Bessemer, AL · Member since 2014 · 581 posts · 32 votes
Almost every wholesaler use the same we buy house for all cash strategy. I tried that approach when I contacted sellers. I want to try a different approach. Instead of coming at the sellers with that same old I will buy your house for all cash method, I want to approach them as a problem solver. My mission will be to understand their motive for selling. Why are they selling? Why do they need all cash rather than selling house on terms? What do they need the money for and how soon? I could probably throw a few more in there. Is this problem solver method a lot better than reaching out to sellers as an investor looking to come in with the sole purpose of making a profit? Sellers are hip to the we buy houses guys, so they get turned off quick.
@Antoine Martel I target certain sellers with direct mail marketing. That could be vacant house owners and some are probates. I am looking to expand my search further if needed. I just need to get them calling me, so I can go from there. I have gotten a few calls with the I buy houses for cash letters but not a lot continuously like I need it to be.
Tony, how many months have you sent 500 letters out? What is your response rate like? I ask because I’m seriosuly considering a small campaign targeted at 2-4 units. The goal is to just buy one deal every 12-18 months to brrrr. I plan on mailing about 1200 letters a month and figure I’ll get maybe 3-6 calls from each mailing and possibly find a motivated seller within about 12 months. But that’s why I’m curious about how your campaign has gone so far.
Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
8y
Very good point.
You should differentiate yourself from the rest of the pack.
The thing is you're going to have to find a way to start the conversation with the sellers. How do you plan on doing so without the message of you will buy their homes for cash?
Bessemer, AL · Member since 2014 · 581 posts · 32 votes
8y
@Antoine Martel I was thinking getting right to the point by coming to them as someone who is willing to help them. I will let them know upfront if I cannot pay cash I have another alternative. That being the sell on terms method I am referring them to. I don't want to come to them just as the cash buyer because paying cash may not be the best option depending on the situation they are in.
Bessemer, AL · Member since 2014 · 581 posts · 32 votes
8y
@Antoine Martel I target certain sellers with direct mail marketing. That could be vacant house owners and some are probates. I am looking to expand my search further if needed. I just need to get them calling me, so I can go from there. I have gotten a few calls with the I buy houses for cash letters but not a lot continuously like I need it to be.
Flipper/Rehabber · Summerville, SC · Member since 2015 · 63 posts · 51 votes
8y
@Tony Marcelle After reading your post I feel you would be a great candidate for working with Probate sellers. These sellers are in a much motivated, and emotional state. A simple turn, burn and cash offer isn't how you help these people. There are so many different ways you can help these sellers, from estate sales, helping them find other homes, and simply being an educated resource. These sellers are 90% of the time appointed by the state as the Personal Representative suddenly. So, to compound a death in the family, and to manage an estate sale, greedy Heirs, and the fear of making the right choice need that extra special attention. Check out (alltheleads.com) to check for your county. You will be competing with Realtors, but that's an easy objection handler!
When I first started... I could only afford to send out 200 mailers. Instead of using Yellow letters printed handwritten letters, I cut a yellow steno pad paper into thirds and hand wrote each letter. Additionally, I used pastel envelope (now a standard) and kept my veribage short and sweet. I received 6 calls and closed 3 transactions. Using the capital I made from those closing invested in larger yellow letter campaigns, and incrementally increase my budget from there.
In the beginning, you just need to do something. Don't' over think it. Take action. Stop overanalyzing.
@Antoine Martel How to do that with a small budget? I have 500 direct mailers going out to probate leads every month.
It's hard to do with a small budget. Instead you can get probate leads and then do door knocking. Which is free.
What do you tell someone new to the whole door knocking on probate seller strategy? Just the thought of knocking on strangers doors unannounced sounds scary in my opinion.
@Antoine Martel I target certain sellers with direct mail marketing. That could be vacant house owners and some are probates. I am looking to expand my search further if needed. I just need to get them calling me, so I can go from there. I have gotten a few calls with the I buy houses for cash letters but not a lot continuously like I need it to be.
Tony, how many months have you sent 500 letters out? What is your response rate like? I ask because I’m seriosuly considering a small campaign targeted at 2-4 units. The goal is to just buy one deal every 12-18 months to brrrr. I plan on mailing about 1200 letters a month and figure I’ll get maybe 3-6 calls from each mailing and possibly find a motivated seller within about 12 months. But that’s why I’m curious about how your campaign has gone so far.