I see why new investors quit
I see why new investors quit. So far I have sent 2000 out of state postcards, 20 code violation letters, and 37 probate letters. 34 out of state postcards have been returned. 23 with the first 1000 and 11 with the second. I skip traced the first 23. I'll do the second batch next week. 5 people have called. 2 from out of state and 3 from code violations. 1 is a hot lead from the out of state. I expected a lot more activity. When I did evictions, I had a good response rate, but the sellers weren't motivated at all. I might have to start pulling evictions again.
My goal with probate is to pull records no more than 6 months back. I looked at the ones dating back to a year and the property was already out of the original owners name. I will send postcards. I was going to print letters myself then send postcards, but decided that the best use of my time would be to pull more records.
Next week the second round of out of state and first round of 9 new code violations will be going out. The old list of code violations will be scratched because they don't fit my criteria.
FYI I have noticed the worse or cheaper a property is the more unmotivated the seller is. Don't let it be in terrible condition and have a dirt cheap ARV. Double whammy! Good luck with getting the house for a realistic price.
The niches that got the letters had a better call rate, but the postcards had more motivated sellers. 5/2057= 0.2% response. That's so bad it's laughable. I see why new investors quit. It's so true it was worth repeating a third time.
Comments (13)
Or another way to get some cashflow in to cover your mailing costs until the results start to trickle in (selling stuff on ebay, budgeting, etc), bc I think direct mailing does take awhile before people start calling reliably. Don't give up!
JJ Conway, almost 9 years ago
The cost of the direct mail is not terribly expensive, it's seeing money going out with none coming in.
Shanequa J., almost 9 years ago
I hate to say, but it will probably NOT happen right away. As said above, its a long game. EVERY person that calls me from my postcards says they received 3 or 4 of them before they call me. I ask why didnt they call earlier, they just shrug their shoulders.
When you are nice to them, kind to them, etc they will remember you. Send them a follow up card or letter to let them know that you enjoyed talking with them. Send a business card in case they do decide to sell in the future. Believe it or not, it takes a year or two to get some momentum going. People will remember you and you will be the one that they go to.
Rick Pozos, almost 9 years ago
Really one year? That's crazy. I need a time machine.
Shanequa J., almost 9 years ago
I get the sense you are playing the short game. You have no idea what the actual outcome will be. A person could keep your letter or postcard for 2 years and finally get around, have the circumstances, etc to call. Are you recording your calls and reviewing them? If not, I suggest you record every call so you can review how you sound and what you might have missed for future calls. Like George Michael said, "You gotta have faith." So have faith and know that persistence is the key to success. Reread Think and Grow Rich's Persistence chapter everyday for the next 30 days.
Account Closed, almost 9 years ago
Shanequa J., almost 9 years ago
If you haven't read the 10x rule, go out and buy it now. Read it tonight. I listened to the audiobook and I think it is right up your alley. It is my opinion that your goal is too low and your effort to little. If you want better results, do 10x the effort you think is needed to get the results you want.
Account Closed, almost 9 years ago
Account Closed, almost 9 years ago
This is why there is no competition at the top, @Shanequa J. - In Real Estate you will need to invest TIME or MONEY. I think your mass mail conversions were not bad at all. Its just about the norm.
When it comes to marketing you have to utilize more than one strategy, to keep the pipe line full. So while you have your mass mail campaign going, try doing dialing for dollars (skip tracing and calling) Set a goal to do x amount of calls per week ( 50).
Your mindset is going to be your worse enemy or your best friend.
I sike myself out by telling myself SABRINA that next phone call could be a $10,000 call. And thats enough to make me....get to dialing.
Stay in the Game !! You're doing great and taking action 90% more than 95% that start off in real estate. So you're already winning. RIGHT NOW!!!
Everything in the future happens NOW! You're paying the price and sacrifice NOW!
Keep planting seeds watch you wake up one day and find that a HARVEST has grown overnight.
But really its not overnight, it all the farming and cultivating you did for the past months.
To Success, You Already Winning !
Sabrina Taylor
Sabrina Kane, about 9 years ago
Everyday I'm working on something for my direct mail. I've spent the money so I have to finish the campaign.
Shanequa J., almost 9 years ago
I'm pretty much in the same position with the same numbers and responses. If you haven't listened to BP podcast #12 with Sharen, check it out. I knew before I got into this, as I'm sure you did to, that it was going to be the later mailings when the deals come. I was just talking to my wife about this last night and she basically said it right, "you knew it was going to be tough, but you were overly optimistic how fast it was going to happen". Which leads me here, seeking out the results of others and it's comforting knowing there are others like you trying to make it happen. For what it's worth, there are two successful wholesalers that said something that I keep repeating in my head. One: it took me almost 5k before I got my first wholesale deal and 2: it took me 6 months before I got my first wholesale deal. Hopefully we have better luck than them but perseverance is the point. Keep at it lady, you'll get it.
Rob Grove, almost 9 years ago
Shanequa, I hear you. It's hard and can be expensive. There are so many factors... from market competition to postcard copy. I hear the discouragement in your words. So please let me encourage you: keep at it! Keep pushing! For every investor I've ever met, it was simply a matter of unlocking the right combination of things in the right market to hit their stride. Keep trying new things!
Kent Clothier, about 9 years ago
Thanks for the words of encouragement. I'm trying to stay positive. I haven't given up yet.
Shanequa J., about 9 years ago