Question about wholesale leads - Need guidance from all the gurus

4 Replies

I am a new wholesaler and have narrowed down on few options to collect my leads. 

- Website 

- Listsource to collect absentee owners list

- Listsource to collect pre-foreclosure list

- Probates - Are there any good sites to target this pool?

In order to get the best bang for the buck, could you all please guide me which list should I target for direct mail campaigns. Any inputs will be highly appreciated.

@Nick Naik Typically the more difficult it is to get a list the better it is. So Pulling from Listsource is a good quick way to pull leads but that list may be more competitive. If you pull from LS just be sure to scrub the list and make sure your criteria is very specific to what you want. Also keep in mind direct mail is about consistency so be sure to budget for multiple touches. Let me know if you have any other questions. 

Cheers!

@Nick Naik You can also work with a List Broker to get other new lists that "everyone" isn't mailing to. These could include Owners with Low Financial Stability (FSS) and Seniors with Long-Time Ownership.

I have heard more than one investor lament that the absentee owners they talk to say they get multiple offers every week.

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If you are a new wholesaler, I'd strongly recommend not starting with direct mailing to a list. The problem noobs run into is almost never the list, it's instead the message / offer.

The list above are fine starting points, but always best to take them a step further, and segment them by age, equity, area, length of ownership, property type, etc until you have a list of people with fairly similar, and ideally somewhat unique characteristics. The reason for this is that the message / offer you make to someone in preforeclosure who has owned their house for a year and has very little equity, should be VERY different then the message / offer to someone who has owned their house for 20 years and has lots of equity.

And rather than guessing at what the right message / offer should be, or trusting some guru from Utah who has never worked a day in your market about what you should say, you should next go knock on doors and talk to people. Actually not talk, LISTEN. Once you've done that enough to understand what they need, and are able to get a deal done, then graduate to the phone where you can reach more people, but where you also get less feedback than you do in person. Once you can do deals by phone, then graduate to direct mail with the same message.

You may win the lottery and get lucky using some off the shelf letter to an off the shelf list, but you shouldn't count on it.

Great thank you so much for your guidance and inputs. I will definitely consider alternate sources and work on messaging. Please recommend if there are any sites that are little exclusive and niche that you may be aware of.

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