Selling to a niche with no expertise

by imaddict

Posted: 16 years ago 15 replies

INTERNET MARKETING

Warriors,

I've been thinking about entering the real estate market for a while because I have a huge interest in it. Problem is, I have no real world experience in this market besides the 10 or so books I've read. Now, I know that interviewing an expert is a great option but something is holding me back from going into a niche where I don't 'walk the talk' (I've never done a real world real estate transaction). In fact, that's what's stopping me from going beyond all the other niches besides the ones I can honestly write about as having experience, etc...

My question is the following: how do go about this while being ethical? Obviously, lying about expertise is a 'no no' (although many people do it the make money online niche/market - unfortunately).

To be more specific, how would the salesletter go about? Highlight the person's expertise and put it in a story format? And then, once you've built somewhat of a list and people start coming at you with more complicated questions... what do you do? What about a continuity program?

I guess, I'm trying to get opinions and advice from people who have built a FULL business (front-ends, backends, continuity programs) in a niche that they are not a 'true' experts in (as opposed to writing a newbie guide/ebook and making a little chump change along the way).

I'd love to hear anyone's comments on this. Thanks in advance.

#expertise #niche #selling

MaskedMarketer 16 years ago

If you like RE, why don't you want to go out their and get some experience? Or maybe find someone with experience to help you get some experience, or at least help you with your information business?

Maybe you can get a RE consultant to help you with this project and use their success as leverage for yourself??

You can potentially make more money actually doing RE, as opposed to selling the information about "how to make money in RE".

It may be difficult to break into this niche if you don't have experience or a name for yourself as their is a lot of competition out their that do have both.

What did you plan on selling on the backend? Coaching programs? Seminars?
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imaddict

16 years ago

Hey MM - thanks for the reply. I'm actually saving my IM earnings for my first investment (hopefully by beg. of 2009 I'll be there). As for having someone show me the ropes, that's also not a problem. But I also want to sell info on this topic (as well as others I'm not a 'true' expert in).

You made a very good point with this: 'It may be difficult to break into this niche if you don't have experience or a name for yourself as their is a lot of competition out their that do have both'.

But couldn't that be said about every single niche? For example, take weight loss. Insanely profitable but there are a ton of people who are fitness trainers, doctors, nutritionists, etc... that talk the talk and walk the walk.

Therefore, when people say 'you don't have to be an expert - interview someone', how can you compete against the people who are true experts AND have the marketing experience whereas you may only have the latter? Do you see the point I'm trying to make?

In this case, a seminar would be out of the question for a back-end, no?

Thanks
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Scott Ames

16 years ago

In that case you organize the experts, Interview them, much like a reporter. You have products written for you, have them reviewed by those in the trenches, and get their testimonials. When people write it to say "It worked! I bought , flipped a house, whatever .. " get their story and testimonial.

Think of yourself as the information broker or truth finder and give your customers good stuff.

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summer07

16 years ago

Originally Posted by imaddict

...I've been thinking about entering the real estate market for a while because I have a huge interest in it. Problem is, I have no real world experience in this market besides the 10 or so books I've read. Now, I know that interviewing an expert is a great option but something is holding me back from going into a niche where I don't 'walk the talk' (I've never done a real world real estate transaction). In fact, that's what's stopping me from going beyond all the other niches besides the ones I can honestly write about as having experience, etc...

My question is the following: how do go about this while being ethical? Obviously, lying about expertise is a 'no no' (although many people do it the make money online niche/market - unfortunately).

Hi imaddict,

FYI - I'm speaking here as a real estate professional with a few decades of experience under my belt, as well as real estate licenses in a couple of states.

Good for you! You're smart enough to be asking the right questions. And you're absolutely right...lying about real estate experience when you don't have any is not only unethical and bad business, it could land you in federal prison (if your lies are large enough and happen to cross state lines)!

Real estate usually involves tens of thousands of dollars and lots of state laws (unlike the diet industry). People with experience will spot your lack of experience right away. And if you sell expertise you don't really have to people with no experience...well...you'd be a scammer, at the very least. Glad you don't want to go that route!

Originally Posted by imaddict

I guess, I'm trying to get opinions and advice from people who have built a FULL business (front-ends, backends, continuity programs) in a niche that they are not a 'true' experts in (as opposed to writing a newbie guide/ebook and making a little chump change along the way).

Originally Posted by Scott Ames

Excellent advice! Think of Oprah...she's an expert at interviewing, and she's built a franchise empire loaded with backend products. She's not an expert in most topics that she talks with people about. She lets the experts talk for themselves...BUT she's learned how to ask the questions her audience wants answers to.

Also, Google Ken McCarthy for someone who has built a business empire by interviewing experts in the Internet Marketing field. Study how his business is set up. At this point he is definitely also an IM expert, but he started out when there weren't any IM experts and he learned along the way.

It's great that you're reading real estate books. Absorb as much as you can...experts never stop learning. Your biggest asset at this point will be that you know some of the real estate industry language. So keep learning about real estate...just add learning about interviewing to your game plan.

Good luck! PM me if I can be of any help, especially with real estate industry questions.

Audre

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marcanthony 16 years ago

I am a real estate broker here in California. You can look me up DRE - Public Licensee Information... Just type in Edwards, Marc A

Believe me when I say that everyone in real estate thinks they know everything about real estate, which is good for you. I recommend that you create a basic product on something specific in real estate.

For instance, you can write a series of ebooks about:

Why the best time to buy is in "slow markets"

Why you really don't need a real estate agent to buy a house

Why an interest only loan is great if you get it for the right reasons

I have sold, bought, and flipped homes. In fact, I'm currently in the process of tearing down a house in a very prominent area here in California.

The only problem is that real estate is very boring to me but, that's another story.

If you feel like you need any more proof on my real estate track record, just PM... I will see what I can scrape up. But, I can assure you that I've made a lot of money over the past 5 going on 6 years in real estate.

As far as your ebook...

Check out Armand Morin | Internet Marketing | Internet Marketer. Armand Morin does a video on product creation that I think will help you understand that you don't need extensive knowledge on any product to write a book about it.

Besides, I'm certain that you know more about real estate than you think. In fact, I'm sure that you know more than half the people in the real estate industry.

Oh... last minute idea:

Here's an interesting perspective for you. Anyone that has ever bought a home can be considered a real estate investor. Right? Interview homeowners and write a book about their experiences.

You will find that most people have felt cheated in the home buying process. Your book can be about, "The negative things to look out for before you purchase a home"

In summation, you don't really need to be an expert.

In fact, you may be better off not being one. I've found that in the past the more passionate I am about a product, the longer it takes for me to complete... to busy seeking perfection.

Peace
p.s. Whatever you do act fast because, now I'm thinking about creating a real estate ebook.
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MaskedMarketer

16 years ago

Originally Posted by imaddict

You made a very good point with this: 'It may be difficult to break into this niche if you don't have experience or a name for yourself as their is a lot of competition out their that do have both'.

But couldn't that be said about every single niche? For example, take weight loss. Insanely profitable but there are a ton of people who are fitness trainers, doctors, nutritionists, etc... that talk the talk and walk the walk.

Therefore, when people say 'you don't have to be an expert - interview someone', how can you compete against the people who are true experts AND have the marketing experience whereas you may only have the latter? Do you see the point I'm trying to make?

In this case, a seminar would be out of the question for a back-end, no?

Your right, it is the same for the health, weight loss, make money niches etc, but if you're an expert at what industry you're going into, that would make it easier. You can build a name and brand for yourself with your expertise, but in this case you don't have any experience, so it could be a little more difficult.

What type of back end products did you have in mind? Just more expensive E-courses or something like that?

Someone else mentioned to go into a specific niche in RE. So, whats hot in RE right now? Well, foreclosures is def. very hot right now, so maybe you can create a product on how to flip a foreclosure in 1 day?

Foreclosures are a huge opportunities and one of my associates coaching clients bought a home for 50k with $2500 down and sold the very same day which netted him 200k, for one single residence home (FMV= 400k in NY). Who wouldn't like to flip a home in one day and net 200k?

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marcanthony

16 years ago

Originally Posted by MaskedMarketer

So, whats hot in RE right now? Well, foreclosures is def. very hot right now, so maybe you can create a product on how to flip a foreclosure in 1 day?

This is true...

Just remember that foreclosures don't always equal good deals. A good deal is a good deal. When you flip homes, it's more about the loan amount owed. I've seen foreclosures with loan amounts far above what the property could actually sale for.

Here's another idea... do some research on tax auctions.

I buy multiple homes every year from tax auctions. And, it doesn't require much experience.

Peace

p.s. O.K. I'm officially in the process of writing a real estate ebook. And, I want everyone in this forum to buy it.

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MaskedMarketer

16 years ago

Originally Posted by marcanthony

If the numbers work then its a potential good deal. And there are many foreclosures to choose from.

You do Tax Liens/Deeds in CA? I hear the overbid industry is pretty lucrative over there. Are you familiar with that?

One of my investor friends is big on tax liens/deeds and does it big time all over the US, but for the auctions I went to- usually its bidded down to 0% and most of the time a lien is redeemed. I guess it depends on what state/counties you're doing. One of my other investors book is being published next month and the publisher gave it back to "dumb it down" for the masses, lol

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marcanthony

16 years ago

Originally Posted by MaskedMarketer

Many people overbid them, the majority in fact. However, a few deals will fall through the cracks. Just keep in mind, there are thousands of homes that go to tax auctions every year. And all the bids start at the amount of the taxes owed. So there are thousands of properties that have starting bids for as low as $900.

Also, what's a good deal to one person may not be to another. People have different ideals at tax auctions and trustee sales.

I am not suggesting that this stuff doesn't require a little savvy.

Also, I would like to add that I am not an expert on tax liens. That's not really my area. That's why I mentioned that imaddict should write a book about tax liens... Because it doesn't require a lot of experience.

You mentioned a great point that I think will really help imaddict. Your friend is in the process of "dumbing" his book. Why? Because the average person wouldn't understand it.

Ebooks are supposed to be simple. Why? Because there are more people that don't know what they are doing then people that do. And that's the case in all niche's.

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MaskedMarketer

16 years ago

Originally Posted by marcanthony

Tax Liens/deeds would be a good ebook to write on since it is simple and many people don't know much about it. And now it is booming because of the current economic situation we are in.

One could become an expert on a subject just by reading many books on that topic. Of course you won't have the experience yet, but you'll have the knowlege.

Also, I hear there are ALOT of overbids in CA. In fact, one of my investors does 300k net in a few months by finding the people that are owed the overbid amount. Not many people know about this hidden gold mine ( and it does great in the "recession" times.

If you can find an ebook by John Lane, he explains the "overbid" strategy to making money pretty well. There are billions of dollars in unclaimed money.. And if you can find who is owed money and tell them about it- you'll make a nice profit doing this..

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marcanthony

16 years ago

Originally Posted by MaskedMarketer

That sounds interesting. I'm not familiar with that market. In fact, I have never heard of that at all. How does your investor buddy make money doing that?

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MaskedMarketer

16 years ago

Originally Posted by marcanthony

That sounds interesting. I'm not familiar with that market. In fact, I have never heard of that at all. How does your investor buddy make money doing that?

I'm sure it could be done for any unclaimed money, but he does it with tax liens, i think foreclosures, and maybe something else.

Lets say in one county in CA there is 100 properties listed totaling 100k in owed taxes. Obviously, their is usually overbid on these amounts.

So, if their is 1 million of overbid, that money is owed to the home owners (depending on county and state).

Note: Is not uncommon to have 10 million plus in owed money in ONE county and there are over 5k counties in the US. Plenty of money goes unclaimed.

Now, you need to get the lists of names of people that are owed this money from the county. Most of the time these home owners have no idea their lien went for auction or they are owed money.

Now that you have the list, you need the current address and phone number of these people. The key here is finding a good place to find the most up to date and accurate information.

Once you have the list of contact for these people you call them or send them a letter/ postcard telling them they need to collect this money. Usually my investor friend takes 25%- 33% of the deal.

You'll need contracts to get this done, but is very profitable. You would be essentially selling people money when they NEED it- there lien just went up for auction so you know they are probably struggling for money.

My friend is doing a 15 million overbid mailing and expects to see no less than 300k net return from this list.

I work with a multi-billion dollar, international, real estate investment organization, so it has its benefits.

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OnlineMasterMind 16 years ago

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marcanthony

16 years ago

Originally Posted by MaskedMarketer

Very interesting!

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MaskedMarketer 16 years ago

Originally Posted by marcanthony

Very interesting!

Yeah he teaches some creative ways to making money with Tax Liens and deeds. He actually does seminars on that..

I know Texas is good. 25% interest in 6 months or you get the home.
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Selling to a niche with no expertise

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