Question about 1st time mailer campaign I'm planning

Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes

2y

Quote from @John S.:

Hello everyone!

I'm an investor based out of Long Island, NY. I've currently got 2 multifamily properties here with 5 total units -- I live in 1 of them.

It's been extremely difficult to find multifamily properties that meet the criteria that I'm looking for through the MLS, and when I do, they're extremely overpriced. The last house I bought, was brought to me off-market by my agent, and it's seeming that off-market is the only way to get good properties without the MLS prices.

I've recently got a nice business card printed up, and would like to start a direct mailer campaign, using BatchLeads to find multifamily properties in the local towns that I wish to invest in.

I have a pretty strict criteria about what I'm looking to purchase at this time:

-Legal 2-or-more unit large Multifamily (not required to be owner occupied)

-Each unit should be at least 3 bedrooms (so if it's a duplex, it needs to be 6+ bedrooms)

-Sewer (not septic)

-Gas (not oil)

A lot of this information is not readily available online, so once I start my mailers, I'm sure I'm going to find people who eventually respond, but that don't have criteria which match what I'm looking for.

I feel like it would be a waste if I paid a bunch of money for direct mailers, and then someone reaches out to me to sell, but their house doesn't match the criteria of what I'm looking for -- I don't know anything about wholesaling.

What can I do to monetize these leads, or is the answer is that I need to learn

One way to monetize this would be to get your RE license.

You can refer out the deals that you don't buy and collect a commission. This would become a passive income source since you aren't listing the property, hosting open houses, etc.

Another option would be to wholesale the deal.

I am not trying to oversimplify this option.. You'd need to put time and effort into finding a buyer, negotiating the deal, putting it together, and keeping it together.

My recommendation would be to partner with Realtor for referrals so you can spend your time on what you do best.

Either way, with your criteria being so specific, you'll likely end up with quality leads and an additional income source!

All the best!

Abel

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Yogev Lifchin

Specialist · Krakow, Europe · Member since 2019 · 87 posts · 25 votes

1y

@John S.

You won’t know for sure until you send them out, so you just have to factor it in—consider how many gross inbound calls you’ll get and how many of those will be relevant to you.

Then, calculate the cost of the data plus the cost of the mailers. You’ll need to experiment with these variables until you find a method that works.

These days, I’m fully invested in Google Ads, which doesn’t require data extraction and allows you to pre-screen people.

Additionally, to monetize the leads, you could make a deal with a broker to get a finder’s fee (they can split the commission, but only if you’re a licensed broker). Or, if the deal is strong enough, consider wholesaling it.

Hope this helps!

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Jonathan GreeneBusiness Member

Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes

1y

You are about to mail to homes that a ton of other investors already mail to most likely, so it's not going to get you far. Most initial responses are people with inflated prices (higher than market value). If you are going to mail, you have to be ready to dish deals that you don't want to someone else.

The most important thing if you do decide to mail (I wouldn't based on what you are looking for, everyone is mailing that), is your message. Are you going to say the same thing as everyone else that you will buy quick for cash? Say no. You should say most of what you said up there and make it more personal. You are a local investor with a couple properties, not a conglomerate, and you are looking to get one more and the open market is dry. They will appreciate that more than what some companies tell you do which is garbage.

Just remember, when you are mailing off-market, usually terms are more important than price. You are there to solve a problem, you just have to know what the problem is.

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Crystal SmithPro Member

Moderator

Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes

1y

Quote from @John S.:

Hello everyone!

I'm an investor based out of Long Island, NY. I've currently got 2 multifamily properties here with 5 total units -- I live in 1 of them.

It's been extremely difficult to find multifamily properties that meet the criteria that I'm looking for through the MLS, and when I do, they're extremely overpriced. The last house I bought, was brought to me off-market by my agent, and it's seeming that off-market is the only way to get good properties without the MLS prices.

I've recently got a nice business card printed up, and would like to start a direct mailer campaign, using BatchLeads to find multifamily properties in the local towns that I wish to invest in.

I have a pretty strict criteria about what I'm looking to purchase at this time:

-Legal 2-or-more unit large Multifamily (not required to be owner occupied)

-Each unit should be at least 3 bedrooms (so if it's a duplex, it needs to be 6+ bedrooms)

-Sewer (not septic)

-Gas (not oil)

A lot of this information is not readily available online, so once I start my mailers, I'm sure I'm going to find people who eventually respond, but that don't have criteria which match what I'm looking for.

I feel like it would be a waste if I paid a bunch of money for direct mailers, and then someone reaches out to me to sell, but their house doesn't match the criteria of what I'm looking for -- I don't know anything about wholesaling.

What can I do to monetize these leads, or is the answer is that I need to learn

So we believe no lead is a bad lead. I'm going to assume that you are part of an investor community on Long Island. If not then become part of a community. If someone responds to one of your mailers but their property does not fit your criteria, then leverage your community to see if it's a good fit for another investor. If it's a good fit for another investor then there are multiple ways to monetize.

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Roi Azoulay

Real Estate Agent · New York, NY · Member since 2019 · 55 posts · 28 votes

1y

Quote from @John S.:

Hello everyone!

I'm an investor based out of Long Island, NY. I've currently got 2 multifamily properties here with 5 total units -- I live in 1 of them.

It's been extremely difficult to find multifamily properties that meet the criteria that I'm looking for through the MLS, and when I do, they're extremely overpriced. The last house I bought, was brought to me off-market by my agent, and it's seeming that off-market is the only way to get good properties without the MLS prices.

I've recently got a nice business card printed up, and would like to start a direct mailer campaign, using BatchLeads to find multifamily properties in the local towns that I wish to invest in.

I have a pretty strict criteria about what I'm looking to purchase at this time:

-Legal 2-or-more unit large Multifamily (not required to be owner occupied)

-Each unit should be at least 3 bedrooms (so if it's a duplex, it needs to be 6+ bedrooms)

-Sewer (not septic)

-Gas (not oil)

A lot of this information is not readily available online, so once I start my mailers, I'm sure I'm going to find people who eventually respond, but that don't have criteria which match what I'm looking for.

I feel like it would be a waste if I paid a bunch of money for direct mailers, and then someone reaches out to me to sell, but their house doesn't match the criteria of what I'm looking for -- I don't know anything about wholesaling.

What can I do to monetize these leads, or is the answer is that I need to learn

Where do you pull your direct mail campaign list from? On some websites, you can filter by number of units, bedroom, size, etc. Nothing is 100% accurate, so you will have to review the data to ensure you are not wasting $ on dead ends (property just sold/on MLS, recently rented, etc). Once you have a good amount of filtered data, it would be more accurate to continue to reach out to different types of mailers or use direct reach. NY Market is very competitive, so getting a good deal might be worth the investment of being flexible with your preferences or any upgrades needed on the property; cheap houses are houses that need work or problems that need to be fixed.

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Question about 1st time mailer campaign I'm planning

Question about 1st time mailer campaign I'm planning

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