Hello bigger pocket investors. We are looking for some ideas on marketing. Things have really slowed down the last few months, the phone is barely ringing. We have not changed our volume of marketing which is direct mail to probate. Does this business slow down this time of year here in Denver? We have done approximately 100 new mailers per month since January. I would guess we walked through 10 houses out that and made 2 deals
Any ideas would greatly be appreciated
I am having same problem with DM to probate . I just wonder sometime if I am making something wrong !!
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I can say that I truely have no hard data for you. But I would say that if I was responsible for the house of a loved one I would probably not want to deal with it between Thanksgiving and New Year. Might actually expect an uptick in your response rate in January when they are hoping to start the year without last years burdens. Just a thought.
@Mike McFadden Please upload photo to your profile ASAP. You will get more and better responses if people begin to know and recognize you as opposed to a faceless guy who just wants to get free advice.
I've been marketing probates for 25+ years. While its a statistical fact that many more people died around or just after the holiday season (stress from family dynamics, lifestyle, drinking and eating habits) this does not correlate to a "probate season".
People file probate when there is reason for the living or creditors to benefit. Period.
This is why some real estate doesn't get probated for many years; sometimes never.
As to why people arent responding to your marketing now when they did before, it may be them or it may be your marketing.
If it's them, it's because this is not the time they want to deal with a transaction like real estate or legal stuff and spoil their holiday season and would perhaps rather think about other things. Both of my parents died just before the holidays and that is where my thoughts first go, to be candid.
Or your marketing may be at fault. Your message may be tired, your market may have shifted, your mail piece may be boring or your audience is fatigued by your frequency (the "Magic Jack" syndrome). Or it may be a combination of these factors.
The only sensible course of action is to test by splitting your lists and running two different versions of your mail piece.
This is an opportunity to up you marketing skills and for you to review your entire marketing strategy. You may think you are a real estate investor/wholesaler/lead generator however you are really a marketer before anything else.
@Mike McFadden I just bought and flipped a probate property here in Denver. You should have seen the volume of mail from people marketing to them. I sold the home a few weeks ago, and they are STILL getting mail. Colorado investors are desperate right now to find deals, so the fight for them is escalating.
@Mike McFadden agree with the above-- I don't have a lot of hard data, but overall, the market seems to slow quite a bit over the holidays. Between cold/potentially messy weather, traveling, visitors and all the other social and holiday to do's, people have less time to property hunt and many sellers will take their property off the market, as well. Most of the agents I know have a lot of listings coming on the market after the new year. I don't know much about probate deals or how a slow holiday market would translate to that arena, but I'm guessing its similar across the board.
From where are you getting your probate lists? Western is still moving along and hasnt had the big pop like the Front Range.
I'd say 2 deals in a year of sending a 100 pieces of mail a month is doing great.
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