
P-Rid here with Part 1, How to Explode Your Private Money Lending Program with a Newsletter, in the Private Money Millions Series.
What is a Private Money Newsletter?
A private money newsletter is an excellent way to build trust and rapport with your prospects and get mucho dinero faster and easier because of it.
And I’m not talking about an electronic newsletter (however email news letters are highly effective and cheap as well!); I’m talking about a physical snail mail newsletter.
Now, if you’re strapped for time and cash, an e-newsletter is better than nothing, but a physical newsletter is beneficial for many reasons which I’ll cover momentarily.
What To Include In Your Newsletter?
But first, here are a few ideas for what could be included in your private money newsletter:
- Sample Deals – Show your private money prospects the type of properties you purchase and what the
potential returns would be.
- Real World Deals – This is even better than a sample deal because it’s shows what you’re doing, not what you intend to do. If you didn’t use a private lender in your “real world deals”, show what a private lender would have made.
- Articles – You could either write articles on the bene fits of private lending or cut and paste from articles you find online (make sure to give credit to the author if you cut and paste). Include any articles that build value in real estate investing and private lending.
- Testimonials – If you’ve never used private money before, get some testimonials from anyone you’ve done business with and use them to build your character and reputation. You could also use testimonials from any buyers and sellers you’ve worked with. Here’s a great tip for ya when getting testimonials: make them results based.
- Real Estate Market Statistics – People love statistics… and if you’re the one bringing them to them each month they’ll be more apt to open up and read your newsletter. Also, another benefit of this is that you’re seen as the expert in your area and your credibility goes through the roof. You can even get other investors and realtors on your newsletter when you give out quality content like this to them for free… and over time you’ll build a great relationship w/ them and convert a good percentage into private lenders (or at the very least buyers of your properties).A great free source for real estate market stats that you can regurgitate and put in your newsletter is John Burns Consulting. Join their free monthly market stats reports and you’ll get a ton of value out of it.
- Fotos (aka pictures … still working on my Spanish … had to “google” that one) – Remember the old saying, “A picture is worth a thousand words”? Well, kee p that in mind here. Use pictures of any properties you’ve purchased, people you’ve done business with (buyers, sellers, lenders), or if you’re a newbie, pictures of the type of properties you’ll be purchasing.
Why a Private Money Newsletter Leads to More Money Faster and Easier
- More “Touches” Builds Greater Trust and Credibility – In marketing, a “touch” is anytime you put your marketing message in front of your prospect. It coul d be through a TV commercial, newspaper ad, a newsletter, etc. And giving them something tangible, say a physical newsletter that’s mailed out monthly or quarterly, is a powerful “touch”.Also, just the act of continually getting in front of your prospects eyeballs shows that your business is active, you’re doing deals… and you’re making things happen. This builds massive credibility as they see each and every month the progress you’re taking… and they feel they want in on the action.
- Online Biz Makes Owners Lazy – Many busines ses are abandoning direct mail and are doing all their marketing online. BUT, direct mail is still a killer strategy to get your message in front of prospects … use it to set yourself apart from the competition.
- People Still LOVE Getting Things in the Mail – There’s something about getting “stuff” in the mail that people just love. Having your newsletter in hand makes it much more likely that it will get read AND it …
- Gives Prospects an Easy Way to Spread the Word about Your Private Lending Program – It gives your prospects “something” to show people and ask their opinion about, it gives them something tangible, something re al. This brings your private lending program from the intangible, from just an idea, to something they can look at, touch and feel.
So, Action Steps…
- Try out the resources below (yes, we do make money off of some of them if you use them… but, they are resources we personally use and like. If you enjoy our free info we’d appreciate it if you use the links below if you’re going to try out those services … and sign up for a service to deliver your email newsletter.
- Set a monthly date for when you’re going to send your newsletter out. I like the first week of the month. Once you pick a date stick to that date so your prospects/newsletter subscribers expect it each month.
- Start gathering people into your newsletter. Now, you need to start getting people into your newsletter. Start with your family, friends, and people you know. Ask them if they’d like to be updated on what you’re doing in your biz and on the real estate market. A great way to get them on the newsletter without “selling” is to ask the m for “advice”. Like… “Hey, I’m starting up a once a month newsletter on our local real estate market and what we’re doing in our business… would you mind if I put you on the list so you can give me feedback on what you like and dislike?”. That way they’ll get on and give you feedback… but also they’ll see the action you’re taking and will likely become interested.Also, put a newsletter signup box on your website (Aweber will create one for you)… that advertises real estate market statistics for your local area and real estate news and advice. And/or… advertise a free report.
- Ask for referrals. Make sure in your newsletter at the bottom of each issue you add a phrase that says…”Like what you see in our monthly newsletters? Excellent! Forward this email to people who you know will benefit from it. They’ll appreciate you a ton!”
That way your current newsletter subscribers are advertising your newsletter for you.
- Give them great content like we mentioned above. But, DON’T sell people into your program or offer any specific investments. What you’ll want to do is chart deals you’re doing, give content, build credibility and trust… and in each issue put a blurb in it saying something like…”Want to learn how to work with our investment company to make passive profits? Click here“.
Then, that can take them to a video on using IRA’s to invest in real estate… or to a page that briefly explains that you work with people every day in your community who want to get the benefits of real estate but who don’t want to actively invest in it themselves. Then, pass them through your Private Lender Questionnaire which qualifies them so you know whether or not they’re an accredited investor that you can talk to.
Chat w/ your attorney about the specifics… not everyones state laws are the same.
We’ve had students who have emailed us saying that they’ve had people on their newsletter list for months… sometimes well over a year before they decided they wanted to invest with them. So, for all of the prospects who aren’t 100% serious about private lending quite yet… get them on your newsletter and provide them a ton of value and build credibility with them over time by showing that you’re taking action and running a real business.
It’ll be much more powerful than you think!
Recommended Resources to Get Your Private Money Newsletter Up and Running
Alrighty… now that you realize the importance of a newsletter (gives you an excuse to get in front of your prospect and it builds credibility over time)… here’s a few resources we think you’ll enjoy
Direct Mail Newsletter Resources:
- No Hassle Newsletters – This service gives you “done for you” physical newsletter templates and ideas so you just have to plug in your content and run. It isn’t the cheapest in the world… but their templates and instruction are awesome. Check them out if you want… well worth the monthly cost if you implement it.
- 1-800-Postcards – A good print shop for good quality and economical printing. They can print up your newsletters for you… or just head down to your local Kinkos or Staples and have them do it for you.
Email Newsletter Resources:
- Aweber - The email service that we personally use to send our newsletters out. They have very high deliverability, have a ton of really great email templates to choose from, and are affordable… very affordable. I’ve tried 4 different email services… and Aweber is by far the one I liked the best. Sign up for a Free Trial
- Constant Contact – This is another email service… a lot of my friends use them… and like them. I personally prefer Aweber… but, this is another service to try out to see if you like it. They also have great email newsletter templates for you to choose from so you can be up and running your email newsletter within minutes.
- Online Slideshow Service – I never did this… but one of our Platinum Students has been sending people from his email newsletter to an online slideshow that documents the property rehab and sale they just completed… from start to finish so the newsletter subscriber (prospect) can see right there that the project is real… and that you as the investor are active and doing deals. This builds huge credibility and is professional.
Well, that does it for Part 1, How to Explode Your Private Money Lending Program with a Newsletter.