I was curious on peoples thoughts on Absentee owner list. Not so much if they work or how to get them but how to increase the quality of the list that I create. All the fields are pretty much your basic stuff and I only did the zip-codes that has the most investor transactions. The part that I am questioning is the last market recording date. I went from 1950-2004. So I started it from 10 years back. Is that to far back? Should I be starting from 3 -5 years instead of 10.
Now I know I am just starting my marketing in the area and not expecting to get a deal this soon ( although I would love to). But wouldn't starting that far back leave out most of the people who most likely inherited the property and newbie landlords who had a bad experience and want out. After 10 years I would think those are most more seasoned landlords. Which is what most of my calls have been.
Although I am not complaining about my results considering I have not had any motivated people yet but gained 2 new buyers. So really not to shabby. Was curious on peoples take on the years though.
Thanks in advance for the replies!
Use absentee owners, that gives you properties that the owner may rent out, second homes or vacant homes. Use LTV range. Look for 0% - 50% range. That ensures equity. High equity owners have the ability to sell at less of a price, usually have owned the property a long time meaning they may want to dump it. Then you can the type of property, single family, condo, multifamily, etc... Works great for me! I do 500/mo. nailed out 125/wk. Last month I got about 8% return calls and put four leads under contract. Not too bad!
@Michael Quarles That number seems to make sense to me. I think I will go in and fill in the years with another list.
@Ed Kahle Your criteria seems just about identical to mine assuming you meant 50%-100% equity range. Except I do from 40%. Your results are great! I will be mailing about the same number of mailers and can only hope to get even close to the same type of results. How long have you been mailing to this list?
I use listability. Yes be careful about ho the site lists equity. Listability uses LTV range so I use 0% - 50% loan to value. Other list companies may do it different. I stretch it out so if I can manage the amount of leads coming in. My target area is Concord, NC. There's allot of motivated leads there, problem is competing for buyers in next door Charlotte. Yes getting them under contract is a big hurdle but if you can't sell them it's in vain! Folks from Concord seem to think they can sell for Charlotte prices too which is another problem. Always something!
My list of multiple zip codes has 1,844 names so after three months, I'll resend it all over again along with new ones.
I'm going to start a new list next week for Charlotte itself. Less inventory but maybe easier sales? I do my own yellow letters off of my printer to save money and hand address the envelopes too. Doing 125/wk. doesn't take too long. I found that this is the most productive cheapest and quickest way to get motivated sellers.
I'm working on how to find motivated buyers as easily!
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