Today I want to talk about how to get better results marketing to absentee owners. Like probates, these are off market sellers that I’ve had good luck with over time. You can read all about it here, or listen to the podcast below.
I only market to out of state absentee owners myself, because I have found them to be more motivated to sell than in state absentee owners. Over the years, I’ve discovered that these property owners need to be at least 3 hours away from the property before it becomes too big of a hassle to keep the property.
Marketing to absentee owners is simple, and it is very cost effective since you can get great results with postcards. You can send out 1000 oversized postcards for under 50 cents each. That includes the postage and a mailing company doing all the work. Read the rest of this entry →
I have talked about direct mail for a long time now. One thing that is so important to understand about direct mail is that you have to set up campaigns to be successful with this strategy. Sending out a whole bunch of letters once or even a couple of times is just a waste of money. Direct mail is a long term strategy. Before we move on to creating absentee owner letters that actually get a great response, I want to spend a little time going over the basics of direct mail.
What Exactly is a Direct Mail Campaign?
A direct mail campaign is an ongoing process of sending mail pieces to your target audience. It is not a one or two time event where you mail to your prospects. My rule is that I mail everyone, every month so long as the house is still available. This is what I know for sure: folks that are successful with direct mail marketing follow some tried and true principles and that's what this article is about.
In the second part of this 2 part series on direct mail statistics, I want to talk about split testing. As you know, split testing is when you test one (or more) things against another thing. In this case we are talking about split testing different direct mail pieces.
For example: Let's say that you have a list of 900 names on an out of state absentee owner list, and you have been using a yellow text postcard as your mail piece. Even though you have been mailing consistently, you just don't feel like you're getting the results you should be getting.
Once you have determined that your list is good, the next logical thing to look at is your mail piece.
Here is a fact: different direct mail pieces work better in some areas than others. Different mail pieces also work better for certain groups of motivated sellers.
I had a great time a couple weeks ago when Justin Williams invited me to be a guest on his podcast. If you have been lucky enough to catch any of his previous podcasts (and I hope that you have), you know that he is just bursting with energy.
Justin has put together a top notch show where you will find a steady stream of seasoned real estate investors sharing information on their businesses and what is working today. You will also find information on just about any topic related to real estate investing
Be sure to stop by his site and to get this free gift with Six Exclusive House Flipping Tools you can use in your business today! I have put a link below.
I Love Talking Real Estate!
I love talking real estate with other enthusiastic investors, so this was great fun. In fact we talked so long, that he broke this interview down into two parts.
Some of the things we talk about in this podcast are:
Probates and absentee owners
How I got started investing in real estate
My current business model and why I hated being a landlord
My main source of leads
The power of networking with your REIA group
How to market to probates
Which mail pieces get the best results for my direct mail campaigns
What to do when you meet face to face with sellers
Understanding a Sellers Motivation
Listen in as we dive deep into these topics and many more.
If you are not already subscribed to the “Inner Circle”, be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want this year to be your best year ever! And if you enjoyed this article, please share it.
In today’s video I want to talk about absentee owners.
I love working with absentee owners. In fact it is one of my favorite niches because over time many of these folks will become very motivated to sell their property at a deep discount. It will just get to be too much trouble to manage a property so far away from where they live.
In this video I will talk about:
The difference between in state and out of state absentee owners, and which ones I like to work with
How folks sometimes become absentee owners (by accident)
What the “PITA” factor is
And how long you should send direct mail to these folks (there is a specific length of time)
I hope that if you aren’t already working with absentee owners, you will see the many advantages of working in this niche. This is another niche that I like to say has the “low hanging fruit”.
I have a guest post today from a fellow real estate investor Chris Feltus of Feltus Family Homes..
Chris has adopted one of my favorite strategies for dealing with unmotivated sellers, which is to completely ignore the fact that they are unmotivated at this time. Like me, he has also come to know that time and circumstances change all things. Today's completely unmotivated seller, may become very motivated at a later point in time. So What's the lesson here? Keep marketing to those folks.
Some of you know “Sharon's Rule” where that is concerned. I only quit marketing to those people on my list if I buy the house, someone else buys the house, or they ask to be removed from my list. That's it!
You can read Chris' post below…
When dealing with inbound seller calls, I try not to be too picky in terms of who I set an appointment with. If I have no appointments booked for the day, I will most likely take a look at the property unless it’s clear from the phone call there is absolutely no potential in the lead. If nothing else, it allows me to practice my rapport building. As long as there seems to be enough equity and there is potential to work together I will take a look. Sometimes some of the inbound calls I receive seem quite unmotivated at first glance. Many of you at this point would discard the lead and go on to the next one. However this can be deceptive and I will walk you through why.