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In Episode 10 Tucker starts with the RMLS Housing Report for February as well as a local market recap and what his future market expectations are. In “The Deal of the Week” he talks about a Six Figure Wholesale flip where he did very little to the property prior to flipping it. In this weeks “Main Topic” Tucker discusses Direct Mail, why you should use it and how. In our most popular segment, “Direct Mails Greatest Hits” an anti-development Portlander calls in and Tucker responds. In this weeks “Golden Nugget” Tucker has a conversation about working with Realtors in your business. Tucker then ends with another great Success Quote from Lil Wayne. We hope you enjoy this episode and please leave us comments and reviews!
Episode 10 Segment Notes:
- CHECK OUT OUR NEW PODCAST APP IN THE iTunes STORE!!
- Market Recap: RMLS Report for February, Local Market Recap and Future Market Expectations
- Deal of the Week: Six Figure Wholesale Flip
- Main Topic: Direct Mail Explained
- Direct Mails Greatest Hits: An Anti-Development Portlander calls in
- Golden Nugget: Working with Realtors
- Success Quote: By Lil Wayne
- Music: Artist: 50 Cent Track: In Da Club (Instrumental)
- Artist: Rick Ross Track: Push It
Thank you for listening to our Podcast and please give us a review on iTunes and feel free to leave a comment below. Additionally, if you have any questions or would like Tucker to cover a specific Topic, please let us know and we can cover it in a future episode! Thanks again!
March 23, 2014
Tucker, great podcast this week!! A couple of questions regarding direct mail…
1. Do you care about response rate or does your roi matter more when mailing?
2. Would you rather get 400 leads a month or 70? Reason I ask is I was talking to an investor that does direct mail and he said he use to get 400 leads a month and did 2-3 deals a month. He then changed things up, did more pre-screening and got down to 70 leads a month…..but he was still pulling 2-3 deals.
March 24, 2014
1. We don’t spend a lot of time analyzing response rates. Yes, we mainly focus on the overall ROI. If the phone is ringing and we’re getting plenty of deals to keep our pipeline full, that’s mainly what we care about. Now, we do keep track of which lists and what marketing is pulling the most leads, so we do know what is working, but we don’t complicate it with in depth response rate analysis.
2. You definitely want to pre-qualify the homes you are mailing to in your lists. Whether that is actually seeing them with your own eyes in a Driving For Dollars list, or creating a farm list using, equity %, length of ownership etc. Once you pre-qualify, then Yes, the more lead volume the better, that way you’re able to sift through the leads to find the very best deals.
March 29, 2014
You mentioned you don’t like to mail just the whole list of absentee owners. I know a guy in a market 3 hrs from me who only mails absentee owners…..nothing else. He mails them every few months or so, does no follow up, etc and netted $150,000 last yr wholesaling. Told me puts 15hrs a week or so into the business.
So I guess with any marketing (direct mail, signs, internet, etc) the key is JUST DO SOMETHING!
Not sure if you ever heard of Gary Halbert, but he always talked about movement/motion beats meditation. He also said losers don’t take action.
March 31, 2014
Every market is different and the market is always changing so you have to experiment and see what works for your market. I am a firm believer in niching lists down to prequalify them, especially heavily mailed lists like absentee owners.
Yes, just doing something, taking action and staying consistent is key. Get your marketing pieces out there and differentiate yourself from the competition. I’m not familiar with Gary Halbert.
April 7, 2014
We mainly focus on overall ROI on our mailings…..but we do everything we can to filter our lists down to the point that every lead that calls could be a good one…..depending on motivation of course.
April 21, 2014
Good content, as usual.
Question re: lists and responses.
If you remove people from your mailing list for various reasons, how do you make sure you’re not mailing to them when you pull a new list?
For example, if I pull absentee owners w/ equity this month, get responses, then pull the list w/ the same criteria next month. There will be some new records and some will be gone. However, the people that are on the new list that I want to remove are what I’m referring to.
I hope my question makes sense-looking forward to your reply.
April 21, 2014
You can handle this one of two ways. You can mail the same people again (that have asked you to be taken off the list or you weren’t able to put a deal together with them). Or you will need to audit each new list with the old list. What we do is not actually delete the row/lead on the excel sheet, but will highlight it in red to symbolize that its not a deal or they have been asked to be removed. Then once in your new list, look each one up and highlight accordingly. Unfortunately there is no easy way around this and many of our lists do in fact overlap on people that we have taken off a previous list. Its not something you need to spend a lot of time on, and normally if you go in excel and do a ctrl + F and lookup each person, it shouldn’t take a lot of time to audit. We tend not to spend a lot of time on this, but do make a point to take people off the list that ask to be. Just try to keep it simple.
May 15, 2014
Where do you get the lists that show show equity along with absentee owners. Do you get them from title companies? Forgive me if this is a stupid question, but I am new to the direct mail marketing concept but can’t wait to start!
May 15, 2014
You can go to a company like List Source or if you have a relationship with a title company, they are able to pull these lists with whatever filters/data points you need.