I’ve yet to receive any calls from my latest probate mailing which is a bit discouraging. I’ve always gotten a few but for some reason this time I’ve gotten the big ZERO! I know I’ll eventually get a deal if I keep at it, but I’m closing in on a year and haven’t gotten much. I’m as stubborn as the next guy, but sometimes it’s worth switching things up a bit and heading into a new strategy. I’ve been doing a lot of thinking over the past weekend to try and come up with some options. Let me lay them out and see what you guys thing…
Option #1: Keep up with Probates, but switch my target market
It may make some sense to concentrate my limited marketing funds into one area. Since I’m going to be putting up bandit signs in Mercer County, it might benefit me more to send out mailers to that county as well. The list would cost the same and I may even get more leads that way. I’ll have to discuss this option with my coach and my lead source.
Option #2: Try and resell my Morris County leads to Realtors or other investors for a slight profit.
This is an intriguing option as it could lead to some more marketing money. I posted an ad on craigslist today to test the market out. I’m willing to sell the leads for $1 each or for $3 each if the buyer wants exclusivity. I’ve attempted to re-sell the leads before with little success, but I think I gave up to soon.
Option #3: Stop marketing to probates and concentrate all my marketing dollars to bandit signs
This is a real option, but I hate giving up on something and that is exactly what I would be doing. I know probate investing can work out and if I get a deal in my Morris County it could be quite good. The only question is how long will it take? The market in Mercer County is much more favorable in terms of housing zones (2 and 3) while Morris County is mostly 4s, 5s and 6s. If you aren’t sure what the zones are it basically breaks down to this according to Steve Cook…
- Zone 1: War zones
- Zone 2: Fringe of war zones
- Zone 3: Mix of renters and owners
- Zone 4: Mostly home owners
- Zone 5: Few Renters and a lot of “pride of ownership”
- Zone 6: Tough to find fixer uppers (rentals are top dollar)
- Zone 7: Very hard to find fixer uppers. The residents here can usually afford to take care of their homes. Retail buyers will pay top dollar for fixer uppers
- Zone 8: Deals are typically very difficult to find in these types of areas
Option #4: Continue Marketing to Morris County Probates
I’m seriously leaning towards not doing this, but they always say when you are about to give up just go a little further and success will be right there.
So what does everyone thing??
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