I hope everyone is having a productive day!
I will be starting my first direct mail campaign in a week or two.
I am targeting absentee owners in Dade County. I am using a reputable list source, listability.com.
Here are my criteria:
- Owner age: 30+ years of age
- Equity: minimum 40% equity in home
- Market Values up to $350,000
- SFR properties and 2-4 unit properties
These criteria yield about 6,000 records.
I plan to send 500 direct mailer postcards every week for 12 weeks until I exhaust all of those records. My goal is to send each of the 6,000 records three or four different pieces of marketing material over the next eight to ten months.
How does this sound? Is there something I am missing?
Why did you pick 40%? Why not 50, 60, 70, 80, 90, 100%?
Sorry if I did not clarify enough. I am targeting owners whose LTV ranges from 60% to 0%. I figure at 40% I will be able to make a low enough cash offer where the remainder of the owners mortgage is covered and they could still walk away with some money. Should I lower this amount to 30% equity or LTV between 70% - 0%?
I thought the same thing at first but then noticed he said "minimum" 40% equity.
I've never sent with age as part of my criteria, should be interesting to see what kind of results you get. If you want a more targeted list, you could do out of state absentee owners only but it sounds like your plan is solid.
One quick note, a good list is great but a good letter is very important. Make sure you spend a lot of time on this part too. Good luck!
That is a pretty good way to start. One thing I would recommend is don't put an age restriction on the list. The only reason why I say this is we have gotten juicy deals from people in their 20's who inherited a property from a family member and they want to be cashed out so they don't have to take care of it. Although there are not too many people like this, you do not want to eliminate the possibility of them being in your list by restricting the age. I believe the rest of your criteria is a good place to start and listability is a reputable data provider. One other tip I would add would be to try different data sources. Use the same criteria and get a list from ListSource and PropertyRadar too. Then try all three lists in your planned 500 increments weekly. Then you can see which data provider gets the best results and you will maximize coverage in your area. Other than that, I think you have a good plan. Good luck and let us know how the campaign goes!
My bad @Carlos Diaz
Reading too fast for my own good. My apologizes sir...
@Chaz Reid no worries!
how did it go @Carlos Diaz ?
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