In Need of Direction

8 Replies

Hello everyone!

I began marketing for absentee owners in my area (Miami) about 2 months ago. My girlfriend and I, hand wrote over 1,000 letters in a little over a month. Unfortunately, the outcome wasn't as expected. We received a good number of calls but none were motivated at all. I do take blame because more I heard the word "no" the more I became unmotivated.

My girlfriend and I decided to take a break but now that we have steady paying jobs and have saved up a couple thousand, we want to give it all we got. We've being thinking about mailing out letters to pre forclosure because they actually have some form of motivation.

Please if you have any advice or recommendations, I'd love to hear them. Thank you all!

Hi Jonathan,

First of all congrats on taking action! I just started my direct mail marketing so I don't have any firsthand experience to provide BUT I've done a lot of reading and have been to many REIA meetings and the theme seems to be about 5-7 touches for your first list for the first 6 months. I've heard folks obtaining deals after the third month mark. With marketing you have to test, test, test. From postcards to letters and track what works the best. But direct mail marketing from what I gather is about stamina. So hang in there and be consistent because you don't need a bunch of calls, you just need one motivated seller and one deal and if that one deal nets you $5k or more (depending on your market of course) then that's what you're aiming for. Then you rinse, tweak and repeat (or you may not need to tweak at all). Good luck and keep us posted on how it goes!

Do you have a system to keep up with repeat mailings?

Originally posted by @Jonathan Loynaz :

Hello everyone!

I began marketing for absentee owners in my area (Miami) about 2 months ago. My girlfriend and I, hand wrote over 1,000 letters in a little over a month. Unfortunately, the outcome wasn't as expected. We received a good number of calls but none were motivated at all. I do take blame because more I heard the word "no" the more I became unmotivated.

My girlfriend and I decided to take a break but now that we have steady paying jobs and have saved up a couple thousand, we want to give it all we got. We've being thinking about mailing out letters to pre forclosure because they actually have some form of motivation.

Please if you have any advice or recommendations, I'd love to hear them. Thank you all!

 That happened to me too. I can understand completely where you are coming from. Just keep in mind motivation is a situational thing, you may not be motivated today, but you might be tomorrow! 

I say stick with a strong marketing group and be consistent in your marketing to that group. You'll strike gold eventually.

Stop writing letters by hand - that will kill you.  Only address the envelope by hand.  The handwriting gets them to OPEN the letter.

Your letter can be printed in a nice font.  The more important thing is what you SAY because, they opened it and they're reading it now, and how you will be REMEMBERED if they want to contact you later.

You've barely done any marketing.  It seems like a lot because you hand wrote those letters which SUCKED.  Get more automated, hit more prospects, and do it repeatedly.  The first 3 mailings are priming the pump - expect NOTHING from them and you'll be happier.  Yeah, you need to hit them at least 7 times but anyone who does this for a living doesn't stop.   And the day you DO stop marketing, you are officially out of this business!

"The man who stops advertising to save money is like the man who stops the clock to save time." ~ Thomas Jefferson

Last - stick to absentees WITH EQUITY.  Pre-foreclosure has motivation, but most of them owe too much on the house - they couldn't do a deal with you if they wanted to.  And while you're new, you don't want to get into short sales.  So stay the course on absentees with equity - just hit more people more times.   Our eagerness can rarely overcome the realities of how marketing works.

@Jonathan Loynaz  

You have 127 Foreclosure which have a great equity position so I would definitely be hitting them....

You have 180 Absentee Out of State owners with equity and who are low hanging fruit.

You have 1361 30 year plus owners 65 years and older with equity....

@Michael Quarles makes a great point - if you can hit just those Pre/NOD sellers who have EQUITY, well that's an awesome list. Just don't market to a list of foreclosure-status owners without knowing if they have equity - you could waste a lot of marketing $$$.

@Michael Quarles  What source do you use to find this information? All the sites I've been trying to use require monthly subscriptions. Are there any ways to get these lists for free?

Originally posted by @Dylan Jennings :

@Michael Quarles  What source do you use to find this information? All the sites I've been trying to use require monthly subscriptions. Are there any ways to get these lists for free?

 If you go into Listsource you can get a general idea of the amount of prospects in a specific area by creating a "sample list". 

As for getting it for free-- that's significantly more difficult than just buying the list outright. Especially if you factor in the time it will take for you to generate even 500 leads, it's not worth it.

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