Direct Mail Questions

[Ryan Butler]

Ok guys, first time on a forum on BP. Let's see how this goes. Also, please let me know if I'm breaking any rules. If I am, I just don't know :)

I've been sending out about 800 pieces of direct mail a month for the last 2 months(and adding 3000 additional pieces a month starting next week or so using yellowletters.com). I have a deal that's going to at least pay for the investment I made. But a couple issues that I am having is as follows:

1.) I've been getting calls but after the potential seller and I speak, they don't seem to answer again. Is that a dead lead now? I've been following up with phone calls a couple times a week but having trouble reaching them. I feel like I might be getting blocked or something.

2.)Thoughts on trying to close the deal on the phone or getting a meeting with very little information? I tried collecting a lot of information, but I've been inclined to just get a meeting with them now as my sole purpose. More personable. Mail->calls->meetings->close.

Alright, bombs away!

Ryan

[Rick Schneck]

Greetings Ryan.

Direct mail usually doesn't render instant results. Do some research to understand the stats related to response and ultimately deals.

What is your script? Are you building rapport? If so, how?

Type "scripts" in the upper right corner search box and you'll find a library of scripts and insights that may WILL help you refine your discussions with your prospects. This community is rich with experienced, and more importantly, caring people.

[Ryan Butler]

I use to ask a lot of questions but I've found that since I drive a lot the script becomes a little much. But usually something like

Thanks for giving me a call. Are you interested in selling? Listed with an agent? Great let me tell you a little bit about what I do. What do you want for the property? I can give you the most money if we can set up a meeting and I can walk through your house. See you Thursday :)

[Scott Costello]

Like David said, motivation shows up at random times in people. I've found that when a person calls up initially and then can't be gotten a hold of again, they are thinking about what they want to do. You may have better luck keeping the lines of communication open if you go out and meet them in person on a walk through of the house.

The more you talk with sellers the more you'll be able to pick up on certain tendencies of motivated and non-motivated sellers. Look at some of the scripts you'll find on BP for some help on what to ask. But try and make it more like a conversation more then a punch list of questions. Ask open ended questions sometimes to get them to talk. The more they talk and open up about their situation the more of a connection they will feel with you.

Hope that helps, and great work on taking action!

[Ciera L.]

My two cents:

People like talking about themselves. Rick asked about your building a rapport...this is so important, otherwise your leads are just going to be annoyed. Ask them a few questions, see if you have any commonalities you can chat about--something other than business, then delve into your spiel.

Best of luck, Ryan!

[Hans Langsholt]

Hi

Generally also bulk e-mail has a low response rate, this because it is cold leads. You then get people just interested in "talk" but now action. This generally applies to all e-mail marketing.

[Mike Nelson]

@Ryan Butler , at the first contact you'd want to talk less and listen more. Focus on connecting with the seller particularly by building rapport. This will give you a bigger chance of getting a second contact or better yet, a possible deal.

Don't ask too many questions about the property or talk a lot about what you do yet. What you're primarily after is determining their motivation and knowing their situation...so you know if you it's the kind of seller and deal you are looking for. So you know if you can also provide a solution to their problem.

There's no special formula or secret on how you can end up having the seller say yes to your offer. Basically, you just have to win people's trust that you're not a phony, that you can actually offer a solution to their problem and that you mean business.

I wouldn't consider a lead dead unless the person is literally dead, has clearly told me to never call him again, or has already sold the house. If it's none of the three, I keep the lead and call them after a while, few weeks, months...depending on where we left off. That's why it's so important to build rapport from the start. You'll be surprised how they can still remember your name the next time you call.

[Ryan Butler]

I agree with the concept of rapport building. I guess that's why the more calls I get the less questions I ask and the more I just want a face to face meeting. Easier to build rapport I feel.

[Alison M.]

Hi Ryan and welcome to the DC real estate investment community. I completely agree with what @Mike Nelson said.

The one thing I'll add to his good advice is that each of us finds his or her own "groove" in building rapport and closing deals where you go from following the script to having it completely internalized so it's second nature. This only happens through practice, practice, practice. You may be more comfortable dealing with people in person, while someone else may be a whiz at closing deals on the phone. Neither one is better than the other as long as both work.

If you know someone you trust who can go along with you on appointments, listen objectively, and then give you feedback on what he/she heard afterward that can help as well. I take my husband along from time to time and then ask him afterward how he thought I did. I know he'll give me the straight scoop ;-). JM.02W.

[Joel Owens]

I do direct mail but for sellers on the commercial real estate side for my buyers I am a broker so I transact the deals for a commission.

Direct mail is a LONG TERM approach that has a snowball affect. Once people see you are out there, credible, and here to stay they want to do business with you more and more.

It's not just about the one property either. They could not want to sell that one but have another property they need help with disposing of. They also could have friends or family that have a need and because you handled them right they want to refer you to others. The right message with consistent targeting is key over time. Do not go too big too fast. Analyze the response rates you are getting and message first and then scale when you can handle it.

[Shaun Reilly]

You definitely should build rapport with people.

I would caution about not trying to do that a little bit before setting an appointment though. Seems like you could waste a lot of time going on appointments with people that you have no shot of converting at an acceptable price that you could weed out in those initial talks.

[Gary Parker]

Originally posted by Mike Nelson:

I wouldn't consider a lead dead unless the person is literally dead, has clearly told me to never call him again, or has already sold the house. If it's none of the three, I keep the lead and call them after a while, few weeks, months...depending on where we left off. That's why it's so important to build rapport from the start. You'll be surprised how they can still remember your name the next time you call.