Great topic, keep it going. Many wonder what works and what doesn’t and this will help many.
Many use bandit signs in Texas even though there is a law against it. Put them up Friday afternoon and take them down Sunday night. Use a prepaid phone and put the number on the signs for extra protection. Doesnt eliminate the risk, but highly reduce it.
As far as foreclosure list goes, I personally hate it. I think every wannabe investor, realtor, and lawyer is marketing to them. They have motivation, but the fact that Texas only gives 21 days foreclosure notice and they are being bombarded with solicited mail makes it undesirable for me. Not to mention that if they have not acted yet, chances are it will take them another week or two to act leaving you with very short period to find a buyer. How do you feel about tieing up someone’s property and not finding a buyer? let it go into foreclosure or you buying it yourself?
Driving around and networking are useless. First, with the price of gas I doubt you are doing some serious driving around. If you are, use your money doing something more useful. Networking pays off over the long run, but has no immediate response. You may get lucky, but that is not usually the case or basis for business.
You mentioned direct marketing. This is one of my preferred methods. If this did not work for you then:
- You sent to small numbers
- You sent to the wrong audiance
- Your copy/content sucks
So fix your copy, and start doing repeat mailing to the same prospects. Get a good target list such as Expired Listings, FSBO, FRBO you know… people who are making it known they are trying to sell but do not have contract with a realtor.
Now, if you are willing to challenge yourself… then pick up the phone and do cold calling. Call the FSBO and for rent ads. Go knock on the foreclosure doors and talk to people… I know it is intimidating, but you get over it with time.
Also, you must keep in mind that you do not market to get immediate calls. Thats why many fails, or do not last to see the fruit of their work. Marketing is about keeping a lead generation machine going and with time calls will come in and deals will be generated. Don’t expect to send X number of letters and get Y number of deals from them… these are just averages not set rules.
Hope this helps.