The last two months of mailings have yielded some of the best response rates so far. I’m very excited about this and even more so because the quality of the responses have been good as well. I have been concentrating my direct mail towards Out of State owners and areas where Lance and I have been driving around and recording addressed of houses that look to have investment potential (I call these Driving for Dollar leads).
Out of State Owners
The Out of State owner lists have given me the best return for my time and money. My very first mailing ever I got a 25% response rate which was crazy! I didn’t expect to get that every time, and as you’ll see I didn’t. I have yet to be able to notice for sure which type of towns have given me the best return, but it’s definitely trending towards the lower end (Level 2 and 3). Take a look…
Driving For Dollars
Pretty much every weekend, lance and I pick a town and drive it to find houses that would be good investment properties. It’s not rocket science, as we write down any house that has more deferred maintenance then the rest of the neighborhood or looks vacant. Sometimes I’ve got to drive 90 minutes from my home to find a good area. The best areas are those where you will write down an address every 2 minutes.
Here is the response rate that I’ve gotten from these lists so far…
I’ve been averaging about 10% response rate so far between the two list types. I’d actually like to see if I can improve the rate for both. I’ll see if I can modify the letter or the envelope a bit to attract more interest. I don’t want to tweek it to much however, just a word here and there to see if it makes a difference. It’ll be easier to know which change made the biggest difference if I use small changes.
I’ve actually gotten a better response rate then the 10%. There are about 10 calls that people just hung up and didn’t leave a message. Also there are 8 messages that I could not make out the name or address spoken in the message and have yet to be able to speak to them to clear up the information.
So if those 18 additional responses where factored in, my percentage would be 12%
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