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Author Topic: How to make a yellow letter AKA Mary Letter  (Read 28627 times)

Offline DavidRowe

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Re: How to make a yellow letter AKA Mary Letter
« Reply #15 on: May 07, 2010, 10:27:49 am »
Hey Michael!

I got one the other day with the post it note on the OUTSIDE of the letter.  I'm surprised it stayed on the outside, but thought it was pretty ingenious.

I actually think the message inside does count.  In my mind, the yellow letter hasn't done it's job until the phone rings... Getting the person to open the letter is easy... it's the next step that makes or breaks that campaign...

A solid message = calls.

D
---Real Estate Mentor and Marketing Fanatic!---
-------- www.mentoringthatworks.com ---------
I'm an expert in marketing online and offline for motivated sellers and have perfected the yellow letter!  I'm a creative real estate investor specializing in sub to, lease options & dynamic options.

Offline FaceyInvestmentGroup

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Re: How to make a yellow letter AKA Mary Letter
« Reply #16 on: May 25, 2010, 11:12:46 am »
Hi Michael!

Great stuff!  Thank you for taking the time to share your methods with us.

Let me ask, in a month, how many yellow and/or Mary letters do you send out to your lists and how many of those turn into deals?  Get you to closing with cash in hand?  Just curious....

Thank again!

Leticia
Leticia Facey
I get countless of leads for my businesses through YouTube Advertising and you can too!  BTW, it is NOT PPC! ;)
www.FairOffersNow.com

Offline DavidRowe

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Re: How to make a yellow letter AKA Mary Letter
« Reply #17 on: May 26, 2010, 11:26:14 pm »
we normally send out about 250 yellow letters a month.  Typically get about 50-60 calls.... 20 good leads will come out of that....

Of those 20 leads, 2-3 will turn into cash deals!

More COULD turn into deals with other investing methods, but I'm specifically doing subject to deals... There are tons of short sales, wholesaling, loan re-mod leads out there when I return the calls.. I just don't concentrate on those so I don't count them!

---Real Estate Mentor and Marketing Fanatic!---
-------- www.mentoringthatworks.com ---------
I'm an expert in marketing online and offline for motivated sellers and have perfected the yellow letter!  I'm a creative real estate investor specializing in sub to, lease options & dynamic options.

Offline nsu1997

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Re: How to make a yellow letter AKA Mary Letter
« Reply #18 on: May 26, 2010, 11:31:56 pm »
we normally send out about 250 yellow letters a month.  Typically get about 50-60 calls.... 20 good leads will come out of that....

Of those 20 leads, 2-3 will turn into cash deals!

More COULD turn into deals with other investing methods, but I'm specifically doing subject to deals... There are tons of short sales, wholesaling, loan re-mod leads out there when I return the calls.. I just don't concentrate on those so I don't count them!



Hi David, congrats on your success! That is a spectacular response & conversion rate, even for yellow letters. Out of curiosity got a couple of questions for you:

- what list(s) are you mailing to?
- what answering service (if any) do you use to field the incoming calls?

Offline DavidRowe

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Re: How to make a yellow letter AKA Mary Letter
« Reply #19 on: June 06, 2010, 01:55:28 pm »
we normally send out about 250 yellow letters a month.  Typically get about 50-60 calls.... 20 good leads will come out of that....

Of those 20 leads, 2-3 will turn into cash deals!

More COULD turn into deals with other investing methods, but I'm specifically doing subject to deals... There are tons of short sales, wholesaling, loan re-mod leads out there when I return the calls.. I just don't concentrate on those so I don't count them!



Hi David, congrats on your success! That is a spectacular response & conversion rate, even for yellow letters. Out of curiosity got a couple of questions for you:

- what list(s) are you mailing to?
- what answering service (if any) do you use to field the incoming calls?

I'm mailing to people who are on the MLS... I have a certain criteria. For Instance:

I only mail to people who have a house that:

Is from the year 2000-2009
sale price of $100,000-$180,000
At least 3 beds 2 baths

Once I have that information, I quickly get the owners name and property information.

Then I use their yellow letter campaign and away it goes.

I have all of my calls go to Skype with a regular sounding voice mail.  If they don't leave a message, they weren't motivated and I don't call them back.

I'll plan on making calls for about 5 hours to qualify the leads even more.  Once I have some more information from the owner (loan balance, interest rate, etc) I'll run comps on the property and call the owner back another day and propose a lease option, dynamic option or sub to deal.

I just keep running that process day in and day out.. Spending around $500.00 or less on marketing.

Hope this helps.  Let me know if I can help in any other way!

Good luck!
« Last Edit: June 07, 2010, 07:39:14 am by kdhastedt »
---Real Estate Mentor and Marketing Fanatic!---
-------- www.mentoringthatworks.com ---------
I'm an expert in marketing online and offline for motivated sellers and have perfected the yellow letter!  I'm a creative real estate investor specializing in sub to, lease options & dynamic options.

Offline BradenMan

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Re: How to make a yellow letter AKA Mary Letter
« Reply #20 on: June 06, 2010, 10:39:31 pm »
You aren't worried about being sued by the realtor for tortiously interferring with a contract? I didn't think you were allowed to contact people with houses listed on the mls with out going through a realtor.

Offline nsu1997

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Re: How to make a yellow letter AKA Mary Letter
« Reply #21 on: June 07, 2010, 09:00:04 am »
You aren't worried about being sued by the realtor for tortiously interferring with a contract? I didn't think you were allowed to contact people with houses listed on the mls with out going through a realtor.

Not true at all. He only has to make sure the Realtor is paid their due commission.

But that does bring up an interesting point. David how are you doing sub2 deals on listed properties without the Realtors getting in the way? I can't imagine many Realtors having any idea what sub2 means, let alone advising their clients to go for it.

Or are you doing expired listings perhaps?

Offline DavidRowe

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Re: How to make a yellow letter AKA Mary Letter
« Reply #22 on: June 08, 2010, 12:01:10 am »
You aren't worried about being sued by the realtor for tortiously interferring with a contract? I didn't think you were allowed to contact people with houses listed on the mls with out going through a realtor.

Not true at all. He only has to make sure the Realtor is paid their due commission.

But that does bring up an interesting point. David how are you doing sub2 deals on listed properties without the Realtors getting in the way? I can't imagine many Realtors having any idea what sub2 means, let alone advising their clients to go for it.

Or are you doing expired listings perhaps?

Ahh, the age old question.  How do you deal with Realtors when marketing to houses on the MLS… Guys, totally easy. One, remember that a motivated seller is a motivate seller.  Whether they have a realtor contract or not.

Here is exactly what I say when talking to people on the MLS.

“ I understand you have a realtor and I can appreciate that.  However, I don’t pay any realtor commissions as I sent YOU a letter and we spoke without any realtor interference.  We can handle this a couple of different ways.

1.   We can wait until your contract with you realtor is expired and go from there
2.   Be open and honest with your realtor and let them know you are going to sell the house to an investor and would appreciate them letting you out of the contract ( recommend this one )
3.   If they complain about that, we can have the seller pay  the realtor a $500.00 fee on the side outside of the contract
4.   If the realtor just can’t handle losing a client to a investor, you can speak with the realtor directly and tell them you will pay them 1.5% when we(the investor) sell the property.  Now, we like this one because we know we aren’t going to sell the property for 3-5 years.  Chances are, the realtor won’t even be a realtor anymore.  And if they are, you have them list it as your agent to get it on the MLS for you for free for 1.5 %

In all honesty, guys, I’ve bought 22 houses sub to and have NEVER ran across a realtor who is that hung up on a contract.  Most realtors realize it’s hard to move a property in this economy and will give up the listing without ANY fight.  Out of the 22 houses I bought, I only had to have the seller give the realtor $500.00 on the side once and back end a percentage once.  Besides that, it was smooth sailing.
---Real Estate Mentor and Marketing Fanatic!---
-------- www.mentoringthatworks.com ---------
I'm an expert in marketing online and offline for motivated sellers and have perfected the yellow letter!  I'm a creative real estate investor specializing in sub to, lease options & dynamic options.

Offline The_Great_Martini

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Re: How to make a yellow letter AKA Mary Letter
« Reply #23 on: June 14, 2010, 12:40:34 pm »
Great stuff David!

My mentor deals creatively and said that you can have a contract with the seller even if the seller has one with a Realtor. He said that the seller has an agreement with the agent NOT ME, therefore; the seller would have to pay the agent a commission if I buy that house. I also heard that the seller may not even have to pay anything to the agent as it was not the agent who brought a buyer. Could you clarify this?

Great topic !

Offline DavidRowe

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Re: How to make a yellow letter AKA Mary Letter
« Reply #24 on: June 19, 2010, 03:16:58 pm »
Yep, that's true. The seller has the contract and is ultimately responsible... Again, there are some easy work-arounds... Haven't really had too much of an issue with realtors..

---Real Estate Mentor and Marketing Fanatic!---
-------- www.mentoringthatworks.com ---------
I'm an expert in marketing online and offline for motivated sellers and have perfected the yellow letter!  I'm a creative real estate investor specializing in sub to, lease options & dynamic options.

 




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