Hello all. I started wholesaling a few months ago and am on my way. My first 2 deals should close this week. I have been sending out about 500-600 yellow letters a month with about 15% return. I am using the most basic “I want to buy your house” yellow letter.
I still have a regular 9-5 job and was having trouble keeping up with all the calls. I hired an answering service and this has helped tremendously but they are not very good at qualifying calls yet. I think I read on here a while back about someone who put more info in their yellow letter which resulted in less total calls but just as many deals. I cant seem to find the post again.
Has anyone else tried this? If so, would you be willing to share your yellow letter copy?
Wow, 15% response rate is exceptionally good. Are you getting a lot of good leads or mostly tire kickers? Some investors like to get more calls because they are good at negotiating and can create deals where others can’t. Also, if you’re creative in structuring deals, getting as many calls is a good thing. I use a combination of the general “We buy Homes” letters and more targeted letters. Here’s an example that I use for absentees:
"Dear xxxx,
My name is Justin and I am interested in buying your house at 1 Any Street, Anytown.
Whether you are tired of being a landlord, can’t afford paying multiple mortgage payments, or are just sick of keeping up with another property, I can help! I buy with my own cash, pay all the closing costs and can close as soon as 10 days. There is no need for you to spend your time or money making repairs; I will buy the property As-Is.
I can only but so many houses with cash so if you are serious about selling, please call me today!
I think the line “I can only look at so many houses…” is great because it lets the recipient know you are not interested in wasting your time. This is essential to lessening bogus calls and boosting true conversion rate.
wow, a success story here. Please share your experience, what was the deal like, how did you talk to the sellers, how much did you spend on marketing and how much are you going to make from those 2 deals?
I say if it’s working, don’t change it. At most you pay a bit more for answering service, that’s very little compared to profit.
I have a letter that works really well. I don’t want to broadcast it but if you PM me I’ll send it to you. Just bought a house last week that will fetch an easy 20k wholesale fee. I’ve spent thousands on copywriting courses and have tested this letter and changed it over the years and my response in strong.
I’ve recommended sifting your mailing list so that you get more highly qualified responses/calls. However, if your mailing list isn’t properly sifted, then you might consider adding more qualifying items in the letter itself.
The problem I have with letters that go into detail about what we’re willing to buy, or not buy, is that the letter gets too wordy.
However, you could split test the wordy, detailed, qualifying letter, that is designed to sift out ‘bad’ deals, against a simply-worded letter, that basically says I want to buy your house.
For me, I like sifting the mailing list, rather than sifting the letter copy.