Since I decided to take action with wholesaling, I mailed out my first yellow letters during the first week of march. I was wondering how long should I wait before sending out my second yellow letter if I haven't received a response from the very first letters I sent out already? Also, how many yellow letters should I send before switching to sending a post card?
Did you advertise on Craigslist? If so, continue putting it on sites like Craigslist until you get a response. There is no time limit. Make sure you are putting your ad in multiple sites, newspapers etc.
Hope that helps.
Most people send out every 30 days up to 7 times.
@Courtney Merricks whats up man. I would like to say good job on sending out your first list. Taking action ensures the phone will ring. IMO since i am sending out my second mailing here in a few days. I think it depends on a few things and it really is trial and error. Who are you targeting, how does your yellow letter read, you have to spend money to make money it doesnt matter how many letters you send if they are not calling dont sit and wait send out yellow letters to another list. Until you send out 1k yellow letters you always have something to do. I say once you get out 1k then you can sit back and complain for about a week maybe 2 before you need to get back on it. If they havent called by then they either arent motivated or you havent quite convinced them yet.
I got a list of 160 names (absentee owners/vacant properties over 20yrs old) sent them got 4 call backs (no motivated seller=no sale) and they go to my google voice with a friendly message asking them to leave a name and num so if i cannot help them i dont waste time sending to them again and i can take them off my list. In my yellow letter i have a email address that they can hit to be removed from my mailing list. (This should save you money and start to shorten that list)
I send out 1 yellow letter and the rest post cards. Ex. Jan.1 YL, Feb.1 PC, Apr.1 PC. I set up click2mail with the list and postcard saved so if i am working on a new list it just takes a few clicks to send to old list with postcards.
I didnt do bandit signs because with technology imo it is a waste for me and you get a lot of calls but a lot of false leads as well. Plus i caught a guy taking my sign down (another wholesaler) waste of money.
While i wait for my yellow letters to reach their respected audience I have been focusing on probate letters and learning lease-too options. Sorry for lengthy response if you have any questions of me feel free to hit me up. Hope this sheds some light on your question dont give up dont get discourage and prioritize mailing isnt cheap but it can pay off.
@Melissa, thank you for your response. At this time, I have not been able to utilize craigslist at this time, but I will definitely start using craigslist to as a tool to help me advertise.
@Micah, thank you sir for your response. I will make sure I continue to send out my yellow letters.
@Michael, thank you very much sir for the response. At the moment I am looking for absentee owners as well. I have also been driving for dollars to see if I can find vacant properties and/or dilapidated properties . I recently got my google voice number, but still working on putting other systems in place to help automate my business. Again, thank you very much for the response. I am getting ready to send out my second set of letters. Question, what is click2mail?
From what I have found, you want to send at least once a month. Out of curiosity, what markets are you focusing on.? We do probate/trust, fsbo, expired and other niches to stay on top of the market in our area. I think the real key is to be consistent in what you are doing and keep refining your letters/postcards, scripts, email campaigns and other marketing material. Remember it normally takes 5-12 contacts to make a sale. And always call them if you have a phone number.
I would recommend using some kind of CRM to stay organized, and help you to keep track of who you have sent to, what day you sent it and find out what is working and what isnt.
Thanks for the response. I will definitely make sure I stay on top of the letters. I am getting ready to order some post cards, so I will be able to send out post cards to all of the property owners I sent letters out to so far. As far as a CRM, I currently use an excel spreadsheet, with the very same information that you were stating. I want to look at automating my business, so I am looking into CRM systems such as Podio. Is there another CRM system out there that you suggest I research?
Use postcards in addition to letters. Postcards are HALF the cost to print & mail. Letters are fine I might do them every third mailing and postcards on the other 2. Mix it up. You might also check into the ZIP LETTERS at YellowLetters.com - I think those are very cool and different. Yellow letters themselves are an older strategy.
Don't worry about CRM. Your spreadsheet is simple and works fine for now (and the price is right!).
Thank you very much for the information. I will make sure I check into Zip Letters.
I agree with most of what's been said...
Mail every 4-6 weeks depending on the target market and your message and how you are positioning yourself. (When doing multiple touches you don't have to SCREAM we buy houses in every letter; people do business with people like respect, like and/or trust!)
I like letters and postcards and believe you should do both to mix up your medium and how your message is delivered! Ultimately you will find that the more times you mail the better your response...
Tyron, thank you very much for your response. And yes you are definitely right, because I want to do business with people that I like, respect, and trust. I have actually been spending time writing my letters. My goal is to get out at least 20 to 30 letters a week. So, now I am going back to the very 1st letters I sent out when I got started last month, in addition to sending out new letters.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing