I’ve been mailing out of state owners for about two months now and I’ve been getting a very good response rate compared to any of the other lead types that I’ve sent to. In the past I’ve sent to Probates and Foreclosures and although probate got me a decent return of around 5%, I just wasn’t getting the return for my marketing dollar. The foreclosure response rate was terrible at under 1%.
Each week I send out about 30 Out of State Owner mailings. That basically is equal to 1 town per week. Here are the stats for the first 30 days (or 5 mailings)…
I am quite happy with the response rate of 15.65% and I think I can do even better with some adjustments. The lowest response rate of this group was Morristown which so happens to be the highest end neighborhood of the bunch. This makes sense from everything I’ve heard about investing in type 2 and 3 neighborhoods. For the next 5 mailings, Lance and I are going to be targeting type 2 neighborhoods (the above 5 towns where all type 3 and 4 neighborhoods with the exception of Phillipsburg) and we suspect that our response rate will be even greater.
We haven’t gotten any deals out of these calls just yet, but here is how the 23 responses turned out…
- 7 of the 23 who responded had no interest in selling
- 2 of the 23 would be interested in the future to sell
- 12 of the 23 where willing to sell (for the “right price”) but were not really motivated
- 2 of the 23 were motivated but didn’t like our offers
We made offers on only 5 of the properties, 2 of which we went out and saw after coming to an agreement on a ballpark figure. The other 3 couldn’t go as low as we offered.
So that is pretty much how the first 30 days of Out of State Owner mailings went. What kind of response rate are you getting?
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