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yellow letters

Posted by Matt Olinski on April 10, 2011 at 11:35am in Short Sale Discussions

Hi. I'm hoping someone out there can help me. I have been doing a yellow letter campaign for several months (since the end of last year), and I have been using an NOD list. I am using ALL the tools regarding the letter that I am supposed to be using (hand written, hand stamp, invitation type envelopes, ect..) My response has been about 3%.

I changed to a pre-NOD list, and my response has gone up considerably, to about 13%. However, almost all my calls back to me are people that are wondering how I got their info, not people who are interested in doing a short sale. What am I doing wrong?

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Replies

  • Matt Olinski April 12, 2011 at 3:09am

    Hi Justin-

     

    Thanks for your response.

    I am first answering their question by saying that all their info from their name address and phone number, to their mortgage info is public information. (By the way, the letter I'm sending is just basically asking them if they want to sell) This is what's triggering that response because most people, even if they're in trouble on their mortgage,know they haven't advertised their property for sale. So they want to know where I got the info that they want to sell.
     
    I then explain to them that alot of people are upside down or underwater on their mortgages. They purchased their property maybe only a few short years ago for say $300,000, and now they find that their property is only worth $150,000 or less, and because of this, and the unemployment situation, alot of people are just letting their house go into foreclosure or just walking away from their property altogether.
     
    I then mention to them that their lender has reported that they're (30-60-90) days late on their mortgage, and that they have alot of options regarding this including doing a loan mod or a short sale. I tell them that I work with a host of professional people including realtors, brokers, title companys real estate attorneys, loss mit negotiators and others to help them get out from under a bad or sometimes an impossible situation......
     
    At this point usually they tell me thank for calling, but thry're not interested in selling, or they're already doing a loan mod. How do you run your yellow letter campaign?

    Justin McClelland said:

    I don't know what the copy on the actual letter says, but perhaps you need to adjust it. I've dispatched plenty of yellow-letter campaigns and the personal touch that they present is proven to be very effective. Just make sure your letter is brief and not too vague. You don't want to waste your time fielding calls of those who are curious about your campaign.
  • Justin McClelland April 11, 2011 at 9:35am
    I don't know what the copy on the actual letter says, but perhaps you need to adjust it. I've dispatched plenty of yellow-letter campaigns and the personal touch that they present is proven to be very effective. Just make sure your letter is brief and not too vague. You don't want to waste your time fielding calls of those who are curious about your campaign.
  • Bobbie Files April 11, 2011 at 12:25am

    I don't know what a "yellow letter" campaign is, but I use postcards. I bought a list of people 60 days overdue and in a concentrated area.  I am not the most disciplined person so a small list is what I can handle. I mailed 57 homes, on the 1st mailing nothing.  On the 2nd I got 1 listing, on the 3rd I am getting my 2nd listing.  8 came back undeliverable, so the list was really 49.  The postcards are much cheaper to mail, and much quicker and easier to prepare.  I have no problem sharing what I have created and sent.  Send me an email to bobbiefiles@kw.com if you are interested.

     

    As for their responses, some people are immensely private people and get very nervous when it appears that their private turmoil is public.  IMHO, the letter addressed directly to them would cause a much stronger reaction.  You appear to have singled them out and know information about them.  People do not understand that it becomes public knowledge.  The postcards make it appear more random, just my opinion.

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