Hi I'm Chester
I am new to wholesaling I haven't even sent out my first yl yet. I have a list of about 300 out of state absentee owners with 75-95% equity and the last sale date is like 10 years ago or older. I have a budget of $200 a month maybe $4oo for marketing. I am trying to wholesale houses in Atlanta. I have about two legal pads of yellow letters written and 200 stamped envelopes. I was thinking about doing ads on craigslist but since I am a math teacher I prefer the law of averages presented in direct mail. I guess my question is after I mail out the first round then what? I can realistically only touch the people on my list once a month. I think I pretty much have step one done I think i need some clarification on step two what ever that may be. What I would like is some analysis on my prep work so far and some direction on where to go next.
Hello Chester -
welcome to wholesaling! :)
These are some of my thoughts/suggestions:
- First of all, the quality of the list is important for the best response rate. If you don't get at least 5% phone calls from your mailing, you need to revisit the source;
- I am more inclined to printed letters and envelopes with a good tag line to get people to open the envelope - I am not much for yellow letters;
- To increase your success rate, after you do the mailing, try to get as many phone numbers as possible for the people you mailed to - you can try to use whitepages.com, 411.com or intelius (fee based) - you might also want to visit personally a few of these properties, and talk to neighbors, to find out more about the owner.
To me direct marketing is a 3 step process - good list first, tweak the mailing until you get 5% or better response rate, follow up as many as possible (via phone or personal visit.)
Good luck! :)
I got my list from listsource.com so it should be good and I can't really visit the property because my farm area is two hours away however after I have made contact with a potential seller then I would check out the property.
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