DM to larger list or hit a smaller list multiple times?

Question

Im about 3 weeks into my wholesaling journey with no leads and im just trying to figure out the best way to use my limited capital. So far I've been targeting a list of 700 High equity, absentee owners. I've sent them all post cards, and i've cold called 300 names in the list with no leads yet. I plan on calling the rest of them this weekend. After I call the rest of them Im looking to send out another mailing. Would it be worth it? Im thinking it might be better to save the money and just start back at the top of the list and cold call them all again. Im really just so hungry for my first deal, but my time is limited as I work 50 hours a week as well as attend community college. Thoughts/tips?

Ehsan Rishat · Answer

@Isiah Loya, if you're limited with budget, then it would be waste of money to just mailers just once. You are better off trying a different strategy like cold calling, SMS blast, RVM blast, etc. Direct Mail definitely gets you deals but only makes sense when have enough budget to do 5-6 mailers.

The most important part of being successful with DM or any marketing strategy is persistence. Try to include your website, emails if you haven't because cause there are people who are more comfortable with the emails and filling contact us form instead of calling and adding the additional info makes you look more professional.

If you didn't get any response sending 700 mailers, then there might be something wrong either with the list or with the message.

With a limited budget, I would start out with the following more targeted lists: Tax Delinquent, Probate, Divorce, Code Violations, etc before you go into High Equity.

Michael Quarles · Answer

Good to meet you Isiah

Cold Calling COLD is 1:100 ratio to appointments. FSBOer, FRBOerrs, and Expireds 1:20/25.  Youll need an average 9 appointments to a deal and that's if you understand negotiation. And doing more is better than once and done, same with all lead groups.

DM Postcards are typically 1/2 to 1% call ratio and you'll need  a few to land an appointment them youll need on average 9 appointments to close a deal.

Business is all about Lead Generation, Lead Capture, Lean Nurturing and Lead fulfillment.

Therefore the more lead that you can generate the more money youll make.

Suggestions

• text/call all of those people in your cell phone
• Join networking groups (not REIAs). Things like the Chamber of Commerce, Young Republicans, Lyons Clubs and network
• Go to all of the new business openings in your area. Introduce yourself
• Install a back window wrap on your call that says youre a real estate investor.
• Wear a I Buy Houses Shirt
• Pass out business cards
• Every Time you have an appointment gather all of the prospects DM and call the senders to see if they are buyers or just assignors.
• Jump on Twilio and Zillow and call all of the FSBOs and For Rents. They supply the numbers
• Visit the unlawful detainer hearings at the courthouse.
• Anyone who tells you that their house is in escrow follow up every two weeks. The likelihood it will fall out is great.

And by all means dont give up.

Happy House Hunting.

Collin Goodwin · Answer

Account Closed mentioned, you want to start with a central CRM that can be used to progress your prospects down the sales pipeline.

Bryce DeCora · Answer

Account Closed CallRail is what you use to track calls, but you should use a system that tracks your overall leads and contacts.  For example, you may want to save the number property details for every lead in a table (i.e. whether or not it's in probate, tax delinquent, absentee owner, etc.).  A CRM is the best way to do this.

Account Closed · Answer

@Michael Quarles Thanks for the post Michael! Lots of great tips I haven’t heard yet. Is that 1:100 Cold call ratio mentioned per name? Or is that per successful connect? Are you saying I should get 7 appointments out of a list of 700?

Michael Quarles · Answer

It is contacts and you can on average contact 16 people an hour

Bryce DeCora · Answer

Account Closed get yourself a CRM. Podio is what I use

Jerry Puckett · Answer

Which specific title company have you gotten these lists from Bryce? I've heard many people repeat this over the years, but never seen anyone actually do it.

BTW, not taking the time or spending your resources to fill your pipeline consistently is not a particularly good way to build your business. It's not over after one deal. Coming through to the other side of 4 or 5 touches produces consistent deal flow. Just sayin'

Bryce DeCora · Answer

Account Closed I haven't paid for any lists but have gotten Tax Delinquent, Code Violation, Probate and Absentee Owner all for free.  Go pay a visit to your local title company with a list of lists that you want and they will get you whatever they can in hopes of you using their title company for future transactions.

Lists from a title company will be WAYYY cheaper than going through list source.  These lists will not contain phone numbers, however, so you will have to run them through a skip trace service like Web Pages manually or to a company like REI Skip.

This stuff can be hard to find.  Go pay the county another visit and force them to give you an actual URL and demo of the page.

I'm here for help if you need!  Message me whenever.

Account Closed · Answer

@Bryce DeCora I’ve been using call rail is this similar?

DM to larger list or hit a smaller list multiple times?

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