ListSource

[Dan Shelhamer]

I am in the process of creating a direct mail marketing list for Absentee owners. The criteria I used was a 15 mile radius of my zip code, 3-4 bedrooms, 2-3 bathroom, 70% equity or more. After inputting that, I got a list of 874 leads. I feel like there can't be that many absentee owners that fall into my criteria. Looking for some input on anyone who has some experience using ListSource or any list service for their direct mail marketing. What criteria do you put into the list, and how big is your average list?Also, how do you handle the mailing aspect? Thanks in advance!

[Jerry Puckett]

Originally posted by @Dan Shelhamer:

 After inputting that, I got a list of 874 leads. I feel like there can't be that many absentee owners that fall into my criteria.

 Hi Dan,

Why so surprised? 15 mile radius, that's a diameter of 30 miles.....that is a LOT of ground. Do definitely choose a property type, and make sure you do it from the detailed property types>residential, otherwise listsource is unable to distinguish between a detached SFR and a Condo. That's a big mistake I've seen a lot of people make, and don't recognize until they see the unit numbers popping up in their list.

If your return is still too high after that, then reign your radius in mile by mile until you get to where you want. 

Most people compiling equity lists also skip anyone who have been in title less than seven years or so. I used to do that also, but then realized I was missing Inheritors and the growing ranks of newbie Landlords who have already figured out they're in over their heads ( I call them really really bad Landlords, or RRBL's). 

That second group is growing larger every day. What I have found is that there has been tons of cash flying around the market for the last two years. Many, disgusted with there 401k or other investment strategies have decided to throw their money into Real Estate without even knowing what they're doing.

They're going out, making bad deals, and very quickly coming to the realization that they just weren't cut out to be landlords. They just want out and I'm happy to oblige! The RRBL's usually have about an 18 month turn around, so if I filtered for length of residence, I'd lose them. As for how to handle the mailing aspect...that's a loaded question....do you want to be an Investor or a mail house? What's the best use of your time?