I just sent out a postcard campaign marketing my Realtor services to over 500 people. Even though some people claim the average home owner relocation time-frame is around 5-7 years, I ran into the following study suggesting to me not to look at average time to move-out but years where you have the highest move out rates (which seems to be between years 2-5): NAHB Study
Even though I had a strong incentive (a credit at closing) and pointed to my lead-generation web page for buyers/sellers to get an accurate home estimate of their home, I have not received a single response from the mailing. Granted I realize you're supposed to send out 5-7 mailings before you see a significant response, but with zero responses there has to be something I can improve upon. Has anyone tried this relocation range. Any other filters that I should apply for a Realtor campaign other than relocation dates, price, and area?
Thanks in advance
@Pedro Machin Did you filter your data to people that own property with equity?... +20%?
@Frank R. Thanks for the reply.
I guess I didn't assign importance to equity since they could always short sale the property with me even if they don't have equity, although I agree I probably should filter for this to make my life easier. Short of going through public mortgage records individually is there any site that provides this information for free or is listsource and the like the only option?
I have a few questions:
Just so I understand you correctly: you are marketing to people who purchased their home between 2-5 years ago? Assuming I am correct, aside from the length of residence, I see you are using price and location. How detailed are your location parameters? Why would the 500 people on your list be motivated to inquire with you about their property value when there are a number of websites that will do that for them without the threat of being bombarded with spam (not that you would/will spam them, but think of it from their perspective)?
I believe your marketing must reflect how the specialized knowledge that you possess can/will solve your prospects problem(s), primarily through using your expertise to build trust. That doesn't happen overnight or by sending them a single postcard.
PM me and we can discuss some ideas if you like.
I think you just missed one key element when sending out these mass mailing. Can't tell you how many investors I talk to how do they same type of mailing. Most of all of them have extremely low response rate due to the approach.
Like I continue to say is that you should think of your mailing as an educational tool not a selling tool. No one wants to be sold to so if you can transform from the selling to educator your response rate will soar.
Hi @Antonio Coleman ,
Very valid point. How do you consider would be a good way to make the mailing educational? Pointing some facts about their local market perhaps? I was thinking a way to collect emails would be to direct them to downloadable materials. Would be interested in your thoughts.
Also @Jeremy T. , I do also add a discount incentive to get money back at closing if they don't find the custom home search valuable. Has anyone found a good return using such incentives or do they sound too sales-sy?
I believe that incentive is too arbitrary and 'long-dated' to a prospect.
Marketing incentives need to be something the prospect can take advantage of in short order or after a product/service has been transacted (i.e., a money back guarantee on a set of steak knives, for example).
As an agent you know (and if not, you need to measure) the duration of a typical retail transaction from the prospect receiving a marketing piece to closing on their sale/purchase. On average, I would venture to guess that the process is at least several months in duration and is filled with excessive/extensive logistics and paperwork. Receiving cash back if unsatisfied with your "custom home search" at closing doesn't do much to mitigate their immediate concerns.
Also, you want your marketing to build trust and rapport with prospects. Your incentive is basically saying: "if you are unhappy with me and my process of finding you a home I'll give you money back at closing". I understand what you are going for with this, but you are basically saying "hey I have this process for helping you to find a home. If you don't think it's any good, you can get some money back and not do business with me again or refer me to any of your circle of influence". You are looking for your marketing to generate one client, who then refers two people to you, then those two refer two each, etc.
Like Antonio said, focus on educating, not selling.
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