Are the absentee owners motivated sellers?

Question

I started my first direct mail campaign last week targeting absentee owners. I received 3 phone calls from sellers who were asking for more than the retail price of the area. They had tenets on their properties so they were not motivated.

I am so confused because I thought I am targeting motivated sellers with vacant properties. Any advice?

Todd Plambeck · Answer

If you are going drive for dollars, I suggest driving neighborhoods on trash day and see which houses don't have garbage cans out on the curb.

Anthony Gayden · Answer

I get mailings from Wholesalers all the time for my properties in Arizona because I live out of state and am an "Absentee Owner". However I have ZERO motivation to sell. I make money on my properties and have a long term plan of holding them.

Don't think that just because an absentee landlord owns a property that they are a motivated seller.

Account Closed · Answer

I don't believe an Absentee Owner list (assuming no other criteria was used) would be an effective list. Just like @Anthony Gayden mentioned, I also get letters because I am an Absentee Owner myself. However, that in itself in no way means I am motivated.

There should be at least one more qualifying criteria in combination with Absentee. Have you thought of Absentee + behind on mortgage, Absentee + eviction, Absentee + recently inherited, Absentee + delinquent taxes, or any combination thereof?

Best of luck!

Account Closed · Answer

The best way is to 'drive for dollars' meaning drive around neighborhoods and look for properties that look vacant.

Levi T. · Answer

Your always going to get tire kickers and crazy price people. Assuming your targeting properties within a price range, put something like ".. I would be interested in buying it from you for as much as $$$.". that will stop 100% of the crazy price callers, and get you the calls you only want. It will reduce the phone calls a bunch, and produce more people who are willing to sell at or below your maximum price.

Orlando Grafals · Answer

Hi, Stephen Anderson, can you PM me? I am working with a few cash Buyers interested in your area, I would like to speak to you first before anyone else in your area, Thanks.

Steve Bracero · Answer

Hi @Nancy Henderson

Honestly you will not succeed on your first mailing. How many did you send out? Did you handwrite or use a online service. How did you find your sellers- driving for dollars, list source etc? What is your monthly budget and how long do you plan on running the list? DM is a numbers game.

It is also helpful to have some sort of "script" to practice talking to the sellers. The response rates will be low but you should run through your list at least 6 times since after the 6th time you will see results. Your goal is to be the one who sent them the postcard at the right time... Sending it 6 times also builds a trust and a brand recognition.

Feel free to contact me I can go more into detail. Honestly it is trial and error and there are plenty of resources that outline the process of DM on BP.

Account Closed · Answer

Not all absentee owners are motivated. Remember here in Florida we have alot of 'snow birds' that own properties and they live in them part of the year. So usually they are not motivated unless they are getting tired of managing the property from a distance. I market to the out of state/country owners of houses but I don't send a letter to them unless they have owned it for more than 7 years.

Account Closed · Answer

Are you trying to buy these properties to fix up and rent out, or sell to another investor?

Nancy Henderson · Answer

Thanks a lot Michael for your great advices. My DM campaign is for 3 months targetting the same list of absentee owners. I will see if I have any deals during that time I can send to the same list for another 3 months but without any deals it's very expensive. I will pm you the templete of my post card to tell me your opinion.

Are the absentee owners motivated sellers?

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