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A Twist On Using Bandit Signs
There are many places where you can put out the signs. In fact, not only can you just put them out on stands near the road, on the highway or in front of property that you have, but I actually have a couple of businesses that I have given my signs to and they put them in their window and then I either pay them rent, a commission on a property I buy or I pay them per lead. There is an endless list of the types of businesses you can do this with. Just keep some signs in your car and stop by one or two businesses each day and ask the owner if you can put out your sign in the window. As just one example, I did this with a local auto repair shop and he has sent me several leads and one of them closed. I purchased the property for $80,000 and sold it for $100,000. The person I sold it to put $7000 in it and sold it retail for $139,000. Now that’s a win, win transaction. Now in North Carolina where I do some business, you cannot pay a person a referral fee for an actual transaction, but you can pay them for that lead. So just be careful and know your state laws, whether you pay them a referral fee or a lead fee. A lead fee would be okay; that is just like buying leads. If you are in a state where they do not allow paying referral fees, the Real Estate Commission considers that operating as a Realtor without a license, then you have to pay per lead. But don’t ever try to do something that is going to get you in trouble. It will just shut you down and give you a bad reputation. Check with the leaders of your local real estate investors association or contact the state real estate commission to find out your states laws. Also in my area where there are lots of new home communities, there are sign placement companies who will put out all of the open house signs and new home community signs for the builders on Friday and then come and pick them up every Monday morning. If you have these in your area how about hiring them to also put your “I Buy Houses” sign right along with the new home signs. Think about it. A lot, if not most people, who want to buy a new home already have another one they need to sell first so now you are probably the first one they will call since you caught them at the exact time they are looking to buy a new home. When you see all of the new home signs out together then call one of them and just ask who puts them out. How about putting your signs out near retirement homes and communities? There are many people who drive by them going to the community or retirement homes and they will see your sign as many of them have property they need to sell. Hire Others to do the Grunt Work Also, when putting out signs in different areas, I do not put them out myself. I hire somebody to do it. You can get a college student, your teenager, a neighbor’s teenager, etc. You could even contact your church or other local churches and ask them who need’s some work or see if you could get the youth group to put them out for making a donation to the youth group in the church. Be sure to check out liability issues as you do not want to do anything where someone gets hurt, and if they did you don’t want to be liable. I pay $2.00 per sign and they have to bring me back pictures of everywhere they have placed the signs which is included in that two dollars. That way it is just a quality control measure. I don’t really need the picture, I just want to make sure they are not going out and throwing them in the dumpster and then coming back to collect their $2.00 per sign. If you are rehabbing properties, and you have a down day; get your rehab contractor to go out and put up some signs. A lot of them don’t mind it, especially if you have a rehab contractor that has a couple of helpers. Maybe they have a slow day for that helper, they will go out and maybe pay them $1.00 and you pay them $2.00 so they have made money off of that helper for the day. What a great idea huh?
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This intel was contributed by larryg
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May, 2012
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