Brett and Rick,
Good comments. Especially think comments like sharing first and "this is what I do" - very much an abundance mentality.
Good idea about door hangars … I have door hangars aimed at Auc and PF, but have yet to find the time to accomplish this task so the metric of how well works is ... as expected not so good.
I have done all the marketing about 2X/month since 10/2015.
I get / create PF, Auc, EXP/CANC, and ACTV lists from MLS & ILFLS. Probably 4000 - 5000 in intial with some specific elimination criteria to simplify download of "hits" (e.g. $$ range and target areas)
From that initial "dumped list" I prioritize records and then send out about 400 postcards and about the same number of letters per month. I created postcards and check letters, the latter work much better in getting a response than other "forms" of direct marketing (pretty professional printed postcard and handwritten postcards). New records within these lists get check letters - those previously found get postcards. I haven’t tried any of the more costly and curiosity peaking items like a branded pen (refrigerator magnet – whatever) in an envelope.
I set up numerous criteria prior to downloading lists and with EXCEL focus/target my marketing (not necessarily in prioritizing sort/elimination order):
- Home with median price range (~+/- 1 stdev),
- DOM (MT & LMT)
- evaluate %equity (much of the data sketchy for 2nd liens)
- evaluate $/sqft (most data sketchy sqft)
- Zestimate,
- Target "B" areas,
- weighting and distinguishing between key words in remarks for distinguishing between motivated buyers in distressed or good/ARV properties,
- days to auction (don't even try if < 10 days - might consider working with someone that has expereice in solving that issue expediently),
- eliminate ARM mortgages
- eliminate banking institutions
- removing returned mail from lists ...,
- identify cash buyers
- track most productive brokers
- find most productive SS and or foreclosure agents (will be doing the same for probate once started)
- determine "repair spread" by identify similar distressed and ARV home average prices
- generate URL to quickly and easily see area and home on Google (the desk audit) ... especially if prioritization ranking is favorable or a marketing response obtained
I will also be doing hand-written letters - not sure which group would be best to use that effort on - probably probate, but not started that yet. I am about to start the same with probate, but knowledge of process is just evolving.
I have not done skip tracing but about to.
For the targeted prioritized property owners, I get phone numbers and do a voice-connect and my partners call and do a friendly "so how can I help you?" approach with no pressure - hopefully leading to getting 4-5 questions answered to determine motivated seller.
All of this has produced some varying results and still needs tweaking to get more effectiveness and create a win-win acquisition.
I find actionable and promising prospects but my $$ availability limits casting a wide enough net to be more productive. I have access to great financing but my share of the "investment" is the real limit (e.g. 20% in). I know what I am finding are worthwhile properties since within a week 80% or more of the identified homes are CLSD or PEND.
I do have to admit that I am disappointed how few phone calls are made (goal is 10 per day and I don't think even get 10 per week per person is accomplished). I will soon step up here too.
Searches...
Perhaps there are threads on this, but I found this one first. I am new to the forum and tried searching for similar info and got frustrated when initial search with 3-4 words results in nothing found (a few did) – certainly not as helpful as Google (might be too harsh). Gave up too easily and now doing simple searches … but not many yet, but then there are less specific "hits"..
An aside...
I would like to do rehabs, but the projects and those associated contractors I found so far ranged from dishonest to incapable of creating cost and time estimate OR they can do only one type of quality. We know homes of different price ranges require varying "panache".
Hope this all made sense and at least helps someone or generates more win-win relationships. I am especially interested in working with other motivated creative individuals that can review the generated prospects and take action (quickly review/see the property and prospect) so that we can share the benefits.
