I am new to this forum and have a couple of general marketing questions. I have not begun seeking out leads but I intend to soon. My plan is to do a yellow letter campaign and target certain houes that match my criteria by obtaining a list. I was wondering what peoples opinions are on obtaining lists of properties with NOD. Are these lists obtainable commercially? If not, is it a good or bad idea to call banks and ask them for leads?
Is a more general approach, like targeting all houses in a value range and neighborhood I am interested in, a good course of action or would it be better to only direct-market to houses with NOD? I intend to do lease/options, subject 2s, and short sales with properties. Any input is appreciated. Thanks.
From the question you asked, I can tell you that you are not ready for shortsales, but it is up to you.
depending on the state you are in, you may get the NOD list for free from the title company, or through a service company. DO NOT call the banks asking for NOD lists.
Keep in mind that everyone is going after NOD list so don’t hold high expectations for results. Now, once you find a good deal, can you bring their payments current to stop the foreclosure?
Your marketing plan is still sketchy. You need to better define it. NOD list is fine, but your shotgun approach is expensive. Narrow down the list more.
The lists I would mail to are:
Out of town owners
I only have access to expired listings but I would mail to NOD’s anyways. I’ve seen investors do incredible things with NOD lists. An investor that got a deal with a Yellow letter saw 200-300 unopened mail pieces in the mailbox of the homeowner. Only the yellow letter got opened.
If you line up private money, you will be able to deal with NOD’s.
Like Fadiz said, in some states you can get these lists from list companies but the competition will be ferocious.
Just find those motivated sellers and worry about the rest later. Nothing matters until that motivated seller calls you. And direct mail IMO is the cheapest if you have a very good list.
this was a yellow letter taped on the door or left by the mailbox during doorknocking?
Don’t think so. When I spoke to him he did what all the other investors did, he said he sent a hand addressed envelope with a yellow letter inside by mail.
Basically, the homeowners just flipped through the entire pile of mail and only opened the hand addressed letter that look personalized.