To me it sounds like response rates and success rates will vary from one location to another. I’ve had mediocre results with bandit signs, and my yellow letters get about an 8% response. I’d consider that to be a pretty good return, I know I can do better, but 8% is a great number to start from!
What does your yellow letter say? Who do you mail them to?
1% isn’t bad, and 1% is much better than 0% (or not doing them at all), so maybe try narrowing down your list to a very specific group of people (out of state owners who have owned for at least 10 years and who have greater than 40% equity and own houses with either 3 or 4 bedrooms, for example…) and/ or try testing a different message.
Mine say:
[i]Dear [FirstName][LastName]
My name is Chris and I’m interested in purchasing your house located at [Address] in [City].
I really like the neighborhood and would like to buy soon. I pay cash and can close quickly. Obviously by selling to a private buyer (me), you won’t be paying expensive Realtor commissions and fees, and I will pay all closing costs as well, saving you even more money.
If you are interested in selling your house quickly or learning more, please give me a call at [MyNumber]
If you are NOT interested in selling your property yet, hang on to this letter in case things change and you do decide to sell at some point in the future. It never hurts to have a potential buyer lined up in case you do decide to sell your house!
I look forward to hearing from you!
Sincerely,
[MySignature]
P.S. Please call today at [MyNumber] if you are interested in selling your house![/i]
I also print mine in blue ink not red like most people will say to do. I personally like the way it looks in blue better than red, I haven’t tested though to see if it makes a difference…