All Forum Posts by: Dev Horn

You can do tests with as few as 500, but the smaller the count, the lower the statistical relevance to the larger market. I like to do direct mail in minimum runs of 2,500, but for some that is cost prohibitive. One of the challenges of testing direct mail is that it works better when the target group is touched at least 3 to 5 times over the course of a campaign. So, you could send out a test mailing to a group one time, and the results would not be a true measure of effectiveness. You'd need to hit that group with a similar message at least three times. In your case, consider dividing the 6,000 into three groups and running three concurrent campaigns with three variations on test messaging (and elements like use of photos vs. just graphics, etc.). If you don't have the funds to hit all 6000, divide it down to three groups of 1000 or 500 - whatever fits the constraints of your budget. Just remember, the test groups need to be statistically similar, and you must consider the campaign aspect rather than trying to test with a single mailing.

Sending out two variations of a message to two groups just one time will tell you something. But it may not really mean anything. =)

This conversation about the ex-cop makes me think about this business opportunity:

SEAL TEAM SIX PROPERTY MANAGEMENT
We'll handle your problem tenants. And no one will ever know what happened to them....

Hi Javon Rice - The ARV, or "After-Repaired Value" is most easily determined if comparable homes in the area recently sold. You can compare the price paid for similar homes, and you can also determine the price per square foot that similar homes sold for - then apply that metric to the sq footage of your property.

Point is, the ARV is determined by the market, not by the individual property.

I'm going to mention J. Scott as I've found his pair of Flipping Books here on BP to be the single best reads in REI. And he's right here in BP for you to talk to. I find his level of detail and instruction (and heavy dose of reality) to be inspirational, as I really don't need anyone other than Starbucks to get me going. =)

http://www.biggerpockets.com/flippingbook

Yeah, Blair H. - I definitely see the logic in that. Sometimes it's all about doing what you can with what you have. And if you don't have a marketing budget, there is nothing wrong with the DIY approach to get you going. Great point. And here's to all those who are just starting out - no excuses! Get going! =)

OMG, please don't try to HAND WRITE your own letters! Time is MONEY. Sure you can "outsource" it (to people who will later sue you because they developed carpal tunnel syndrome).

There are plenty of places that will print yellow letters with a handwritten font, if that's what you think will be effective. One of the reasons I like yellowletters.com if they have a lot of intelligence about what works and what doesn't (not just a printer).

Looks guys, the handwriting is kind of a psychological trick. The strategy gets people to pay attention to something that they may otherwise ignore. The handwritten fonts accomplish this. The incremental value of having it ACTUALLY HANDWRITTEN is small. Are you trying to make them think you only care about THEIR house? (i.e., that you love it so much you might even pay FULL RETAIL for it?). This is where some of that marketing intelligence comes in - with verbiage that says "I'm looking to buy a house in this neighborhood, I'm asking all your other neighbors too, and I can only do one, so if you are interested in selling, let me know ASAP." (loosely quoted from text I saw on Michael's site). I love that. It's setting the right expectation.

Think about where you are going with this from a STRATEGY standpoint, and consider the psychology involved.

Money is money. If you are buying with HM, that's your business. It's just the kind of loan you have. HM or mortgage, it's ALL CASH at closing time!

Realtors pay us for leads every day, in markets all over the U.S. They buy leads all the time. You are just saying, I have pre-qualified leads here that I generated from my marketing efforts. I will sell you these leads for $100 each or whatever.

I believe a "referral fee" is only relevant when both parties are Realtors. We are not Realtors. Are you a Realtor Rob Padilla?

That's pure gold. Excellent advice...