Hey there everyone. I've been looking at the standard real estate websites for about 3 months and I either can't find deals or they all have multiple offers - at times resulting in a highest and best offer situation. I'm considering direct mail as I see many homes in the area with potential and would like to contact the owner. Can you please provide any support and advice for direct mail or other strategies of obtaining leads, before I head down the wrong path? Thanks in advance!
Any form of lead generation requires systems or else you'll have trouble converting those leads.
Direct mail not only requires systems but it can be expensive for someone just starting out. You'll need to budget for 6 months-1 year worth of mailings.
I like cold-calling as a lead generation strategy. If you're the only one dialing, you can reach 10+ property owners in an hour. Of course, this requires knowing what to say and how to convert a lead (call > appointment > negotiate contract > etc).
Just my 2 cents...
Best of luck to you!
I agree with @Abel Curiel
I would start with deciding what kind of volume you can take action on. Then I would look into the most cost-effective way to move forward on that. Digital forms of analysis tend to be much cheaper. Although they may be less reliable, there is a lot of opportunity there if you're willing to constantly hone your process.
Staying connected on BP is another good way. Local networking is critical, always.
There's a lot of Driving for Dollars to find homes you might want to buy - then research the owners. However, to get a good campaign going, you will need more leads than you are likely to find driving around.
Think about working with a mailing list broker to get suggestions on the types of lists that would be effective for your area. This way you can find people who haven't put their home on the market yet - but share motivating factors.
@Abel Curiel Who do you cold call?
For sale by owner, expired listings are the best to target since you already know they want to sell.
Other than that, our team does circle prospecting. Pick an area, get list of homeowners & call em up.