I have a question that i’m hoping someone can help me answer. I have a pre-foreclosure source that provides about 400 leads a month (approx 200 bi-weekly). As it is unclear initially whether they are worthwhile leads I’ve decided to direct mail to the homeowners.
Here’s where the problem comes into play…Foreclosures in my area average 4-5 months. I’ve continously heard on the boards that the “7th time is the charm” so figured I would mail 8 times to each homeowner. As I’m sure some of you would guess, this won’t work out very well. By month three I would be MAILING OUT 1200 POST CARDS BI-WEEKLY and ADDING 200 EACH OTHER WEEK. Obviously this will become unaffordable quickly. :help:
I realize that the marketing is the Backbone of my “hopeful” REI career, but does anyone have any ideas on how this can be done EFFECTIVELY within a 4 month time period? ANY INFORMATION IS EXTREMELY HELPFUL!!!
Sort through your list and be more specific about who you send to:
Pick a price range
Pick a specific neighborhood or city
Skip one bedroom homes
skip the really bad neighborhoods, unless that is what you want.
Pick homes with a large second loan or mortgage that might be discounted
I agree with fireman 18. You really want to target exactly the homes you’re looking to buy and don’t mail out ot all 400/month.
Pick the exact subdivision (if you can) that you want to mail to.
Sort by the number of bedrooms and bathrooms that you know most folks will want to buy (your exit strategy should determine how you are buying!)
Pick the price range (if you can) of the houses you’re looking for. For example, some folks buy in the “median” price range in their buying areas because that’s what most folks can afford.
By buying in areas where others want to live, you can rest assured that your marketing dollars will be spent most effectively and know that you’ll have an easier time selling the house if you choose.
I totally agree with fireman18 and Big Cheese. You have to have a target market. In other words, you have to have a niche. The key to success is consistency. You may also try doorknocking maybe 5-10 homes a day. Speaking with somebody face to face is always good and you may be able to overcome any objections they may have.