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Updated 4 days ago, 11/15/2024
Marketing to Marketers
Hey everyone, many of you send mailers, texts and all sorts of campaigns to try and find deals. I'm attempting many of these strategies as well. I'm a newby so I haven't had much luck yet, but that's ok I'll keep grinding. I own one rental currently and am looking for more. I get calls, texts, cards and letters constantly on this rental. Lately, I've started thinking maybe these people are wholesalers or investors that could have properties to sell. So I've started texting them back saying that "I'm not currently interest in selling but am trying to build my portfolio. If you have a buyers list, I'd love to be included." A handful of people have responded and asked what my parameters are, etc, which I thought was pretty exciting. Of course, after that brief interaction, I'm pretty sure I just become lost in a sea of other text messages.
My question is do any of you see a way to utilize a strategy like this? I've had a pretty good percentage of people respond which is nice but that's all. Any ideas for what I could/should do next to capitalize on all these messages from potential owners with properties to sell?
Save yourself some time by creating a detailed bullet point list of all of the criteria you look for in a deal - and be specific. Save this list so that you can email it to people who ask about your "buy box". This way, you don't have to start from scratch every time.
If you want to get on buyer lists, Google "we buy houses" and "cash home buyers" plus your city name. Almost all of the businesses that pop up are either wholesalers or investors. Start systematically reaching out to these businesses to let them know you are a buyer and give them your criteria.
There are lots of investing and REIA groups on Facebook out there - most every city has at least one. Join those groups and post your criteria there. Also pay attention to who the people are that seem to be acquiring lots of deals. Those are the ones you should reach out to and build relationships with.
Do these things and you won't have to wait around for people to contact you.
Honestly, this approach doesn't seem like a very effective practice, which may explain why it wasn't working. Instead of waiting for others to reach out, take the initiative and actively seek out the top wholesalers and providers of off-market deals in your area. You can search on Google, attend REI meetings, or explore Facebook groups.
People invest a lot of time and energy in generating off-market leads, and connecting with reliable, reputable sources who supply quality deals can be a game changer.
Quote from @Jake Tiffany:
Hey everyone, many of you send mailers, texts and all sorts of campaigns to try and find deals. I'm attempting many of these strategies as well. I'm a newby so I haven't had much luck yet, but that's ok I'll keep grinding. I own one rental currently and am looking for more. I get calls, texts, cards and letters constantly on this rental. Lately, I've started thinking maybe these people are wholesalers or investors that could have properties to sell. So I've started texting them back saying that "I'm not currently interest in selling but am trying to build my portfolio. If you have a buyers list, I'd love to be included." A handful of people have responded and asked what my parameters are, etc, which I thought was pretty exciting. Of course, after that brief interaction, I'm pretty sure I just become lost in a sea of other text messages.
My question is do any of you see a way to utilize a strategy like this? I've had a pretty good percentage of people respond which is nice but that's all. Any ideas for what I could/should do next to capitalize on all these messages from potential owners with properties to sell?
Truth time: I suspect the reason you didn't get any responses back from these alleged "wholesalers and investors" is that hardly any of them are actually transacting deals!
The fact that they contacted you cold even though, I assume, you have ZERO interest in selling your rental pretty well sums up most of the marketing done by wannabe wholesalers. They waste a TON on money shotgunning postcards and letters out to wholly unmotivated owners until they run out of money.
The tip-off is that "buy-box" question. You will eventually learn that wholesalers with deals will just send you what they've got! They don't care about your criteria, since it's not going to change the kind of deals that they come across.
The take-away here is not to be like most newbie wholesalers: Don't do "carpet-bomb" marketing!
Instead, target sellers who have an actual problem, sincerely engage them to learn the specifics, and then solve their problem (and ideally get paid)!
Quote from @Jake Tiffany:
Hey everyone, many of you send mailers, texts and all sorts of campaigns to try and find deals. I'm attempting many of these strategies as well. I'm a newby so I haven't had much luck yet, but that's ok I'll keep grinding. I own one rental currently and am looking for more. I get calls, texts, cards and letters constantly on this rental. Lately, I've started thinking maybe these people are wholesalers or investors that could have properties to sell. So I've started texting them back saying that "I'm not currently interest in selling but am trying to build my portfolio. If you have a buyers list, I'd love to be included." A handful of people have responded and asked what my parameters are, etc, which I thought was pretty exciting. Of course, after that brief interaction, I'm pretty sure I just become lost in a sea of other text messages.
My question is do any of you see a way to utilize a strategy like this? I've had a pretty good percentage of people respond which is nice but that's all. Any ideas for what I could/should do next to capitalize on all these messages from potential owners with properties to sell?
Your approach is smart! By replying to those texts and mailers, you're already tapping into a potential lead source. Here’s how to take it further:
- Follow up consistently - If someone responds, follow up every few weeks to see if they have new deals that fit your criteria.
- Be specific - Clearly outline your preferred property type, location, condition, and price range to make it easier for wholesalers to keep you in mind.
- Build relationships - Try setting up a phone call instead of just texting. A personal connection can help you stand out.
- Request their deals list - Ask to be added to their email or text alerts for any properties they’re marketing.
This strategy should help you turn those responses into potential deals. Keep grinding, and good luck!