6 month yellow letter campaign weekly updates
I’m starting the new year with a 6 month yellow letter direct mailing campaign.
From what I read on BP, looks like the consensus on yellow letter is they do work, but needs to be consistent and persistent. However, the Bay Area is a different market entirely. Through conversation with many local wholesalers and flippers, I’ve not heard any success story in mailing yellow letters.
With that in mind, the campaign is designed to run at least 6 month, I will extend the campaign to 1 year if I’m getting 2-3 quality leads. @Jerry Puckett who I met during Martin’s awesome Real Estate Summit in November is helping me out in designing the letters and campaign.
Here is some quick facts:
Target list: a mix of list of long stay high equity, absentee owners, and inherited owners
List size: about 1400.
Area: 10 mins drive from where I live (most of the them are tract homes built during 50 - 70s)
I will keep a weekly summary here to get myself motivated, of course any feedback is welcome.
Jan 4 - Jan 10
Letter : 1/3 of listing
Calls received: 18
Answered: 10
Left voice message: 0
Response rate: 4%
Quality Leads: 0
Comments:
Letters are mailed out on Saturday. Calls started coming in on Tuesday. A couple observations:
a. Most of people call between 1pm - 6pm, I was expecting more calls at night, that was not the case.
b. Call drops significantly after Wednesday. I have only received 1 calls after Wednesday
c. Most of them just want o tell me they don’t want to sell. Some tell me they will sell if the offer is right, either way, not motivated
Interesting:
I have one person actually texted me. Google voice actually works pretty well with SMs.
Questions
For these unanswered calls, do you call them back? or just assume they are not motivated enough?