Marketing Outrageously

An Outrageous Book For Real Estate Investors

You must read Marketing Outrageously by Jon Spoelstra.

This book is a no b.s. guide for increasing revenue on a shoe-string budget. I spent years at NYC ad agencies and this book taught me a lot that can be applied to real estate investing.

It was referred to me by one of my clients after I told him about an idea I was implementing. The idea is to give my residents of a large apt community a $1 scratch off lotto ticket if they pay the rent on time and have a zero balance.

mkt out

He said, “oh, that’s marketing outrageously.” I was like, “yeah, I guess so.”

“No, I mean there’s an actual book on those types of tactics,” he said.

And after reading this book, boy did I get inspired to continue and enhance my current outrageous marketing ideas.

Here are my top 10 takeaways:

  1. In every marketing project, think outrageously.
  2. Earn at least a $4 to $1 ratio  of revenue to ad cost
  3. Go for dominance when placing advertisements – forget reach and frequency
  4. Ask these two questions every day:
    1. What’s it going to take to make this to best company in the industry?
    2. What did I do today to make my company money?
  5. Ask what business are you really in? (ex. NBA teams aren’t in basketball biz, they are in entertainment biz)
  6. How to improve revenue:
    1. Get regular customers to buy more
    2. Steal customers from your existing business
  7. How to structure a biz for success:
    1. Adding more salespeople
    2. Having a nice work environment
    3. Training, training and more training
    4. More tools for sales people
    5. Big-time database marketing
  8. Give away product for free them get them to stay for the long haul (ex. AOL did this with their disks)
  9. Invent new ways to market your product every six months
  10. Make the most important people in your business your employees, then customers then investors/shareholders – this hierarchy will produce the best results for all involved

Go buy the book – you’ll learn so much applicable stuff it’s, well, outrageous.

Top 3 Real Estate Investing Books

I often get asked which books I recommend reading for beginners. I have a rather large library (well, as large as my NYC apartment will hold) of real estate investing books and here is my list of the top three ranked in order of which they should be read.

1.      Investing for Dummies

 

Wait, what? The first book isn’t dedicated to real estate? Correct, my friend. It’s not. It gives you a great overview of the three different types of investing – stocks/bonds, investing in small businesses, and real estate.

And it lists out the pros and cons for each of them. That way you can decide if real estate is the path for you based on the facts.

And, if it is then move on to…

 

2.      Rich Dad, Poor Dad

 

You’ve heard of it and for good reason. My sister mailed me a copy 6ish years ago and I’ve never been so inspired to invest.

Here’s the drawback from the book: it doesn’t go into depth on the deals. And that’s been the knock on the book for years. Also, you might hear people speak negatively about the Rich Dad, Poor Dad seminars. Personally speaking, I’ve been to one and learned a lot but I have friends who said they weren’t worth the money. I think it depends on your instructor – regardless that’s all irrelevant because this book is worth your time.

The advantage is it is absolutely inspirational because it simplifies the investing process and makes it seem accessible (which it is). The principals he teaches in the book set the foundation for being a savvy investor.

 

3.      Equity Happens

 

What a fantastic book written by a couple guys who know real estate investing. The book starts out with a story about two people working at the same company but one is a janitor and the other a high-level executive. The janitor invests in real estate and the sales guy doesn’t. You can probably guess what happens but the story is very insightful despite the predictable ending. The bulk of the book discusses how to generate equity with your real estate purchases. This is a MUST read.

What other books have you read? Feel free to list in the comments below or send me a Tweet – @joefairless.