Researching Your Competition Action Plan
1 Projects to Execute
1.1 Research and Find All Your Competitors (2 Hours)
1.1.1 Yellow Pages
To Do:
1. Look up in the real estate section or real estate services section of the yellow pages and create a list of all local investors like yourself who are advertising and looking to buy houses.
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.2 Local Newspaper Classifieds Ads
To Do:
1. Look in the classified by Homes for Sale, Real Estate Services, and Apartments for Rent. You will find ads for local investors who buy houses.
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.3 Google Ad Words
To Do:
1. Use Google to search and find competitors who are buying keywords as well as who are affiliates of lead generation websites.
a. We buy houses toledo, OH
b. Sell house fast toledo, OH
c. Stop foreclosure toledo, OH
d. We buy houses for cash toledo, OH
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.4 Signs Around Town
To Do:
1. Create a list of all local competition while you are driving around town this week. Try to notice all of the other We Buy Houses signs, billboards, vehicle signs, yard signs and other marketing. Write down their contact information.
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.5 Direct Mail to Sellers
To Do:
1. When you meet with sellers and put the property under contact, you can ask them from any letters that were sent to them by other people who wanted to buy the property. Also when you purchase a property, look though the mail that is delivered there, most of the time you will find a letter from a local investor.
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.6 REIA Meetings
To Do:
1. When you go to a REIA Meeting or your local investors club, be prepared to ask for everyone's business card.At your REIA meetings you are going to meet qualified wholesale buyers and rehabbers.Make sure to speak to as many people as possible, break out of your comfort zone and NETWORK!
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.7 Landlord Meetings
To Do:
1. At the landlord Meeting this is the perfect opportunity to find Landlord buyers. Talk to those looking to grow their portfolio and ask what they are looking for. These buyers will come in handy when you have an in between property that you are trying to move. Most landlords will buy at 80-90% of market value and close with out a hassle.
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.8 Networking Meeting
To Do:
1. Find out the other local organizations in your area where you can go to network with other professionals.Make sure to speak to as many people as possible, break out of your comfort zone and NETWORK!
2. Put you competitors contact information into the "Master Contact List for Your Team" spreadsheet under the competitors section
3. Save your competitors website URL's in your internet favorites folder.
1.1.9 Add Competitors To Your Master Contact List
To Do:
1. Open the excel document "Master Contact List for Your Team" if you don't have a database to save all your contacts in. The reason is that excel spreadsheets can be exported into any database you set up in the future.
2. Put your competitors contact information in the Competitors Tab
1.2 Organize Your Competitor Spy Files (30 Minutes)
1.2.1 Create a Competitor Marketing Swipe File
To Do:
1. Pickup hanging files folders for your filing cabinet in your office
2. Pickup manila folders to put inside the hanging file folders
3. Label the hanging file folders "COMPETITORS"
4. Label each one of the manila folders with a separate competitor name so you can save any of their marketing material by the name of your competitor. Any pieces you get over the next couple years you should save according to your competitors name. Each competitor gets their own folder
a. Save direct mail pieces
b. Save yellow page ads
c. Save any marketing pieces
1.2.2 Create an Internet Favorites Folder of Competitors Websites
To Do:
1. Create an folder under your favorites tab and create a competitors folder and save all of your competitors URL's in there
1.2.3 Download Snag It Free Trial
To Do:
1. Visit and download the free trial
2. There are a lot of training videos on the website about how to utilize the software
1.3 Call 4 Local Competitors (1 Hours)
To Do:
1. Call 4 local competitors and practice building relationships
2. Feel free to call the competition phone script
3. Don't be a robot
1.3.1 Get Their Remaining Contact Information
1.3.2 Get on Their Buyers List
1.3.3 See if They Have Any Properties for Sale
1.3.4 Put Them On Your Buyers List
1.3.5 Put Their Website in Your Favorites
1.4 Create Your " Networking Groups" Internet Favorites Folders (30 Minutes)
To Do:
1. Create an internet favorites folder called "Networking Groups"
2. Find all the local networking groups in your area and save their URL in your "Networking Groups" favorites folder
1.5 Attend 1 Networking Meeting (2 Hours)
To Do:
1. Attend one networking meeting
2. Gather at least 8 business cards
3. Put all people into your "Master Contact List for Your Team" in the correct categories
2 Documents
2.1 Master Contact List for Your Team
See attachment(s): Master Contact List for Your Team.xls
2.2 Competition Phone Script
See attachment(s): Competition Phone Script.doc
3 Websites
3.1 - To Copy People's Web Pages
3.2 - To Learn How to Use Excel
3.3 - To Learn How to Use Outlook
4 Long Term Action Plan
4.1 Build Your Competitor Buyer List Daily (5 Minutes)
4.2 Attend a Networking Meeting Once Every Other Week (2 Hours)
4.3 Call All Your Competitors Once a Month (2 to 3 Hours)