@Tim Lindstrom In a letter writing campaign, it is a multi-letter or letter + multi-phone or email campaign. It isn't a one and done thing. It is a relationship building thing. Each letter/call/email has to have an MWR (Most Wanted Response) that the communication is focused on/geared to. Letter #1's MWR should be to get a call from the person because you are interested in the area and a house like theirs.
If someone wrote you a letter stating they want to buy your house and they will give you $140K for it, what would your response be? Mine would be they are trying to scam me out of my house. At the very minimum it would put me on the defense.
MWR #2 isn't to get a yes answer on your offer because you aren't going to make an offer. The MWR is to see the house to be able to give a realistic evaluation of the home. The second place MWR is to at least get referrals or get them thinking of who might be interested and to get their email so you can send them something of value..."How to get the most $$$ for your home when you sell it!"
See how you are building a relationship? At the same time you can indirectly educate them on why houses in general cannot command the highest price (lack of upgrades, need of repairs, etc.). Don't "pick on" their house.
You could get lucky and they will ask you what you think their house is worth on that first visit or it may take 3 or more "touches" before it is the right time to make an offer.
Search this site for email campaigns or the like and search it on google.
Too often we only hear that REI is a numbers game...but it is played with real people involved with real needs and wants. Like the story I have heard told about the guy who was motivated to sell but no one could get him to sell until the one buyer sat down with him and listened. What the seller was really concerned about was that his dog was taken care of because he couldn't take him with him. Done deal!
A numbers game played on a relationship level.
