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Direct mail 1 to 2% response is standard, 3 is good, and 4 to 5% or higher is doing very well. I said response and not getting a deal from it.
Great perspective from someone who KNOWS what he is talking about. I have never met Michael, but have read and followed him for a couple of years on BP and he knows his direct mail stuff. And his knowledge of Yellow Letter mailing is second to none.
Lauren Hardy the best thing about your post is tracking and adjusting and then readjusting to Nike Roshe Run Pink And Grey
This is interesting to me. Most of my sellers have been out of area. But for the ones that I have met, sure enough they have my letter(s) when I get there. I curious which letters creeped her out and why? Was it the yellow letter style? Was it too many exclamation points and/or dollar signs? :)
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In my first year of Real Estate Investment, my goal was to get three rehab deals in 2013. My best lead source has been direct mail, so I really focusing on getting my marketing to be at a manageable, yet profitable level.
what works best. Your list is extremely important, but so so is the tenacity with which you attack it. Staying consistent and sticking to great mail pieces without trying to reinvent a new formula will be the best action you can take. I look forward to hearing how your next mailer performs for you. I guess I can see 10,000 in the cities you mentioned. The metro population is about 1.5 M in my area and that is about a 100 mile area North to South. I certainly have not researched all the possibilities one could mail to but I dont think I could come close to 10K a month in my area unless I mailed to a farm area. The one I got under contract involved 4 sisters that were renting out a condo they bought years ago. The last sister I got a signature from had all my letters when I got there. A lot of them had notes on them. She said the first 3 letters really creeped her out and proceeded to tell my why. She then pointed out what she liked about my later letters. She finally told me what a nice, professional kind person I was and to convey that in my letters. I have learned it is a game of appealing to the most people, but she did have some great points I am reviewing in my letters to that particular list.
If you are doing 2,000 a month one percent would be 20 calls a month. 10 percent of the calls turning into deals would be 2 purchases a month.
How many mailers do you mail per month
A funny side note. The one I got under contract involved 4 sisters that were renting out a condo they bought years ago. The last sister I got a signature from had all my letters when I got there. A lot of them had notes on them. She said the first 3 letters really creeped her out and proceeded to tell my why. She then pointed out what she liked about my later letters. She finally told me what a nice, professional kind person I was and to convey that in my letters. I live in a really hot market (Orange County, Ca). You don find as many motivated or distressed sellers, but when you do, the profits are in the $40 50K range from one deal alone. My brother has been using DM for some time and feels like he has gotten a deal every 3500 5000 letters. I think some lists just suck, and you end up wasting a month on a bad list or a bad area for investment. There is also a TON of competition in the Inland Empire area, so I have to send out way more letters to get responses.
2 things you could mail 10,000 per month and by dumb luck land a deal but that is not how to run and effective business and maximum returns and profits.
Edited May 5 2013, 18:29 by Joel OwensI notice with my direct mail that the calls and deals are not consistent at all. After reading a lot on BP, I try and make my mail create calls from motivated sellers and not a lot of tire kickers. About 3 weeks ago I was getting real antsy because I was not getting any calls in the last 6 weeks except for a few tire kickers. A week later Nike Roshe Run Dark Red I got about 11 calls of which 1 is a signed contract and 2 other strong possibilities. I am not including the "never call me again" calls, and I am mailing about 1500 letters/postcards per month. The one I have a contract on was the 11th letter they had received from me. They got my letter 2 days before the tenant gave notice they were moving.
You need to figure out the length of time per rehab to get back your investment plus the profit plus the amount of profit average per deal. If your goal is too make an extra 100k in profit a year then you take that divided by the average profit say it 20,000 and you would need 5 deals a year.
I was happy with getting my one good deal after 3000 mail pieces sent out, but its been another 5000 and I haven gotten much. (I also blame it on my lists. I was experimenting with different lists and they were duds. Probably wasted 1000 1500 on a bad list. I going back to what worked for me before in my first 3000.)
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I been thinking of upping my mailing activity from 1000 to 2000 mail pieces sent per month. I got lucky with 1000 mailers per month and managed to get one good deal after 3 months. But lately its been a little dry. I think I not mailing enough, but asking for your opinion. I decided to bump up to 2000 per month. This 2000 includes mailing previous people I have mailed before. (I want to hit the same group every 6 months until I have more $$ to do more.)
Remember that mailers have a building effect. Someone you mailed to might not sell today but might decide 5 months down the road to call you. That person also might not be interested in selling at all but by asking in your mailers if they know someone else you get a call.
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Anyway, I feel like I am on the right track with 1000 2000 per month but its my list and my letter that needs work. I just tried a new letter that on letterhead, and tells people a little about myself. I hoping those tweaks increase my response rate to 2%. Sometimes you just get a bad batch and your phone doesn ring at all, and if it does its just a tire kicker. Its really discouraging. By the time I close my first deal, I probably have to use the money on all my marketing fees for the year. Its my second deal that will be my income. Hope that one comes!
investment. Make sure your message is effective and the list is right.
I was hoping for every 5000 mail pieces I send out, I should get 1 deal. Does that sound realistic? How much do you mail and how many deals are you getting out of it?
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