Wow, these are great threads and give much advice/help!!
I decided to finish off my bandit signs in a different city than Plano (Irving, Richardson, Dallas, etc…). If I get leads, then I may purchase more bandits and put them up as well. But at this point, I have to say I’m FAR from happy with the response I got from bandits (0 response).
The next thing I’m working on is trying to get my marketing for direct mail down. I just purchased Michael Quarles course that gives much advice on marketing and have been following alot of his posts on direct mail. They give much insight/direction for marketing (especially pertaining to direct mail). Thanks Michael!! I would like to get others opinions on what they’re doing with they’re marketing as far as:
types of material (post cards, professional, yellow letters, mary letters, etc…). Also, in which ORDER do you send these to people?
At what intervals do you send to ONE person? Do you send them for example a yellow letter on Monday, then a post card on Wednesday, then a professional letter on Friday and then REPEAT for the same person the next week??
How many people do you target for each campaign each day/week? If you’re doing expired’s for instance, do you mail to 10 different people on Monday, then the same 10 people Wednesday, then Friday, then the next week??
You want the phones to ring, therefore make your postcard describe the problem, briefly state you have the solution. Almost like a bandit sign look. Peak their curiosity! The more information you give, the less of a reason they have to call you!
The golden rules:
Your list: don’t send a postcard about boat covers to people who don’t own a boat, get it?Who do you seek? THERE IS A LIST FOR THEM.
Frequency: the 1st card I glanced at, the second I card recognized, the third intrigued and the fourth got me to call!
Content: sit down and ask, who do I want to call me? Place yourself in their shoes. What kind of statements, verbiage or solutions do they seek? I know it sounds obvious but it’s’ your dime, waste it if you want.
Offer: Why should I call you now? Create a sense of urgency. What’s in it for me is what their asking. I know they need your services but don’t try to fight human behavior. People love resistance, even when faced with a hardship. Besides your postcard may not be the only one they got that week. What makes the call to you better then the 5 other cards they’ve received? Sell the sizzle! Good Luck.
I understand the content of the cards/letters…and I’m working on the lists now. What I don’t fully understand is the frequency for mailing this out. How often do you mail each of those 4 mails to the same person (once per week? twice per week??). I DON’T want to waste money (hence the questions).
Also, let me just throw this out there. If I haven’t yet done my first deal yet, how much marketing should I be getting myself into? I’m also working a full time job. I want a lot of leads/calls, but I don’t necessarily want to be bombarded?
It really depends on your target’s cycle. Ex. People with an NOD have a limited time, couple of days to weeks. Divorced couple may have longer couple of weeks to months. Someone for looking for wholesales might be up to a year. Remember this, direct marketing is about testing, testing, testing! In the beginning it can be very costly with little or no returns. Should you get bombarded with calls, be thankful. 1-2% response should be expected. If only it were that easy!
It’s been a while since I have been on this site but here is my two cents worth on Wholesale Marketing. I have never used a bandit sign in my marketing (since 1984). I have and do use valid pre-foreclosure data and a well written marketing piece, the local daily classifieds periodically, neighborhood drives and that is where ever I am traveling (never go and return on the same route) usually on Sunday mornings and delinquent county tax data (its free and easily accessed in major counties). And of course referrals. Since I buy owner-financed mortgages and own an Insurance Agency I do constantly seek referrals for all of my business activities. I have had minimal success with Realtors from the investment standpoint though they are an excellent insurance referral source. If you are still reading posts to your question hopefully this helps.