Criteria for defining your market

2 Replies

Hi,

I've been doing a lot of county wide mailings and marketing, but it's just not working. Some advice I got was to really narrow down to a particular area--even a subdivision. So, my questions is what criteria do you use to focus in on an area for say wholesale marketing?

Thank you.

I've been doing hand-written yellow letters lately to an area very near where I live. My state has a law that prohibits the use of public records to solicit sales so ListSource, et al won't provide lists for my area. As a result I have to pull the data myself. I've been pulling by subdivision then narrowing down by purchase dates more than 5 years old and excluding properties owned by corps or llc's. I'm hitting both resident owners and absentee owners. So far out of 60 or so letters I've sent out I've gotten half a dozen calls and I'll be putting an offer on one of them tomorrow. So I guess I'd say, yes. Narrow your search. Make a smaller target. Once you've done one area you can move on to the next. If the area is local, drive through it and get a feel for the area You can also use Zillow to see what kinds of activity has been going on in the area...what has sold when and for how much...what's for sale at what price.... It's also a good idea to hit the area with multiple mailings and different types. Once I finish all of the addresses in this subdivision I'll expand to another subdivision but then I'll also go back through this one with postcards. I'll hit the area 4 or 5 times before I'm done with it.

Hope that all helps.

Thanks Jim,
I guess my main question is what area to pick and based on what criteria, not so much how or what to mail to them--that'll be later lol.  We have such a diverse county, just not sure where to start.

I'm just wondering how ppl analyze a market--for instance a certain DOM, year of properties built, type of housing... idk.

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