Deal funnel with Deal Machine App
To those of you that are using Deal Machine to find off-market deals, what are your response rates and conversion rates? If I want to close 6 deals a year many houses should I be mailing to in Deal Machine?
Right now I plan on 1x "handwritten" letter followed by 9 postcards with 3 weeks between each all sent through Deal Machine.
Thanks in advance
Originally posted by @Gregory Schwartz:To those of you that are using Deal Machine to find off-market deals, what are your response rates and conversion rates? If I want to close 6 deals a year many houses should I be mailing to in Deal Machine?
Right now I plan on 1x "handwritten" letter followed by 9 postcards with 3 weeks between each all sent through Deal Machine.
Thanks in advance
College Station/Bryan will be hard to do any real volume just because of the size. If you add Houston, then you can hit pretty decent numbers. Real estate is a numbers game, especially in this market. You can send out 1,000 mailers and get no responses or you can send out 500 mailers and get 2 responses. It just depends on how good your list is. Out of 100 responses you might pick up a property or 2 over time, meaning it may take several mailers & conversations to an owner before they sell. Do not expect to buy from a seller after only one conversation, it can happen but it's rare.
I've had times when I sent out 5,000 mailers and gotten no response. Then a year later someone calls who got my mailer, never called, but hung onto the mailer and called when the time was right for them. You have to be in this for the long haul to get anything accomplished.
Phone calls and door knocking are more immediate and produce much better results.
@Mike Hern thanks. We've been mailing for about a year and a half but only sending out to 180 properties. We got 2 deals out of it one of which was a great owner financing deal.
My overall plan is to add 500-800 properties to the app over the next few months with the hope to get 3-5 deals. As a buy and hold investor I'd be more than happy adding 3-5 units to my portfolio per year. Do you think this is a realistic marketing plan?
Originally posted by @Gregory Schwartz:@Mike Hern thanks. We've been mailing for about a year and a half but only sending out to 180 properties. We got 2 deals out of it one of which was a great owner financing deal.
My overall plan is to add 500-800 properties to the app over the next few months with the hope to get 3-5 deals. As a buy and hold investor I'd be more than happy adding 3-5 units to my portfolio per year. Do you think this is a realistic marketing plan?
That sounds reasonable. I know a lot of properties in College Station are student rentals that get snapped up early in anticipation of school starting and empty out when school lets out. I would get a list of rentals and hit it hard a couple of times in the spring when landlords are thinking they are going to have a vacant property over the summer.