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Updated almost 6 years ago on . Most recent reply
Multi-Touch Campaign for NOD leads
I'm getting ready to start out, and I'm wondering about this.
First of all, our REIA leader last night defined "campaign" as one specific day and marketing method (eg. pink postcards mailed on 5/1). This really threw me for a loop: I think of a campaign as a long-term "project" that contains several specific marketing methods. It seems this is what "multi-touch campaign" refers to.
For my first wholesaling campaign, I had planned to do something like this:
(On a personal note: I know people recommend more direct contact, such as door-knocking and phone calls. I'm reclusive and have sensory-sensitivity issues, so I intend to stay away from this until I find a charismatic 'partner' I can pay to take door-knocking. Thus, for now, I'm sticking to paper sources for all touch points):
Touch 1: Yellow Letter
Touch 2: Postcard
Touch 3: Door Hanger
Touch 4: Handwritten post-it note
MAY: List A Touch 1
JUNE: List A Touch 2, List B Touch 1
JULY: List A Touch 3, List B Touch 2, List C Touch 1,
AUG: List A Touch 4, List B Touch 3, List C Touch 2, List D Touch 1
Again, in CA, there are 90 days between the "notice of default" and "notice of trustee sale." So, even if all the leads were in the first month of default (60-90 days before NOT), the above campaign would not work. Touch 4 would be too late, as the NOT would have taken place. It's true, you can contact NOT leads before the auction date...but many of these people will have taken care of it by then (and there may be no way to know if they have). In any case, while multi-touch is considered mandatory, once-per-month does not seem urgent enough.This type of schedule seems fairly standard, but I realized it won't work for NODs. I plan to get them from PropertyRadar, which presumably contains people in all parts of this phase.
Has anyone worked a multi-touch campaign with a similar list, and if so, how have/would you structure it (ie. modify the timing above)?
I can also be privately messaged, and am always willing to collaborate with others in the L.A. area.
Most Popular Reply
Hi @Will Fulton, thanks for using us. Lots to unpack above, and I have limited time today, so just a quick comment for now. You mentioned that you thought mailing at notice of trustee sale would be too late. I actually think you'll have the most success VERY late in the process. Many owners think they can work things out up until the very end - or choose to maximize "free rent" by staying as long as possible. As such they often aren't very motivated until late in the process. For example, one of the most motivated groups in foreclosures are those who have declared bankruptcy, and then found out the bank got a motion for relief from stay allowing them to complete the foreclosure - those owners are truly out of options. This doesn't mean you should start reaching out early, just don't cut yourself short by not continuing to communicate until the very end. Most trustee sales postpone multiple times, for as long as a year, and we track that so you can easily build lists to target even late in the process. Best, Sean.
Hi @Will Fulton, thanks for using us. Lots to unpack above, and I have limited time today, so just a quick comment for now. You mentioned that you thought mailing at notice of trustee sale would be too late. I actually think you'll have the most success VERY late in the process. Many owners think they can work things out up until the very end - or choose to maximize "free rent" by staying as long as possible. As such they often aren't very motivated until late in the process. For example, one of the most motivated groups in foreclosures are those who have declared bankruptcy, and then found out the bank got a motion for relief from stay allowing them to complete the foreclosure - those owners are truly out of options. This doesn't mean you should start reaching out early, just don't cut yourself short by not continuing to communicate until the very end. Most trustee sales postpone multiple times, for as long as a year, and we track that so you can easily build lists to target even late in the process. Best, Sean.
Originally posted by @Sean OToole:
Hi @Will Fulton, thanks for using us. Lots to unpack above, and I have limited time today, so just a quick comment for now. You mentioned that you thought mailing at notice of trustee sale would be too late. I actually think you'll have the most success VERY late in the process. Many owners think they can work things out up until the very end - or choose to maximize "free rent" by staying as long as possible. As such they often aren't very motivated until late in the process. For example, one of the most motivated groups in foreclosures are those who have declared bankruptcy, and then found out the bank got a motion for relief from stay allowing them to complete the foreclosure - those owners are truly out of options. This doesn't mean you should start reaching out early, just don't cut yourself short by not continuing to communicate until the very end. Most trustee sales postpone multiple times, for as long as a year, and we track that so you can easily build lists to target even late in the process. Best, Sean.
Thanks. I've done some list-building on Property Radar already, and will likely be a long-term client. I guess this explains why some of the Preforeclosure leads had a "default date" far more than three months ago (I got the impression that "date recorded" is the same as "notice of default" date?)
So far, I've revised my campaign to break touchpoints into half-month periods (April 16-30, May 1-15, etc.) This allows for an easy four mailings per lead. But, based on what you're saying, I may be able to do even more if possible.
It seems that, throughout the rest of April, you would recommend mailing those with default dates in January...is that correct?
When you say Trustee Sales postpone, do you mean after the NOT? This would indicate the notice of trustee sale comes 90 days after the notice of default, but the auction date itself is often delayed...just want to make sure I understand correctly.
Date recorded is the date the document was recorded at the county recorders office. Default date is the date the bank determined the borrower first defaulted on the loan, and is abstracted from the document. While banks typically issue a NOD soon after the default event, they don't have to, it could be recorded much later after they decide to start formal foreclosure proceedings.
Yes, postponements don't occur until the auction is scheduled, and the auction is first scheduled with the filing of the notice of trustee sale. Note that a notice of trustee sale can't legally be recorded before 90 days have passed, but it can certainly be recorded later.
@Will Fulton That is why I suggest using a multi-channel approach to marketing. What do you do in-between mailers? Use that time to fuel your campaign. Retarget those same leads with SMS blasts, RVM, Facebook and google ads, cold calls etc. As you mentioned, you never know when the moment will arise that the owners are truly at the brink of selling. That moment might very well be a long time after your first touch. You need to keep reminding them that you are their solution and wait for them to realise that as well. After getting a few deals in the bag you can also try SEO.
This is what my Direct Mail Marketing schedule usually looks like:
Week 1: Send out your mail to your list
Week 1: (Optional) Start targeting your prospects with online ads
Week 2: Call up all your prospects to follow up the mail
Week 3: Send text messages to all the prospects
Week 4: Leave voicemails (whenever possible)
Week 5: Send out second batch of direct mail
If you stick to such a schedule consistently, success is only inevitable.
Marketing is all about getting your name out there and standing out from the competition by any means possible.
Good Luck!
Originally posted by @Sean OToole:
Date recorded is the date the document was recorded at the county recorders office. Default date is the date the bank determined the borrower first defaulted on the loan, and is abstracted from the document. While banks typically issue a NOD soon after the default event, they don't have to, it could be recorded much later after they decide to start formal foreclosure proceedings.
Yes, postponements don't occur until the auction is scheduled, and the auction is first scheduled with the filing of the notice of trustee sale. Note that a notice of trustee sale can't legally be recorded before 90 days have passed, but it can certainly be recorded later.
And that's 90 days after the default recording date (as opposed to default event), right?
Originally posted by @Ehsan Rishat:
@Will Fulton That is why I suggest using a multi-channel approach to marketing. What do you do in-between mailers? Use that time to fuel your campaign. Retarget those same leads with SMS blasts, RVM, Facebook and google ads, cold calls etc. As you mentioned, you never know when the moment will arise that the owners are truly at the brink of selling. That moment might very well be a long time after your first touch. You need to keep reminding them that you are their solution and wait for them to realise that as well. After getting a few deals in the bag you can also try SEO.
This is what my Direct Mail Marketing schedule usually looks like:
Week 1: Send out your mail to your list
Week 1: (Optional) Start targeting your prospects with online ads
Week 2: Call up all your prospects to follow up the mail
Week 3: Send text messages to all the prospects
Week 4: Leave voicemails (whenever possible)
Week 5: Send out second batch of direct mail
If you stick to such a schedule consistently, success is only inevitable.
Marketing is all about getting your name out there and standing out from the competition by any means possible.
Good Luck!
Interesting. I hadn't heard/thought of the mass-SMS suggestion; that seems quick and inexpensive.
I am planning to do some online ads, including Craigslist. I'm currently researching SEO, for other purposes as well...so I could incorporate it. Of course, online ads are a shotgun approach, so they wouldn't be related to the exact prospects on the list, right? Just the same target market.
Right, at least at a high level. I highly recommend reading the state statutes to better understand all the details. You should also read 1695 before buying property in foreclosure as you can find yourself in significant trouble if you don't follow the rules.
PropertyRadar doesn't include phone numbers though.
Originally posted by @Sean OToole:
Right, at least at a high level. I highly recommend reading the state statutes to better understand all the details. You should also read 1695 before buying property in foreclosure as you can find yourself in significant trouble if you don't follow the rules.
Very true. That's why I'm sticking to wholesaling, at the beginning. I won't be doing any double-closing, so never owning the property...only the contract. Then experienced REIA leaders (and other rehabbers in my network) will buy it and take over from there!
@Will Fulton - Only goes to show everyone has a different opinion.
It sounds like you have a pretty good grasp on the multi-touch aspect of marketing. You might however want to expand your reach beyond just people in default where you have a pretty small window of opportunity. Chances are you will also be competing with other investors going after this same ripe target market.
Consider working with a list broker to find other lists to test alongside. Try Owners with Low Financial Stability Scores to pick up people who want to sell before they go into default. Seniors with Long-time Ownership are also good since they can be ready to downsize or transition to assistance. You could be surprised how much less expensive these lists are too - and without the legal implications.
A list broker can also add phone numbers and emails to a list you already have.