I think I may have mixed a wrestling match up with a monster truck rally but I hope it got your attention :)
Here's what I've been thinking about as I'm putting together my marketing strategy for my wholesale business. After listening to Michael Quarles on podcast 81 I realized the "fruit bowl" for equity was pretty much all I should really be mailing to.
I mailed out to equity and got fewer leads and most wanted retail BUT they were all laser focused on sellers I could actually do deals with that had equity vs. other lists who may have a few who have equity, and a few who might actually be motivated (with no equity, underwater, waited to the last minute to sell).
The PRO/CONS of this are:
-Laser focused on sellers who have equity no matter their situation and could potentially accept a wholesale offer.
-Equity list with criteria from the Michael Quarels isn't overwhelmingly large for my market that I would need to compare it to other lists to narrow it down further.
-Because of the above I don't feel like I'm wasting money on mailers hitting people's mailboxes that are in no position to do a deal in the first place so I'm maximizing potential for a deal and my ROI on the mailers while minimizing my time calling every single non-motivated seller back, looking up comps, and making offers that will go no where.
-In the back of my mind I feel like I might be letting a few deals slip through the cracks that could have been good sub-to, lease option, or other creative deals. I suppose I could make a better mailer campaign to target those if I wanted.
-I can't think of any other CONs at the moment except that it's not a ton of leads if you're looking for quantity, but because I have a full time job I'm looking for quality to maximize my time I spend on my business.
So what do you think? Does Equity list conquer all or do you think it's better to spam out as many letters to probate, inherited, absentee, foreclosure, etc? To me it seems like equity is the only list worth buying and mailing to.
think about this.
How many out of state absentee owners are there with equity?
What is the the main problem they face when selling?
What's the main problem you face when they call you?
How do you solve those two problems and create a win win?
When you do you will open up a huge market.
There's nobody better then @Michael Quarles
I wish people would just listen him and implement his advice
@Michael Lerch I wouldn't just spam anyone unless you want your responses to go unheard. Most people who have big budgets to spend on marketing can just send out these mass letters and can just cross their fingers.
But I will say it will best to approach it from the educational stand point. This result in better response rate, and you don't have to continue to spend tons of money.
Create an awesome educational website hat educate not continue to ask to buy their house. It works 10x better.
Good Luck Buddy
I like your idea @Antonio Coleman on the educational approach. I've heard of wholesalers sending out postcards with a link to their website or free ebook on "how-to" FSBO or something like that. I may try to implement something like that. It's better to attract bees with honey than with a stick as they say.
@Michael Lerch The ebook or just plan content will work bro.
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