Real Estate Agent · St. Augustine, FL - Florida · Member since 2016 · 88 posts · 27 votes
BP community,
When it comes to real estate marketing, and especially direct mail, I have hear differing opinions about how to strategize a campaign.
The first strategy is to target as many people as you can. In direct mail, this would be sending out as many mailers as possible.
The alternative strategy I've heard on the forums is to focus less on the volume, but to hit a smaller list 5-8 times over the course of a long period of time.
I've come across this dilemma as I begin my mail campaign to homes I've recorded driving for dollars. I am debating hitting an area with mail that I did 2 months ago or expanding my list further and mailing new prospects.
I ask you BP members: do you believe in the more intimate marketing campaigns or those with the widest reach?
Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes
8y
my current record is 18 mailings (over a 2 yr period) before someone responded. He mentioned the timing was perfect. At closing I joked that he had received 17 previous letters/post cards from us but had no recollection of them. We mail big and consistently. Figure out what your budget will all you to mail every 4-6 weeks and do it consistently. As you make money, increase that size.
All of us that have done mailings know that you need to mail multiple times to your list because you don't know what their status is and they act when there is distress or motivation and a lot of mailings go unopened. Not sure why you would want to mail a big list once and stop. I have read a lot of posts and have never seen anyone advocate to mail a large list once rather than a targeted list for a full campaign - which means at least 6 mailings over 6 months.
Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes
8y
my current record is 18 mailings (over a 2 yr period) before someone responded. He mentioned the timing was perfect. At closing I joked that he had received 17 previous letters/post cards from us but had no recollection of them. We mail big and consistently. Figure out what your budget will all you to mail every 4-6 weeks and do it consistently. As you make money, increase that size.
Investor · New Orleans, LA · Member since 2012 · 969 posts · 747 votes
8y
What you are referring to is the difference between going a mile wide and an inch deep, or going an inch wide and a mile deep...
Going an inch wide and a mile deep is a more colorful and engaging way of saying that it would be wise to pick a very specific target market and a niche.
Unless you have money to burn, you are better off choosing a specific target market and drilling down. Mass marketing is for massive companies... think Coca Cola or Pepsi. They have the money to burn and mass market.
Smaller companies use niche marketing, and for good reason. They use their advertising/marketing dollars wisely to target their ideal customer/client, which then attracts more of that ideal client.
By going with the "inch wide, mile deep" strategy you:
- get really good at serving the needs of your ideal customers
- gain a deeper understanding of your target market and their needs
- become an expert with your marketing and copywriting for that niche
- gain immense knowledge in your specialty for your specific target market
- become an expert and thought leader in your niche which will add power to your marketing
Investor · Jacksonville, FL · Member since 2017 · 55 posts · 20 votes
8y
Andrew Briggs , besides driving and word of mouth there is a few options and creativity can make some more. Consider:
-1) Searching for recent bankruptcy/eviction/pre-foreclosure filings with your county. Depending on your state, this info can be found online fairly easily. There is a process but not hard which varies state to state/county to county. Bankruptcy is a federal issue so start with federal circuit courts there. Evictions are handled at the county circuit level as also are foreclosure filings
-2) you can also pay for these lists via list source or the another site like that
-3) Find a birddog who you will pay a finders fee for referring you good properties you close on (think mailman or via post on Craigslist)
Best of luck
Investor · Alvin, TX · Member since 2014 · 87 posts · 124 votes
8y
@Luke McCann for newer investors I highly recommend being more targeted which it appears you're doing by driving for dollars. In my opinion vacant houses are the best leads out there. Even more so for newer investors for several reasons.
I will warn you though that with vacant houses in particular, I would not rely on just mail to contact the owners. I've seen it happen too many times where the owner may get your letter and have some interest in selling, but won't call you. Another scenario, especially with truly distressed vacant properties, is that there's a chance the owner or heir to the property may not even think they own it or that they can't sell it for some reason. If you pursue enough of vacant properties it's a matter of when, not if, you encounter this.
Once you get a deal or two or more, you may look at being a little less targeted and testing different things. At this point it truly is testing and you can better afford to take some hits to learn what the most cost effective approach is for casting a wider net.
If you really want to maximize you're vacant house leads I would highly recommend skip tracing and calling the owners. It will simply get you more leads and deals than just sending mail.
I've talked with a couple of people just in the last 2-3 weeks who had each sent 4-5 mailers to the owners of a vacant property. One of the guys sent 5 handwritten letters to the owner. Neither of them got a response. After they called the owners one got an appt and the other is good position to get the deal once the probate process has been completed.
A couple of questions:
1. What are you doing with vacant houses when the property address and mailing address are the same?
2. Are you doing anything with your returned mail?
I've yet to have any letters returned to me, but that is really due to the fact that I haven't done a large campaign. I'm preparing one, but so far have sent one letter at a time to specific properties I come across.
When I see the two addresses are the same, I don't change anything. I send the owner a letter letting them know I would like to buy their property.
What platform do you use to find owners phone numbers? I've heard of a few websites like USA.com but have not found the very effective.
Investor · New Orleans, LA · Member since 2012 · 969 posts · 747 votes
8y
@Luke McCann to answer your question, my ideal lead is a seller in some sort of distressed situation that makes them truly motivated to sell. My ideal buy is the worst house on the best street. My ideal area is anywhere that I can get my desired ROI.