I am beginning my journey as a wholesaler, and I am starting to realize that direct mail is one of the major ways to get leads. Now my question is about the structure of your direct mail campaign. I was wondering if some of you could share how you direct mail when it comes to how many a month, what frequency, etc. I know that it takes a couple times of sending yellow letters or postcards to individuals (i.e. 5 to 6x) to get a reaction. Let's say I were to focus on pre foreclosures. I go to listsource and I get a list of 100 specific people. I send each of them a yellow letter. How long should i wait until I send them another letter? Also, in the meantime, do I look for another list of preforeclosures in another area? Or maybe look at absentee owners now and get a group of 100 absentee owners and send to them? Because essentially, even in your own county, especially Los Angeles, there will be hundreds of thousands of people you can always mail to. My point is, at what point do you stop? Do you stop when your funds stop? what would you recommend to someone that has limited funds and is just starting out. Any advice & personal success stories and tips would be appreciated. Thank you in advance.
Hi Medvin Bagh , while the list and frequency are important, they are not nearly as important as the competition and what you say in the letter. I think you'll find a little research up front will help more than anything. Rather than starting with direct mail, consider starting with door knocking. It's a lot more work, but it has a huge advantage in that you'll learn about your target audience - what motivates them, what turns them off, what languages they speak, etc. For those that are friendly you can also ask them if they get any letters or postcards asking to buy their house. Offer to pay for any that they collect for you - this will give you a lot of insight on your competitors.
Once you feel like you know your audience and your competitors you'll be ready to create kick-*** mailers, that aren't the same as 10 other people and a total waste of your money. Also Listsource is a very expensive option in CA, the same county assessor/recorder data is available from others for a fraction of the cost.
Hey @Sean OToole , I can't thank you enough for this. I've heard that absentee owners are the way to go, so do you still suggest door knocking as my primary initial source?
Also, what other option besides listsource.com would you recommend? Thank you!
I recommend driving for dollars. Drive around and whenever you see vacant or distressed property just take down the address. You can then use the address to find out who the owner is and obtain his/her address through public records. Once you have the owners address simply send them a hand written letter.
I feel like this strategy would be better suited to you. Rather then sending out hundreds or thousands of letters and blowing through your budget, target specifically those properties that you see are distressed or vacant.
Best of Luck!
Hello Igor, thank you for this information. However, if I am not mistaken, it is hard to find this information in California because the information is not public.
My mistake, I assumed it was public in California as well.
Medvin Bagh . It is public information and it's readily available either by visiting the county assessor or using a service, like CoreLogic Realquest, or ours. Feel free to PM me for more info.
In California you can locate owners via the public records search. Go to netronline.com choose CA and follow the steps. Any property that is purchased and sold is recorded and thus public record. It's the law.
@Randy Daniels Hey Randy, can you show me the url of where you go? because netronline gives basic information, and doesn't give mailing address or name.
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