On the show today we have one of our good friends, Patrick Alcoke here to teach us how to find more deals through data analytics!
– Zapier.com for web hooks. It takes away the need to duplicate things or pay someone to set things up.
– CallRail.com for phone system
* Pete the Cat
* The Alchemist by Paleo Coelho
* The Richest Man in Babylon by George S. Clason
* The Sharing Economy by Arun Sundararajan
Notes from the show
The Vantastic Life is…
– Hanging out in Boston
– Walking through Harvard
– Going to walk the Freedom Trail
– Go to Fenway Park
– Everything here is PRICEY
Patrick Alcoke’s history
Into playing music.
He did sales for the FortuneBuilders, which led him into real estate investing.
Ran a fix and flip real estate business for 4 years.
Got really into data and analytics, and transitioned into full time data and analytics with Postal Impact.
He always needed to know why…
He was doing all of the data analytics on a consulting level when he met someone at Postal Impact. As a real estate investor and data analyst he was a perfect fit for their team, and able to do all of what he wanted and none of what he didn’t want.
Most investors are tracking
But missing out on…
Why you are booking more appointments on one campaign vs another campaign?
Now we are looking deeper into why one campaign is working better than the other, and how you can get better results more often.
Cost per call
Cost per lead
Cost per appointment
Cost per contract
Cost per deal
Average amount of touch points that you need to mail each campaign…
There’s a different pace on the East Coast vs the West Coast, and things work differently in different markets. But there are also similar markets.
Use unbiased data to make good decisions!
The digging is what gets the answers, but the data is what helps you know what questions to ask.
If you don’t know how to track things in a good market then when a down market comes… you might be in for a bad surprise. A good market can smooth over something that won’t work in a down (or leveled off) market.
Are there 3-5 things that people should be tracking.
Each list will respond differently to a postcard vs letter.
They typically see an uptick with the 3rd touch when considering direct mail.
The probate process is way different than other lists, and you might have to mail them for over a year to get a response.
A lot of calls and a lot of opt outs
Less calls and less opt outs
You will see an uptick on calls
Sean Terry Flip to Freedom (what’s up)
What type of marketing should someone do…
It depends… if you have more money you can dip your toe in everything. If you don’t have much money pick one thing that you’re the best at.
Get the right people in the right seats doing the right things with the right people.
Do the thing that’s going to give you the most chances.
If you’re big than you can try to diversify.
Julie says… you need to assess what you bring to the table?
No matter what you’re doing… track it!
People are looking into out of state investing. Where are the best places to invest (cities, states, etc.).
Let the data steer what you’re going to do.
If people are asking us to do this… there’s a need!
Help investors understand the power of tracking!
Is something is happening… why is that happening?