Tips for Direct Mail Marketing
Hello BP! I have been reading a ton of real estate books and recently finished all of the podcast episodes on bigger pockets. I am looking to land my first investment property for a buy and hold and think the best way to find a deal will be through direct mail. As a newbie, I was wondering if you could offer tips on things to do or avoid to give myself the best chance using this method. Thanks!
Hello @Joe Vastola!
Direct mail is pretty straight forward, however it is always nice to gather as much info as possible before starting any adventure!
Direct mail tends to work best when you send a campaign of 5-7 different pieces, 4 weeks apart from each other. Follow ups are key as the average person takes 3-5 touches before picking up the phone to respond. That being said, you should set a quantity of mailers each month that you think you could keep up with the phone calls.
There are two things that you should ask yourself that will help you determine your mailing quantity:
1) Your budget
2) Your ability to handle the calls
It might help you to answer these questions if you had an idea on what to expect in respect to the response rates. Here are the average response rates we have seen based on our customer feedback as well as our own mailings throughout the years:
Yellow Letters- average response rate of 8%-9%, all kinds of calls (angry calls, curious calls, tire-kickers, quality calls)
Typed Letters- average response rate of 8%-9%, all kinds of calls (angry calls, curious calls, tire-kickers, quality calls)
Postcards- average response rate of .5%, mostly quality calls.
Zip Letters- average response rate of 2%, mostly quality calls. (Great for follow ups)
Greeting Cards- average response rate of 2%, mostly quality calls. (Great for follow ups)
I'm happy to help in any way I can. Feel free to reach out!