Yellow Letters

[Edwin Fisher]

I'm in the process of starting my first direct mail campaign for absentee owners in Chattanooga. I have made lists for each zip code in my area so I can do them zip_code-by-zip_code. I if I Let them go to a Google voice number? When you call back a yellow letter lead, do you have phone script? What info do I need to get on the first call? How often should I follow up? I have more questions but those are the biggest.

Any other advice on getting started would me great as well. Eddie

[Brionne Moss]

Hi @Edwin Fisher,

I have JUST started the exact campaign as well so I can help you out with a couple of your questions.

Based off the forums and trial and analysis from other user campaigns, it is highly recommended that if possible, you should answer the phone if you are available to talk. If you can't then of course you let it go to VM. Don't forget to set up a simple VM message on google voice.

Initially you can have a script, but your end goal should be to eventually take the call without it. For it to become natural. The purpose of the script is to make sure you ask the right questions in determining whether or not the seller is motivated and meets your qualifications. Search BP for phone scripts and a ton will come up. Once you find a good script on the forum, it should have all the questions you need to gather the right information. Current equity, why they are selling, do they have an agent ETC.

Since I'm not real estate pro and just getting started like you, the best advice I can give is to always work hard and go an extra mile. That methodology/thought process has gotten me far in life and I'm sure it can do the same in REI. Wishing you the best Eddie! Keep us updated on your progress.

[Edwin Fisher]

I appreciate your help. I plan to send out my first shipment of letters in the next few weeks. We will see how it goes; I spoke with Norma from yellowletters.com. They seem to be able to make the process pretty painless. If you don’t mind me asking what kind of budget you doing I was thinking of doing $100 per week on a 3-month trial, how many do you send out at one time? How many do you actually go look at? Thanks again! Edwin

P.S. they have the cost per letter at 1.09-1.49 depending on if I am willing to do 500 or several thousand, how dose that compare to what others are doing?

[Brionne Moss]

Of course, the legendary yellowletters. =) Spoken very highly  of. I actually opted to go with Jerry Puckett at Marketlikeawholsaler.com. I plan to start a blog on BP as I just sent out my first batch yesterday. Can really only speak on their company and not the response rate just yet, but they seem to be excellent people. Very kind helpful and responsive. I'm sure like Michael and his team. But I really liked the incentive that he offered to coach you along the way if you purchase one of his mailing campaigns. 

I decided a budget of 3k. To save money, I chose to stamp and stuff them my self. Due to my quantity of 725 letters and envelopes a month for 5 months, it ran me $0.50 a letter/envelope. You have to purchase your own stamps for $0.49 but I found some DEEEPly discounted stamps. I'm sure I'll pay the full services when I get ramped up, but for now, I'll save money where I can. (I'll send out roughly 240 for 3 weeks, once a week every month.)

Regardless how many letters you do, I highly suggest you do at least 5 or 6 months. The key in direct mail is repetition. You shouldn't expect responses until after the 5th or 6th mailer. 

Let me know if you have anymore questions. Happy to help where I can!

[Brian Gibbons]

Google "rule of seven Webuyhouses

You buy one list, you hit that list seven or more times for wholesaling, 

Warning: if you hit a list one or two or three or four times you're wasting your money

Most valuable lesson in marketing from 

@Dev Horn

[Dev Horn]

CLICK HERE to see the "Rule of 7" video @Brian Gibbons mentioned...

And here's a great checklist I got from someone here in BP a long time ago - might have been @Michael Quarles ...

MOTIVATED SELLER – QUESTIONNAIRE CHECKLIST

The following is a list of sample questions you should ask a seller. When talking to a seller, try to ask the questions through the course of a conversation and try not to sound like you are reading from a list.

(Note: You will not ask all of these questions depending on the answers the seller gives and your investing objectives.)

Asking About The Seller And Their Property:

• Can you tell me a little bit about your home? (# of bedrooms, baths, size etc.)
• What do you like most about the home?
• What do you like the least?
• Are there any repairs needed?
• What is your sales price and how did you arrive at it?
• What do you think your house would appraise for in excellent condition?
• What do you think your property could rent for?
• Is your property listed with a real estate agent?
• If you don’t mind me asking, why are you selling?

Asking About The Existing Financing:

• Do you own the house free and clear?
• Do you know if your mortgage loan assumable?
• Would you sell the house for what you owe?
• If not, how much are you looking to get above what you owe?

(Subtract that from sales price to get loan balance.)

• How much are the monthly payments on the mortgage?
• Are the payments current?

What Kind Of Deal Can You Get:

• If I paid you all cash and closed quickly, what is the least you could take?

(Follow-up by asking if that is truly the least they would take.)

• Will you consider leasing the property to me with an option to buy if I guarantee the mortgage payments and maintenance?
• Do you have a problem with someone living in the property until I get it sold?
• Would you consider optioning the property to me, if there is absolutely no risk or cost to you?

[Michael Quarles]

@Dev Horn nope not mine.   I really don't care much about the property characteristics. That's stuff comes later.  I do care about things like value, perceived value, walk a way money and whether it's a contractable property.  

This statement; 

"Once you find a good script on the forum, it should have all the questions you need to gather the right information".

 is imho why most fail.

It's like asking Hellen Keller to pick a paint color.  

[Dev Horn]

That said, @Michael Quarles, I've heard audio tracks on your coaching site where you play calls that came into your business, and it sounds like the young lady is pretty much following a SCRIPT.  Right?  What are you telling these new guys?  To just wing it, or follow some sort of process?  I think that latter, right?  =) 

[Michael Quarles]

@Dev Horn

Actually the opposite of winging it... 

I think they need very detailed scripts. Heck my Alex script is 14 pages long and the Ryan is 24 pages. Naturally these pages include the rebuttals and such however everyone needs to follow a script to have the most success possible. 

I think winging it will lead to failure. 

My point about Helen was that you cant just pick a script to use. You better understand why its created the way it is and use very basic communication techniques.  Understand mimicking, pacing, embedded commands, positive and negative reinforcements and dear gosh how about using a little sales technique... 

And what worked yesterday wont work as well today...

But heck just pick a script from the BP vault and youll be fine..  

[Brionne Moss]

So @Michael Quarles, what I was trying to get at is that you have to start somewhere, and if it's not questions off the top of your head then it would have to be a script. I didn't recommend one in particular per se because I don't have the numbers to back it. But I found quite a few of your scripts in the forum which is why I thought it would be a good place to recommend in the first place. You have to start somewhere. 

[Michael Quarles]

@Brionne Moss

As an example of the many scripts I have added to BP over the years none of them include this question|statement which with today's technology is a great question to ask... 

We can receive so much by requesting these in two ways.

1. We see motivation and/or, procrastination or lack thereof.
2. The seller is participating with us when they have to carry out a task. When they participate we then can confirm their willingness to sell.

BTW I underlined the embedded commands..

[Edwin Fisher]

Thanks so much for all the detailed advice! .@Brionne Moss,@Michael Quarrels,@Dev Horn,Brian Gibbons, your Knowledge and expertise is a huge asset thanks for your willingnessto share!

Thanks Brian Gibbons, and Dev Horn 1. I had not heard of the rule of 7’s how long do you recommend waiting between each mailing/contact. Should each mailing be a new letter, a combination of letters and post cards, or the same letter?

2. If i plan to spend 400 per month should I just do a few zip codes until I get two 7-9 mailings?

@Michael Quarrels I love the idea of having them send you pictures, will save me tons of time.

@Michael QuarlesWhen you said:

“I think they need very detailed scripts. Heck my Alex script is 14 pages long and the Ryan is 24 pages. Naturally these pages include the rebuttals and such however everyone needs to follow a script to have the most success possible”

How would I go about getting a copy of your 14 and 24 page scripts?

[Jerry Puckett]

Ever feel like you stepped straight into a commercial? Nothing like the old one two punch.....

[Brian Gibbons]

Originally posted by @Dev Horn:

CLICK HERE to see the "Rule of 7" video @Brian Gibbons mentioned...

And here's a great checklist I got from someone here in BP a long time ago - might have been @Michael Quarles ...

MOTIVATED SELLER – QUESTIONNAIRE CHECKLIST

The following is a list of sample questions you should ask a seller. When talking to a seller, try to ask the questions through the course of a conversation and try not to sound like you are reading from a list.

(Note: You will not ask all of these questions depending on the answers the seller gives and your investing objectives.)

Asking About The Seller And Their Property:

• Can you tell me a little bit about your home? (# of bedrooms, baths, size etc.)
• What do you like most about the home?
• What do you like the least?
• Are there any repairs needed?
• What is your sales price and how did you arrive at it?
• What do you think your house would appraise for in excellent condition?
• What do you think your property could rent for?
• Is your property listed with a real estate agent?
• If you don’t mind me asking, why are you selling?

Asking About The Existing Financing:

• Do you own the house free and clear?
• Do you know if your mortgage loan assumable?
• Would you sell the house for what you owe?
• If not, how much are you looking to get above what you owe?

(Subtract that from sales price to get loan balance.)

• How much are the monthly payments on the mortgage?
• Are the payments current?

What Kind Of Deal Can You Get:

• If I paid you all cash and closed quickly, what is the least you could take?

(Follow-up by asking if that is truly the least they would take.)

• Will you consider leasing the property to me with an option to buy if I guarantee the mortgage payments and maintenance?
• Do you have a problem with someone living in the property until I get it sold?
• Would you consider optioning the property to me, if there is absolutely no risk or cost to you?

 Dev I've had this up on BP since 2008 or so...

MOTIVATED SELLER - QUESTIONNAIRE CHECKLIST

The following is a list of sample questions you should ask a seller. When talking to a seller, try to ask the questions through the course of a conversation and try not to sound like you are reading from a list.

(Note: You will not ask all of these questions depending on the answers the seller gives and your investing objectives.)

Asking About The Seller And Their Property:

• Can you tell me a little bit about your home? (# of bedrooms, baths, size etc.)

• What do you like most about the home?

• What do you like the least?

• Are there any repairs needed?

• What is your sales price and how did you arrive at it?

• What do you think your house would appraise for in excellent condition?

• What do you think your property could rent for?

• Is your property listed with a real estate agent?

• If you don’t mind me asking, why are you selling?

Asking About The Existing Financing:

• Do you own the house free and clear?

• Do you know if your mortgage loan assumable?

• Would you sell the house for what you owe?

• If not, how much are you looking to get above what you owe? (Subtract that

from sales price to get loan balance.)

• How much are the monthly payment on the mortgage?

• Are the payments current?

What Kind Of Deal Can You Get:

• If I paid you all cash and closed quickly, what is the least you could take?

(Follow-up by asking if that is truly the least they would take.)

• Will you consider leasing the property to me with an option to buy if I

guarantee the mortgage

payments and maintenance?

• Do you have a problem with someone living in the property until I get it sold?

• Would you consider optioning the property to me, if there is absolutely no risk or cost to you? 

--------

Here is my phone lead sheet

PROPERTY INFORMATION WORKSHEET

Address __________________________________________ Date _________

Location / Cross Street _______________________________ Map Pg# _____

Seller _______________________ Ph# ____________ Alt. Ph# ___________

Listing Agent _________________ Ph# ____________ Alt. Ph# ___________

CONDITION

__Occupied / __Vacant _____ Bed/_____ Bath Construction _____________

A/C ___________ Elect. Amps ________ Garage _____ Year Built _______

Roof ____________________________________________________________

Exterior __________________________________________________________

Interior __________________________________________________________

Kitchen __________________________________________________________

Baths ___________________________________________________________

Plumbing ________________________________________________________

Appliances _______________________________________________________

Neighborhood ____________________________________________________

Other Work Needed ________________________________________________

________________________________________________________________

FINANCIALS

1st Lien Bal. $_________ 2nd lien Bal. $_________ In Foreclosure: __Yes/__No

Asking Price $_________ My Offer $_________ Resell Approx. $__________

Terms: __ Subject To, __ Agr. For Deed, __ Seller Fin., __ Lease Option, __ All Cash

Additional Notes __________________________________________________

________________________________________________________________

________________________________________________________________

CONTACT RECORD

Name Date Note

_________________________ _____________ ____________________

_________________________ _____________ ____________________

_________________________ _____________ ____________________

_________________________ _____________ ____________________

_________________________ _____________ ____________________

_________________________ _____________ ____________________ 

[Edwin Fisher]

Brian Gibbons Thank you, I love that it has follow up dates at the end for tracking! One more quick question about software tracking.

If I was going to pay $495 for a script, it would be a nice bonus if it could do more for me then just give me the lines. I work in the medical field, paper charting is old school, putting information straight into software, capable of generating follow up, and much more seems the way to go?

Has anyone already invented a great system, is there a clear leader, or place to start? I prefer something that is not too complex yet capable? Thanks again in advance. You guys are great!

[Dev Horn]

More and more, our guys are implementing CRM systems to better track their leads and automate much of the follow-up.

There are inexpensive web-based CRMs like Zoho (https://www.zoho.com/crm/) and Podio (https://podio.com/) but you'll have to do a lot of customization.

REIMobile (http://reimobile.com/) is a decent low-cost solution (from Lead Propeller) that is already tailored for RE investor processes.

And don't forget Top Producer (http://www.topproducer.com/) which is used by many agents & brokers.  It's not that expensive and I really like their desktop interface and their smartphone app which looks like a small window into the desktop.

[Scott Costello]

What I like about Podio is that you can start simple and build it out to your exact needs as you go.  The other systems are set in stone for the most part with many features you won't use. 

[Edwin Fisher]

Dev Horn,Scott Costello, Thanks I will look at some of these CRM's, So no clear winner that is most used by people doing Yellow Letters? I know it sounds lazy I just don't want to put a ton of time learning a system then find I need to ditch it for a new system that dose it better. I will try to give you guys an update in a few weeks when I get rolling thanks again for all the help all of you.

[Jeff Fairchild]

Listen to the videos at this link https://www.youtube.com/playlist?list=PLI-g_3tPb2O...

Buy than merril's wholesaling bible from amazon.

listen to real estate podcasts using the app from https://www.stitcher.com/

buy a chromecast to make watching youtube videos easier. type in random phrases to learn about "finding motivated sellers" "finding buyers" etc.

sign up for podio.com and watch videos on youtube about it.

There is a start.

[Edwin Fisher]

Originally posted by @Jeff Fairchild:

Listen to the videos at this link https://www.youtube.com/playlist?list=PLI-g_3tPb2O...

Buy than merril's wholesaling bible from amazon.

listen to real estate podcasts using the app from https://www.stitcher.com/

buy a chromecast to make watching youtube videos easier. type in random phrases to learn about "finding motivated sellers" "finding buyers" etc.

sign up for podio.com and watch videos on youtube about it.

There is a start.

 Jeff thanks for your post! You have several ideas that I have not heard yet! I will them check out. I would love to hear updates as you get started with wholesaling as well.

[Wendy Vaidic]

@Edwin Fisher how did your direct mailing campaign go?  I'd love to hear about your results, changes and lessons learned.

Thanks,

Wendy

[Kevin Bowen]

It has been a while since this post.  Wondering how your marketing campaigns have worked out?

[Robin Hall]

Same question as Kevin, I wanted to know how it went! Good Luck again.