BiggerPockets

The mailing arrived yesterday and I started getting calls shortly after noon. I just checked my call history and I've had 28 calls since then. The mailing was to a list of 465. This is the best response rate I've had so far just one day after the letters hit. No sure deals yet, but a few possibilities.

I had planned to have a light schedule late this week to be able to take as any calls as possible, but life happens so today was crazy. I need to keep up though, because if I put off too many return calls, opportunities will be wasted. Not only that, but there are nearly 600 more letters scheduled to go out as soon as I ready. That was going to be next week, but now I see I need to put it off until after Thanksgiving.

If I was ready, I'd mail tomorrow.

Check out this thread:

http://www.biggerpockets.com/forums/87/topics/78912-a-few-direct-mail-questions

if you dont mind sharing, where did you get your list from and what type of seller was it targeted at? (Probate, absentee, pre foreclosure, etc.) Congrats on such a good response rate!

General rule of thumb I've found -- when mailing to absentee landlords/investors, the calls you get the first day are usually good calls; when mailing to distressed homeowners, the calls you get the first day are generally the, "Take me off your now now!!!" variety.

Hopefully, your list was targeted at investors or those with equity, and hopefully you can convert a few!

Originally posted by Tim Delp:
Curious to hear more about what you are sending and who you are sending it to and how you have developed this list?

Thanks for sharing!

I'm sending a half size "hand written" yellow letter (really a note) . They are in small white envelopes, also "hand addressed."

Developed list by using these filters: Mininmum 1800 square ft, 3/2, 10,000 sqft lot within 10 miles of 78702 in a westward semicircle. Sending to high equity and out of area owners who have been in the property a minimum of 10 years.

@J Scott and @Jon Klaus I have not found the NOOs with equity lists to be a good source of leads that close for the last several years. Most of my leads that do close have equity. But I find to get access to that equity I have to target a distress and get a call based on that distress (or distresses), and then problem solve. It also appears in my markets that NOO/high equity owners are getting bombarded with mail this past year. No surprise there as REO and foreclosure sale buyers have had to move to direct marketing to keep their crews and cash working. But kind of a bummer because my marketing pieces are one of many now. Even if I have a unique selling proposition, it's probably being read with glazed-over eyes, or not read at all. :)

@Jon Klaus Your marketing piece and lists are obviously working because your phone is ringing. It's just my experience that there is now big gap between response rate and close rate. I found a new market recently and the response rate was great. But the calls were from SO many owners who said they had never received a letter looking to buy houses before And they freely admitted they just wanted to see who I was and what I do (even the ones with properties about to go to tax sale or foreclosure sale). I'm a follow up buyer so I know how to stay in touch. But I can tell you that community has sellers that will die before they sell.

All that said, I do wonder why investors don't target more distresses to create equity. I got the deed to a property six months ago that has just about every distress. It's out-of-area owner (me), tax defaulted, seller was also NOO and BK and there are HOA liens. It's also hugely over encumbered (and I'm negotiating a short pay). I've received zero marketing from investors. And where are all the SS agents? The seller would have worked with an agent in a heart beat. I gotta say though that the water filter companies and gardening services are all over the mail marketing to new owners.

Just 3 calls today. I have a bunch of voice mails and hang ups to call back tomorrow.

@Jerry Puckett How many mailers per month would you recommend for someone starting out that would be "adequate" ?

I just sent out my first marketing campaign earlier last week. About 1200 letters.

@Jerry Puckett Yes I did budget to consistently mail the same amount each month. I am keeping track of my response rate with good old fashioned pen and paper. I definitely know who to call if things are looking bad!

From the sounds of the post, you if I am targeting good leads, I should be able to source a deal once a month? I really didnt expect things to move along THAT quickly. I figured I would have to mail the same individual a few times before I was able to get something under contract.