Massive Short Sale Marketing
Guys, I need some marketing advice.
I am currently working with some investors who are very competent at the short sale process. However, as that process is quite time consuming, they needed someone who could take some of the workload in regards to marketing, analyzing, educating, etc. That is where I come in.
Now, I'm not a total newbie but I'm certainly not a seasoned pro at this either. My previous success in this field has come directly from door knocking. What I need here is advice on how I can generate at least 5 leads per week - meaning people agreeing to let us do a short sale. I'm willing to do pretty much anything that is ethical. I've got 40 hrs per week to give to this and am willing to spend money as long as I am getting the returns that I need.
I don't mind door knocking but that seems to be an evening and weekend sort of project when people are home. I need something to occupy the rest of the work day.
So, what advice do you have?
Wow, 5/week is a tall order...
Have you considered sending post cards?
I use Vistaprint. My response rate is about 2-2.5% on post cards, but gets better on the 2nd and 3rd drip campaign.
- Target properties with no equity (short sale), since people who have equity in pre-foreclosure can still sell their house and payoff the mortgage. (other’s in BP have talked about flipping those. I haven't tried that. All my pre- foreclosures have been short sales). I prefer sending post cards to people in pre-foreclosure because a lot of them are in denial and don't want to even think about it. So why spend $1.30 sending them a letter, when I can spend about $.49 cents; and as soon as they get the post card at least they've seen the message, and decide whether to call us or maybe call us some other time.
Yes, We already do direct mail. It's a good lead generator but we still need to kick it up a bit. Door knocking has a pretty good conversion rate but the trick is to actually catch people at home. I would estimate that even on a Saturday, 80% of the knocking will go unanswered due to vacancy, not home, deceased, etc.
I am considering calling and mailing everyone on the Sheriff's sale list, networking with realtors, and possibly working a preforeclosure list along with just expanding the service area. Any thoughts on these or other lead generators?
@Johnny Kang Are you still working short sales? How has/had the process worked for you as an investor? We recently started marketing to preforeclosures and find that we do have a lot of short sales opportunities but I'm just finding out that we will have to list these on the MLS for a couple days before we can make an offer with the bank. So I'm debating if this list is something we should continue to market to.
Post cards, door knocking, calling short sales on the MLS, building a localized distressed homeowner help website, talking to local attorney's who do bankruptcy's, probate, mortgage litigation, and foreclosure defense type work. Best of luck, i'm here to help anyway I can.