I have a pretty small marketing budget and am wondering where I should direct my funds. I've been working a lot lately on SEO for my website and engagement on my social media pages, as well as posting Craigslist ads for people to sell their homes quickly. I've also done some D4D fliers that I'm just finishing up. I'm toying with doing a direct mail postcard campaign for pre-foreclosures but I've been hearing that the response rate on those is pretty low. Any better ideas on use for my small marketing budget? I'm afraid I'm suffering from a bit of analysis paralysis! Any input is appreciated! Thanks :)
My first investment was spent on mailings and yes it only produced two deals so far out of 900 letters, but the ROI was great. I say go with letters or postcards.
Have you been attending your local AREA meetings? There is a lot to be said about the power of networking. Also the last two podcasts 70 &71 seemed to be very focused on wholesaling and were full of great tips.
@Ben G I suppose I will probably try that route...I would just hate to spend a chunk of what I have and not get any results! But it's all just trial and error huh?
@Gualter Amarelo I am a member and attend meetings...meaning I've got some buyers but no sellers! Haha thanks for your input :)
@Alanya Boyer I was worried at first too, quite like you are.
If you're not confident on the phone talking to sellers, then you might not want to invest in letters. If you are comfortable talking to sellers then you should go for it.
My first thought was that you're too pretty to work however it's better to know how to fish than not.
PC s are great in volume and yellows are great for calls.
@ Ben G
Those seemed to be great results. Was that your first time ever mailing? Or, are you experienced already.
Those do seem like great results! Better than what I've heard from other investors, but I suppose it depends on what area you're working in, what your competition is doing, etc.
@Ben G When you do your mailers do you mail the same list repeatedly? How long do you wait between mailings? Do you change up the form (like start with a plain postcard and then send fancier ones)? I prefer to make my initial contacts by email (I work from home frequently and have small children, so it's just easier), then meet in person. I am very open to any coaching or ideas on how to be more effective!
How do I tag people correctly?? I need answers! Haha
Alanya, if you can find the list of code violations in your area/city, get the list and mail to them. The response rate on owners with code violations is insanely high BUT the list is very, very, very difficult to get. Depending on how large your city is, you might get a few - 50-100 leads. But your response rate is about 30% on code violations so 15-30 people will call back and out of those, you will get at least 1 deal.
Thank you @ Wendell. Why is the list so difficult to obtain? I sent an email to my county code violation office, so we will see how that goes.
While I've got you here, where is the best place to obtain a pre-foreclosure mailing list? I've called local title companies and they act like they have no idea what I'm talking about.
Thank you to you all, you've been so helpful!
This post has been removed.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing