So I'm considering adding mailing to multi family absentee owners as part of my marketing strategy. I haven't seen much information on this. Anyone have experience? What was your results? List criteria?
Cheers and happy investing!!
Hey Robert, I'm curious as well now :)
if you ever do a mailing, please do share how your experience was.. maybe contacting management companies or Apartment association meetings in your area? or expired multi-family listings?
I use Property Radar to build lists of out of area owners of MFR. (Note: Property Radar is a paid subscription service) I have tried a few different mailings and I have found that sharing current market value info with out of state owners garners interest. I will create a landing page to drive them to in my post card mailings to them to get the to give me their email address in return for a detailed market analysis report. I share localized market info with them in future email drip campaigns as well. Hope that helps.
Wow that's a really great approach Lance, any luck getting deals out of your campaign? What's your response rate and how many postcards do you usually send out? Do you limit the value or # of units in your list criteria?
Robert, this process is a farming approach that takes time and consistency to pay off. One of the great things about property radar is you can filter by equity position of loans on the property etc, so you can really dial in a target audience and tailor the messaging to that particular audience. I am just now seeing benefits of gaining legitimacy with this farm after a year of doing monthly mailings. I started with a mail list of about 350 properties that met a certain criteria and just worked it. So if you are in it for the long haul I would say you can get some deals. The main thing is to be able to have your money and team in place once a deal presents itself. Ready. Set. Go!
Hey @Lance Hulsey ,
How have things progressed since 8 months ago? I'm interested in your strategy and was curious how things have continued to pan out. Have leads picked up further after year one?
@Matthew Jonas - It does pay off with consistency. We just mailed 100 out and saw a response rate of 4% which I will take all day, everyday.
@Lance Hulsey , great to hear! Congrats. Will be mailing out my first ever DM pieces by 3/10/17.
I'm looking to start a large scale direct mail campaign for small multi family properties (2-4 units) but one thing I worry about with multi family direct mail is if the letter will actually reach the Owner. A lot of the times the public record will say the Owner lives at the property but of course they dont and the house is being fully rented out. Have you run into this issue? Do you get a lot of mail kicked back as a return to sender? Since the public record says the owner lives at the property (even though they dont) I wonder if a lot of mail ends up being delivered at the house and then just gets thrown away, unless of course the tenants are good and give the mail to the Owner.
@Nick Foundas I believe the mail is routed to the owners current address provided the owner put in a change of address with the post office. I personally don't know for sure as I have yet to mail a campaign but a friend of mine who recently got his first deal said thats how it works. Even as I farm for vacants I come across some fire damaged properties with the same address for the owner and I'm pretty sure mail isn't delivered there. I guess the way to know for sure would be to set up a p.o. box and put it as the return address on your mailers.