No LUCK with Short Sale Mailings
Remember these two basic realities...
1. Return on direct mail is less than 1.5% So, if you mail out 100 pieces you generally receive ONE RESPONSE almost not worth the effort...
2. 70% of all homeowners that have been foreclosed. Never reached out to find out what their options were.
maybe... they are experiencing one or most likely all of the following:
Afraid to answer the phone, Afraid to open a piece of mail they don't recognize and are even Afraid to answer the door.
kinda makes it hard to reach these people..ya think!
Any ideas out there...?
Replies to This Discussion
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Permalink Reply by Rick Trono on
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Jeff,
There have been so many that have freely shared their marketing strategies...all of us here are a bit smarter, a lot more confident prospecting today...I CAN DO THIS....Knock knock
Jeff Payne said:
This has been a great post! We talk alot about the mechanics of a short sale but the business side of it is very important too.
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Permalink Reply by Tom Stewart on
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I sent out 4500 of piece mail and ended up getting 3.1 million in listings. It is not hard to due, you just need to explain in simple terms what a short sale means. Most people don't know they have options. I bought a list of homes that were under water and behind on thier mortgage. I sent a simple letter explaining how a short sale works versus foreclosure. I even got a 1.3 million listing on a regular sale. email me if you are interest in buying a list, I have a good data source.
email me at [email protected] if you are interested I dont mind sharing the information as long as you are not in my territory of Northern Virginia.
Tom
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Permalink Reply by Jeff Payne on
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Good stuff Tom, do you mind sharing what your ROI is on this? How much did you spend on both the list and the mailers and how much can you attribute to GCI from that mailing activity?
Tom Stewart said:I sent out 4500 of piece mail and ended up getting 3.1 million in listings. It is not hard to due, you just need to explain in simple terms what a short sale means. Most people don't know they have options. I bought a list of homes that were under water and behind on thier mortgage. I sent a simple letter explaining how a short sale works versus foreclosure. I even got a 1.3 million listing on a regular sale. email me if you are interest in buying a list, I have a good data source.
email me at [email protected] if you are interested I dont mind sharing the information as long as you are not in my territory of Northern Virginia.
Tom
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I paid about $900 for the list. I bought the envelopes at Costo, they were way cheaper than anywhere else. It was $10 per box of 500 envelopes. I printed the letter myself and had Office Depot do a tri-fold for me at a cost of 1 1/2 cents a piece. I stuffed the envelopes myself, so it was time consuming but very inexspensive. I sent the mailers out via bulk mail at 26 cents an envelope. All together I spent around $2250. I currently have $19k in income from the mailer and a possability of an additional 87k in potential income should the rest of my listings close. I would say that is a pretty good ROI!!!! I am planning on doing another mailing in the next 2 weeks with a letting explaing the differences in how a short sale effects the credit versus a foreclosure. They best part of the whole thing is I never had to face off with another agent to get the listing. Most of them I did not even meet face to face before I closed the deal.
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Thanks for sharing, heck even with just hte 19K you are at under 12% expenses. Spend 2250 and make 100K, sounds like a smart business plan to me.
Tom Stewart said:I paid about $900 for the list. I bought the envelopes at Costo, they were way cheaper than anywhere else. It was $10 per box of 500 envelopes. I printed the letter myself and had Office Depot do a tri-fold for me at a cost of 1 1/2 cents a piece. I stuffed the envelopes myself, so it was time consuming but very inexspensive. I sent the mailers out via bulk mail at 26 cents an envelope. All together I spent around $2250. I currently have $19k in income from the mailer and a possability of an additional 87k in potential income should the rest of my listings close. I would say that is a pretty good ROI!!!! I am planning on doing another mailing in the next 2 weeks with a letting explaing the differences in how a short sale effects the credit versus a foreclosure. They best part of the whole thing is I never had to face off with another agent to get the listing. Most of them I did not even meet face to face before I closed the deal.
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Permalink Reply by Smitty on
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Tom, can you share WHERE you got the list? I tried listsource which is owned by corelogic I found out. They can only provide the SAME info that's on public record. I'm more interested in 90 day late leads that AREN'T in my local registry of deeds. How fresh was the list? So at 4500 mailers and $900 for the leads was it $.50 a lead?
I give you credit for doing it all youself. GREAT ROI too!! thank you for sharing.
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I Just Hired My Door Knocking Crew, We hit the streets on Friday...
Door Knocking Superstars...Any Last Minute TIPS ? Do or Dont's ?
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Permalink Reply by Jim Stewart on
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1. Have an exact plan of where you're going all mapped out in advance.
2. Set a goal for number of contacts.
3. Don't stop until you meet the goal.
4. Have info for short sales and non-short sales available.
5. Don't dress in black pants with a white shirt! I know it sounds bad but people don't like to answer the door if they think it's the Mormon's or Jehovah's Witnesses at the door! (I hope I don't offend any Mormon's or Jehovah's Witnesses here, such is not my intent!)
6. Have your spiel rehearsed and ready to go. Don't wing it! Sound like a pro!
7. Have fun! You will meet many nice people!
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Jim,
It is funny you mention the Black Pants/White Shirt. We held our first meeting at Starbucks this morning with our DKR (Door Knocking Realtor) he was in Black Pants/White Shirt.
It looked like he was one of the Starbucks crew.
* IDEA * I bought seven - $5 Starbucks gift cards to give to prospects that make an appointment for us do a formal presentation in within the next three days. what the Heck...maybe it will work!
Thanks again for the the Great List of Tips!!!
Rick
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You might make sure about the Starbucks gift card. In Missouri where I am we can't do that. Considered an illegal inducement. Also, where did you get the stat in your original post about 70% of foreclosure victims never contact anybody regarding options. I'd like to use that stat but need a source. Thanks!
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Jim,
The stat is from a short sale training seminar email that I received about six months ago.
Don't recall the trainer.
Rick
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Jim,
IIn Marin County CA.
The $5 gift card is deemed " reasonable" is not an inducement...but thanks for the heads up!
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