Do you know why most real estate gurus charge $5000 for stuff that could be written in a $10 publication?
The illusion is that the higher cost item is of higher quality by the end buyer.
Did you know that many companies repackage the same products under different labels to give the illusion of superior quality? For instance, major beer companies also produce the local “microbrews” that people overpay for. The same parts from other manufacturers can be found inside Dell computer systems. Increased profits are achieved by juice companies by putting the same juice in a more expensive “high quality brand” label.
So which “juice” are you spending your money on, the expensive package or the stuff inside?
The marketing image is every business
Many times when you believe you are buying a better quality and not to mention more costly “competitor,” you are actually purchasing the identical repackaged product. I’ve spent many hours reading investing books at the library to find that the quality of most guru’s courses are not what you pay for. Surprisingly to some, the free material is typically actually more valuable. That’s why there are great sites out there like Matthew David’s The Investor Today that are showing people how to get started without spending a fortune.
Take this into consideration. If you have a hall full of 100 people paying five thousand dollars to attend your seminar that only costs about twenty five hundred dollars total to assemble, your gross profit can be half a million dollars per week. How much real estate investing do you really need to do? And the truth is that they don’t do any investing. Consequently, in real estate investing, the $10-50 books often contain better and more complete information than the vastly more expensive boot camps and seminars. It’s obvious, they are put together by investors in the real world who aren’t profiting off of the false price-quality illusion paradigm.
How much is hype worth to you?
Is it worth $5000? How about $10,000? The belief that paying more will produce superior results has cause many people to spend more than they need to. In reality, all that has changed is your perception. You may be believing that the free ecourse from The Investor Today website doesn’t contain the same information as an expensive weekend seminar. There is actually more value to it in truth. The choice to perceive it as such is up to you.
Pricing is generally a black art and is based more on what people are prepared to pay than on the actual cost of the product. Real estate gurus could charge hundreds of dollars for a free course and people would actually pay for it. Manufactured goods are a different story because they often have production costs worked into the price. Price-quality often makes sense for manufactured goods. The packaging and sales is the only difference between a $10 book and a $5000 course. The information is exactly the same only they are presented from very different marketing angels.
What should a free real estate investing course contain?
1. Detailed How to Info
It may seem very apparent that your course should have this sort of information but you’d be amazed at how many courses on all kinds of subjects, including investing in real estate, explain to you for instance that you have to have a discount without telling you how to achieve a discount. You don’t pay $1000s just to get motivated even though it is certainly a part of success. How to information is a must, not just the motivation.
2. Expectation for real life
Real estate has made more millionaires than all other businesses combined by over 9 times. It works to make wealth. The problem is that most gurus convince people that they’re going to retire tomorrow without any work. They have fancier packaging and presentation, but what they’re selling is the same thing the lottery companies do. Most people hate their job but don’t let it make you blindly spend money on poor content. A good course should tell you just how much time, effort and detail is required to make a fantastic living for you. Over 90% of people who take an investment course will never use the information and I think the biggest reason is being sold on unrealistic expectations.
3. Forms and contracts
It blew my mind when I first attended real estate investment club circles searching for contracts. Instead, I was greeted with all kinds of starting out investors who had forked out thousands of dollars on the seminars and boot camps and they were still looking for the same materials[spin] that I was. [spin]You wouldn’t build a house without the tools so how can you do a real estate deal without your tools?
So are you a victim of price illusion in real estate investing? If you took the hype away, what is a free real estate investing ebook really worth to you?
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