Headlines procclaimed ‘Zillow the Game Changer’ in the last couple of weeks as the real estate website launched its IPO. What does this mean for real estate investing and what can investors learn from Zillow?
For those who have tried out Zillow’s ‘Zestimates’ for themselves and who have had them throw a wrench into negotiations numerous times it may be shocking to see the company’s success. Though this really isn’t that different to LendingTree’s story. LendingTree also managed to achieve incredible popularity and has reeled in huge revenues on a product that actually did massive damage to the credit scores of thousands resulting in them losing properties and hundreds of thousands of dollars. What real estate investing business owners should see is that success isn’t always about having a perfect product, or even a good product for that matter. This doesn’t mean that you can be lazy and not strive to be great at what you do, but it does mean that you can get out there and make money, even if you are still building on your real estate education and honing your systems.
However, perhaps the most important lesson to be learned from Zillow for real estate investing is that your success is really dependent on your marketing. If you market your real estate investing business and your properties right you will have far more business than you need. You will be able to buy distressed properties at even bigger discounts, flip houses faster and even sell your homes for a lot more while putting less into them.
So how can you become better at marketing? If you haven’t invested in a great real estate investing education course yet, then that should be your first step. Then commit to building your marketing knowledge and skills on an ongoing basis whether it is additional courses, coaching, attending seminars or webinars. Also consult with marketing pros to see what they have to say and cut through all the junk you find online to discover what is really working for others today.
