The light bulb went off
I now know the purpose of direct mail. I didn't figure it out until yesterday when a seller called me. He wants to sell because he had to evict his tenants and they caused $12,000 worth of damage on their way out. Maybe he should have read the Book on Managing Rental Properties by BP. I'm only joking.
I sent him a postcard last month. As I sat on my sofa, I wondered why he took so long to call me. Why today and not the first day or even 30 days sooner? The answer was because he wasn't motivated enough to sell. That's when I realized that direct mail doesn't cause motivation. Owners either have it or they don't when they read your mail piece. Instead, direct mail creates an avenue for when they become motivated enough to sell. I could send out thousands of postcards, but it won't work until they are ready to sell.
I have an appointment to look at the house tomorrow. I already gave him an offer based on his estimates and the comps. I will take pictures, email them to him, and list the benefits of taking my offer. This would be a rental according to my business plan.
I got another call today. He wants to sell because he isn't making any money once he factors in property and income taxes. Told him I'll email him comps and my offer. This would be a flip.
2 callers hung up before the operator answered and they blocked their numbers.
Another owner called me on Monday and made me feel like the scum of the Earth for marketing to probate. I felt like an ambulance chaser. It made me question if I wanted to continue marketing to probate. My decision was to stay on course. If I wanted to quit probates, imagine how many other investors have felt the same way and did quit. That means less competition. Another reason I did not quit was because I would give them a fair price. I send comps and let the owners know by fixing up the house and listing it on the MLS they can get top dollar. However, I also let all owners know that top dollar costs money and time.
Things I've done this week: 1) set up my website. It's a work in progress. 2) designed a logo 3) finished reading The Book on Managing Rental Properties 4) mailed out 1010 postcards. 5) found more houses to market to
Comments (7)
Nice job getting leads in. I also like the determination! Thanks for the post. It is great hearing from others who are getting started and working through all the hurdles too!
David Stone, about 8 years ago
You are welcome. That is why I do it. There aren't many blog posts from new investors on here. I update mine weekly.
It's good to read posts from the successful guys, but sometimes you want to see what the new guys are going through and the struggles.
Shanequa J., about 8 years ago
Shanequa
It's all a learning process - from the time you first pick up the phone to the final multifamily block you buy - and thank heavens you have the determination not to be deterred or stop at the first hurdle.
Speaking to sellers of any kind can be a daunting prospect for many, but keep remembering that in most cases, despite everything else, we're (generally) trying to help people out of a predicament of one kind or another (hence the term "Motivated Seller".
If you had given up, there's a possibility no-one else may have come to the rescue of these people and they'd be in an even worse situation. The bad mouthed responders are unfortunately part of the process, but once again t's important to put yourself in their position. Potentially they've already had tens or maybe hundreds of mailers in the post, and is at the end of their temper. We all get like that, and a calm soothing approach may be all it takes to calm them down and assure them you'll remove their name from your lists in future (might even get a call when they do become motivated). Understanding is paramount when dealing with the recipients of your marketing efforts.
Do we make money from doing this - of course, while others are thinking about doing it, or sitting on the sofa watching TV, we're sending out marketing or searching for answers to make deals happen - why shouldn't we be rewarded for helping people?
Well done indeed for writing the blog (something I really must do), & also for being an inspiration to others!
Steve G., about 8 years ago
I didn't give up and now I'm under contract. Perseverance is what separates the ones that fail and the ones that succeed.
Shanequa J., about 8 years ago
Im moving out to AZ so Im going to start learning about the market before I jump in!
And you are defiantly inspiring! Keep us all posted on your progress!!!
Paul Lawrin, about 8 years ago
Congrats Shanequa!!
This post was truly inspiring! So many people would have given up but you kept at it and are still going strong!
Congrats and I hope I have the same mindset as you when I start putting my plans into action!
Thanks for the post!!
Paul Lawrin, about 8 years ago
Thanks man. I didn't expect to inspire others. Why haven't you started yet?
Shanequa J., about 8 years ago