Week 2 Results

For a quick recap I am undertaking a 3 month campaign of 1000 absentee owners.  I will send out 250 pieces a week for 12 weeks.  I chose the standard mailing option to save on cost.  I know the average mailing time is 10 days, but cannot be sure when my mailing will arrive at its destination.

I chose Michael Quarles to run my initial campaign.  After talking on the phone for half an hour with his associates about a month ago the campaign is on autopilot. I get a weekly email when my mail drops.  I cannot imagine trying to hand write letters every week on top of talking to sellers and researching properties while working full time.  I send all of my calls to a voice mail box and call back leads within 24 hours.  I started using Google docs this week as my lead software; it is really easy to use I can access my data from anywhere.

Week 2 Results 

I received 24 calls this week, only 7 last week.  12 callers left voice mails and I was able to follow up with 8 of these callers.  I sent the callers that did not leave message a text, but had no response. I am also chasing some of last week’s callers.  I had 2 semi motivated messages.  

Lead 1- Home owner lives in New York, property is in Tampa.  Tenants are moving out in July.  Last year when his tenants left he had a 5000.00 bill to repair house.  Property prices have increased so he wants out at 125,000 (no mortgage) by end of call he reduced price to 120,000.  He understands that I need to make a profit but realtor guaranteed him 135.  I gave him my offer if no repairs are needed (he has not been in house in a year and thinks it is great in shape, I know it will need paint at a minimum).  He is under contract with realtor until Aug 1.  I will follow up and see if realtor kept promise, I told him not to extend contract with realtor until he talks to me.  At this point not that motivated to sell, however if his house is trashed again who knows.

Lead 2- Owner owns outright, tenants moving in July.  House built in 1990.  Owner wants to sell and no longer rent, lives out of state.  House sold nearby for 150 that was fully rehabbed, granite, cherry cabinets. 

Again I sent my offer which they were not too happy with along with real comps.  They have already lost money and do not want to put more money into it.  Told them if they wanted full retail then hire realtor and wait.  If they want to sell their house soon call me.

I had one more call from landlord that had tenants leaving but she was asking about 100K over retail.  Most calls are sellers trying to hit the lottery.  Almost all of my calls come through on Tue and Wed.  

What I learned this week

-I would rather have a quick ball park number before I talk to seller.  That way if they are way off on price I end my call at that point.

-Google voice seems a little fishy to me, I will have no calls until 4 in afternoon and then have 9 calls in an hour.  The next day calls come through in morning.  Calls always come in bunches.

-I am missing out on too many leads by missing calls.  This week I have a meeting to attend for three days.  Next week I may try to take calls live again.  I am much more comfortable talking to sellers and would rather make contact and qualify.  Some callers leave voice mail and I cannot track them down.

-I do not know how you can have full time job, and conduct these activities on a large mailing.  It is a job not a business.

-The list is money, my callers have equity and are all absentee owners!

-I am planning my second campaign, these are exciting times!