New member here! My question is: is anyone having luck a identifying a few properties to target and reaching out to the owners individually versus sending out mass mailers? I’ve got a list of several out of state owners that I’m about to start working on. I ask mostly because I’m a cheapskate and I’m trying to keep marketing costs low for now
@jpennington20 how are you identifying these few properties and how are you reaching out to the owners individually?
I’m sure it can be done, but it seems like it would be easy to waste a lot of time and lose efficiencies when doing it this way, unless you’ve got some clever strategy to make sure you’re not wasting time on sellers who aren’t motivated.
@charlotteirwin the properties I’ve identified are in the market that I live in and I’m very familiar with it. I’m basing my assumption that they’re motivated on the fact that their mailing address is on the other side of the country and at least one of them was inherited (based on my title search). I understand not all owner data like this is 100% accurate but it’s a start.
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@jpennington20 sounds like you’re making some reasonable assumptions. I am curious to see if it ends up being worth your while to contact them individually.
Even when we filter everything right on a direct mail campaign, there are still a lot of unmotivated sellers on the list (it’s far from perfect). The filtering definitely helps, but there’s still a lot of “junk” leads on there.
I chase distress properties - NOD’s, tax sales, probates, junkers and I almost always chase owners directly. Have never been much of a fan of mass mailing with a <1% response rate.
I will use direct mail letters to a very targeted distress seller list like tax sales as well as postcards and phone calls and text and email and Facebook and door knocking. It is not very efficient but when I hit pay dirt the reward is very good.
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@Jpennington20 if you’re “out of state” criteria is resulting in just a handful of owners, who don’t otherwise have some characteristics that make them likely sellers at a price you can live with, you don’t have the numbers to create and sustain a healthy pipeline. As a rule, the percent of out of state owner conversions might be higher than in state owners, but you still have to play the numbers game through mass mailing.
@jpennington20 I’m obviously late to this conversation, but I am curious if you went ahead with the filtered list, mailing only to out of state owners? I just did a small campaign with a similar range, targeting owners who lived out of the county but preferring those who lived out of state. I’ve had a decent response rate (This is only my second campaign so I don’t have a lot to compare to)