For those of you with experience in wholesaling, what have been the most effective marketing strategies for you? I'm evaluating my options and trying to determine which one is the most cost efficient. Any feedback is appreciated. Thanks!
I've experimented with a bunch of them and found Direct Mail to be the best and most productive. You'll need to select one or two target markets like code enforcement, absentee, etc and hit them hard with multiple mailings. Feel free to contact me with any questions!
@Pratik P. is correct that you need to hit hard multiple times on the same prospect. 1 or 2 mailings is likely to end up in the trash. Be the only marketer that consistently hits the same target and you'll stand out against others.
Hi @John Foster ,
I wholesale exclusively in the Indy market, but use direct mail quite frequently. My ratios are a deal per 1,000 mail outs. May seem like a lot, but that single deal makes it worth the 999 that don't pan out. I also look on Craigslist (no marketing costs), but you need to learn to weed out the junk. Driving for dollars can also work and only costs you some gas, but there isn't one strategy that pours out the deals. I recommend using different ones and creating systems around what's working to make it more efficient.
@Brett Snodgrass @Pratik P. Hey guys, I noticed that you both have adequate experience with direct mailing. I am also new to the RE field myself and I am about to begin marketing now that I have built up a stronger network. I am wondering what site you guys use to get you lists: ListSource? Also, what method of mailing do you take: Postcard, Postcard, Letter, Executive? What do you specifically write on your mailings to get the best return. I am not sure what to write on my mailings, or what I should create my list criteria based off of. Some personal opinions or guidance would be much appreciated!!
- I don't use a website like listsource right now. My lists come from county records that are somewhat difficult to obtain. The more difficult to obtain, the better the quality and lower the competition. Some disagree, but I don't recommend getting an absentee list. That's the first thing new wholesalers get and become 1 of 15 people mailing to that lead.
- I personally use a classic white letter with a hand addressed envelope. Because they're hand-addressed, the open rate is much higher since leads don't assume it's junk mail. It takes a lot of time so I have an automated system that does this. If you're interested in the service, you can PM me.
- It doesn't matter too much what exactly you say in your mail piece. Just don't write an essay. Get to the point. Why are you contacting them and why should they contact you back? Be clear on what benefits you give them.
- Here are some ideas for lists: Probate, code enforcement, owner-occupied, divorce, eviction. You gotta think creative. Why would someone want to get rid of their house fast instead of putting it on the market and waiting for the highest offer?
Hope that helps!
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