I Plan on sending out the first wave of my direct mail campaign the first week of may coming up.
Right now I am planning on sending to a list of absentee owners with significant equity to start off with. I am going to get a list of around 500 (probably from listsource) and I will plan to mail 4 waves within 3 months, so once every 3 weeks or so.
Should I diversify my list more to different prospects or should I just try concentrating on one group for now with the first 4 rounds?
I'd stick to the list and keep hitting them. The key is to be consistent, set your calendar and don't deviate. There are plenty of people on BP that are far more successful with their direct mail campaigns that I've been, but my experience is keep sending the letters. Also, plan out when you want to receive your calls. I found that it takes about 3 days from the day the letters go in the mail to when the phone starts ringing. I don't like getting calls on the weekends so I would send letters on Friday or Saturday anticipating the phone to start ringing on Monday / Tuesday. It would ring through Thursday typically and then be dead Fri / Sat / Sun. I then drop the next weeks worth of letters in the mail. If you send out on Wednesday, plan on getting calls on Saturday and Sunday.
Welcome to the community and to all of the activity going on in the Twin Cities area.
Marketing to absentees is a good place to start, but you will soon realize that list is heavily used in this area. I would also suggest looking into probate or other criteria to diversify a bit.
Where are you targeting in the Twin Cities area? For example, I know there are a lot of investors that focus on Hennepin County. It seems to be a really hot place right now, but competition can be fierce. I myself have tried to stay away from that county and instead focus on some other areas.
Shoot me a message sometime. It would be good to connect and see how we might be able to help one another out.
I didn't think of coordinating the mailings with when I would like to expect calls. Thanks for the tip. I would actually prefer to take calls on the weekend because I would be more able to answer and respond to them since it is a little more difficult when I am at work during the week.
Do you list your personal phone # for your marketing or do you have a separate number exclusively for marketing purposes?
Thank you for some of the insights on the Twin Cities market. I currently am located in East St. Paul so I was thinking of sticking to Ramsey county and possibly some other bordering counties so I wouldn't be outreaching my boundaries yet.
We're in the same stomping ground then! I'm in East St. Paul as well. :)
@Blake Reynolds, you may want to look into getting a google voice number, or something similar, there are a few to choose from. They give you a phone number that you can forward to any number of phone. They come with voicemail and texting, and you can screen calls, transcribe voicemails sent to email, etc... Pretty slick.
I just checked out and set up a google voice number. That service is pretty cool. Im excited to give that a try when taking calls.
I still might think about getting a separate phone so I don't have to bother my personal phone with all the calls but at least I feel better now about not putting my personal number out there on all my letters.
I used google voice for my marketing, this includes direct mail, Craigslist listing, and yard signs. You can sign up for additional google accounts to get different google voice numbers. This way you can split test your marketing to see what works better. For example maybe have one phone number for post cards and a separate phone number for yellow letters. Remember, what matters gets measured. Also with your primary google voice number, you can have it ring or forward texts to your cell phone. If you have an android phone there are some cool integrations too ( I hear there are some with the google voice app for iPhone but I have no experience with that). Another platform that I've looked at in the past is call fire, its a more business ready call platform than google voice, but I'm cheap and google voice is free.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.