Pre-Foreclosure Direct Mail and mkting-- In depth
I am experienced at direct mail and would like to utilize my experience to improve foreclosure direct mail success rates (I owned 2 printing companies and an ad agency). However direct mail marketing to individuals in foreclosure is a new and completely different market and psychology than the traditional markets I am used to. I have some questions that are best answered by experienced pro's. I am a newbie who is going into this full time with dedicated research and resources here in Tampa.
Part 1
I was planning on designing high-end direct mail pieces (creative, high-end, die-cut, spot UV coatings, large oversized postcards, brochures and letters). My costs are very inexpensive and are not an issue. However it appears to be a universal theme that this is NOT a good method. Everyone recomends just the opposite--plain white envelopes, no business name, even handwritten. The receipients get inundated and throw almost everything out. I agree that if you are going to do a regular letter, its necessary to be discreet on the envelope to get it opened. However most people don't have the direct mail, printing, graphics resources I have. The question is this: In my situation, would you still recomend the plain Jane apporach and call it a numbers game, or would you stand out of the crowd with professional, corporate, highend direct mail and personalization piece?
I was planning on sending oversized postcards (but being discreet about the services as not to embarrass or announce to everyone they were in foreclosure), sending personalized letters and postcards via Priority mail overnight envelopes, and doing some of the plain-Jane approach. What's your take/recomendations?
Part 2
What frequency are you finding most successful? I was planning 6 letters to each candidate, spread out roughly ever 3 weeks until 2 weeks before foreclosure (1X per week last 2 weeks).
What time are you finding the most success? Soon after they get notification of default, after it sank in, or at panic time 1-2 weeks before the planned auction?
Part 3
To keep it discreet and annonomous for people, I was going to have a website with free resources to help and educate them to hopefully build a relationship with them. Help them, and they may be more likely to choose you in the event they can't help themselves. Has anyone had experience with marketing foreclosures via the web -- more specifically directing your direct mail audience to your website.? (most proably don't have an Internet connection, but many may still have one)
Part 4
Has anyone gone so far as using Fedex? I can send an overnight letter for $6. $6 x 200 month= $1200/mo. ROI worth it if you get even 1 extra closing.
Part 5
I was planning on conducting an on going survey by directly contacting the people who receive these notices and get their real world feedback. It will be hard, costly and time consuming, but I beleive will help tailor my approach to my market here in Tampa in the long run. I will be happy to pass on the results to those that help.
Part 6
Anyone have experience with Shark Bait Software? Would you recomend it? What foreclosure software do you recomend?
Part 6
Do you have success with classifeid newspaper advertising?
Thanks for your feedback. :wink: