In 2007, Douglas Skipworth saw his college classmate listed in Forbes magazine’s private equity/hedge fund section and realized he had become the youngest billionaire in America. This was Douglas’ call to action to buy his first rental property. Just a few short years later, in 2012, Douglas and his partner Dan had been successful enough to start their own company, CrestCore Realty.
CrestCore Realty makes rental property management hassle free by helping everyday investors buy, manage and maintain properties. Since day one they have been focused on buy, hold and growth investors. Douglas Skipworth’s session is all about showing you how to build an investor focused brand.
Customer Acquisition Cost
This is the cost associated with gaining a new client.
Lifetime customer value
This is the potential profit generated from a future client.
These words seem complicated, Douglas and Dan wanted to keep it simple. They wanted to guide clients they already had to purchase more properties.
So how do they find the right customers to work with?
Enter the Customer Acquisition Strategy → education/consultation/validation
- Create Lasting Content – Permanent content that is going to on the web or can be reused
- Demonstrate Expertise
- Generate Inquiries
- Help Others
How to Educate:
- Speaking – Jump at any chance to speak.
- Training – Lunch & Learns, Seminars, boot camps. Property tours. Get investors and teach them more.
- Writing – Articles, newsletter, blog.
- Establish expertise: Tease them and impress them with the expertise. Impress from afar but influence from up close.
- Build Trust
- Understand the client’s needs
How Consultation Happens:
- Face to face – Meeting with someone local, provide a tour, etc.
- Calls – Skype, text, etc.
Consultation is what sets you apart but validation that is what seals the deal. Education and consultation is easy for property managers. You have been doing this for a long time.
Warren Buffett, “I’m a better investor because I’m a business man but I’m a better business man because I’m an investor.”
Douglas feels the same about their business: We’re better property managers because we are investors and we are better investors because we are property managers.
Given that Douglas and Dan have seen and done it all, they are able to show empathy and understand what their clients are going through. This also means they are able to offer their expertise.
Being a property manager and then being involved in something bigger, is validating. This speaks to the client and It’s something they pay attention to.
What they’ve learned:
- New investors have lots of questions
- Experienced investors have lots of answers.
Being an investor is a mindset. You need to think like your investors.
You can’t be the doctor who smokes or the personal trainer who is out of shape. You need to be the investment property manager who associates and thinks like an investor!
Since 2001, CrestCore Realty has helped real estate investors purchase over 1,000 properties and it’s management portfolio has grown to over 2,500 residential properties in Memphis, TN.
Prior to founding CrestCore, Douglas served as President of an information technology consulting company focused exclusively on real estate professionals in the TN marketplace.