Direct Mail for Multi Family properties

[Ryan Billingsley]

We are doing a direct mail campaign for single family properties with much success.  We plan to transition over to marketing for small to medium size multifamily units.  Is direct mail a good way to market for multifamily units?  

[Ryan Ball]

We did a few mailings for multi-families and had a pretty good response rate of around 10%.  The county auditor website where we invest allows you to screen for 4-19 units in different neighborhoods so we could put together a pretty targeted list.  Out of the 600 or so letters we sent we ended up making offers on two different four families and ended up buying one.  We talked to a lot of people who were burned out landlords but relatively few that were truly motivated to sell at a realistic price, but I guess that is what you should expect.