I have a list of out of state and local absentee owners. Should I mail this list letters directed towards a seller or buyer? My intention was to send them out looking for motivated sellers. After looking over some of the list I see some of the same names on the list as my buyers list. I can’t imagine them wanting to sell any of there properties but I could be wrong. What are your thoughts?
Even though you are seeing some names of the sellers listed on your buyers list, still send those letters out as if you are soliciting a seller. The sellers who are your buyers as well may be in a situation where they have to liquidate regardless if they are a buyer or not. Personally hand write it! It should go something like this:
My name is John Doe and I came across your property located at xyz. I’m interested in purchasing your property cash with a prompt 30 day closing. I will purchase under any circumstances and purchase the house in any condition, if this is something that may interest, please feel free to contact me right away so we can discuss the details.
If you have a business card mail that along with the letter as well, so they can put a face with a name. Hope this helps. From yours truly, “Mrflippahouse” aka “PrinceofWholesaling”
I think you should go ahead and send them mails addressed as sellers, including those that appear to be a part of your buyer’s list. Anyway when they contact you, you will know for yourself if they are indeed a motivated seller/homeowner. When they start calling, this is also a good way to confirm if indeed a lead should better be on your buyer’s list instead. Then you can start taking advantage of the opportunity of getting to know them.
If they mention that what they do is buy properties and fix them and that they have recently just updated the house they are selling, you then know you have a prospect buyer for your deals in the future. You can start building relationships with them and let them know what you do so you can come to an understanding that you can contact them if you have anything under contract. You can even ask them if there’s anything specific they are looking for and that should give you a hint on what kinds of properties to look for, those that will have sure buyers.
Hope this helps. Good Luck. :smile
My rule of thumb is
- If they are a new absentee owner (*under 2 years) … I assume they are a seller
- If they own multiple properties,and more then 2 years they are investors.
Mail accordingly, or voice mail blast them
I loved absentee owners and for years I had the two counties I mainly worked to myself as an investor and agent. Then one day a close friend in a third county i was thinking of adding asked for help, he was dying on the vine as a agent and doing even worse as an investor.
I told him my absentee owner secret and my methods and told him to keep this to himself, and suddenly he was driving a new car and moving into a new house. One thing I had forgotten was how much he liked to brag about himself and his great achievements and soon he was telling everyone how brilliant he was and managed to get recorded on his absentee owner prowess. pretty soon agents and investors were getting on them as a lead source. Then he has the moxy to call me and ask if I would give him another source I used and my method because his income was being reduced by the new competition.
Now that I have bought a grave plot I will tell you to work them all, they are buyers and they are sellers and their tenants may be buyers, also they may want property management, or to do a 1031 exchange to something where they live. and followup once in awhile, farm them.
You could focus on your local list of people who live in your area but own homes in other states, is that what you are doing? this way if you need to meet them in person to close the deal and get the signatures it will be easier. Track your paid advertising and direct mail very closely to make sure you remain profitable.
What are some methods to track the effectiveness of your direct mailing campaigns besides asking leads when they call how they heard about us?
I use different phone numbers for each marketing campaign to track the effectiveness of my marketing. For example expired listings letters/postcards have a different phone number than probates and a different phone number than my website. The company I use, you can see when someone calls and the length of the call for each of your phone numbers.