I am about to send offers to 113 homeowners in my area. The offers are at about half of market value. My intent is to motivated sellers. Has anyone tried this? Does anyone have any suggestions?
I'm just shotgunning. I went to my county's website to see who the owners of properties in a neighboring subdivision are. The addresses of record are listed, and I have prepared a form letter to accompany the offer.
Previously, I had been going to the courthouse to look for deeds of trust that recently had new trustees assigned. In Virginia this often happens when the foreclosure process begins. I tried contacting these people by phone, by letter and in person. This didn't work.
I figured with the letters I'd spend much less time, but even if I got only 1% interested in talking it would be time well spent.
Are these your first attempts at talking to sellers? If so, I would reccomend calling every for sale by owner you see or a ton of realtor listed properties first to get yourself comfortable with talking on the phone. Some people send these blind mass letters out, get a 1% hit ratio and then stumble on the phone when talking to them. Just my 2 cents, good luck
Thanks for the advice, Ray. I have been calling folks as well. Maybe I'll try the FSBOs. My take on them had always been that they are trying to make more money on the sale by saving the commission, so I expected less price flexibility.
I have not found that to be the case at all. A lot of people selling by owner have no idea of their market and when you approach them you can talk with them adn determine what they need to get out of the deal and be happy and if that meets your numbers, its a deal
Foxboro:
I think you have the right idea. I would concentrate more on sending your cash offers to "Absentee" owners offerring to take the property with the existing tenants. You could have a tag-line at the top of your letter:
"Tired Of Being A Landlord"
Another good criteria to send your cash offers to are people who are evicting their tenants. You could get this list from the courthouse if you look hard enough.
Foxboro:
One last thing. You should use a program like the one www.emmatek.com offers. It is an automated mailing system that will do an automatic mail merge and keep track of you prospects. I saw them at the TCI Convention in Florida and I ended up buying the product.
How did you get your list of targeted properties? I think this is the key.
I'm just shotgunning. I went to my county's website to see who the owners of properties in a neighboring subdivision are. The addresses of record are listed, and I have prepared a form letter to accompany the offer.
Previously, I had been going to the courthouse to look for deeds of trust that recently had new trustees assigned. In Virginia this often happens when the foreclosure process begins. I tried contacting these people by phone, by letter and in person. This didn't work.
I figured with the letters I'd spend much less time, but even if I got only 1% interested in talking it would be time well spent.
Are these your first attempts at talking to sellers? If so, I would reccomend calling every for sale by owner you see or a ton of realtor listed properties first to get yourself comfortable with talking on the phone. Some people send these blind mass letters out, get a 1% hit ratio and then stumble on the phone when talking to them. Just my 2 cents, good luck
Thanks for the advice, Ray. I have been calling folks as well. Maybe I'll try the FSBOs. My take on them had always been that they are trying to make more money on the sale by saving the commission, so I expected less price flexibility.
I have not found that to be the case at all. A lot of people selling by owner have no idea of their market and when you approach them you can talk with them adn determine what they need to get out of the deal and be happy and if that meets your numbers, its a deal
So I shouldn' t expect a realtor(FSBO) to allow me to steal a home for much less than the market value.
Foxboro:
I think you have the right idea. I would concentrate more on sending your cash offers to "Absentee" owners offerring to take the property with the existing tenants. You could have a tag-line at the top of your letter:
"Tired Of Being A Landlord"
Another good criteria to send your cash offers to are people who are evicting their tenants. You could get this list from the courthouse if you look hard enough.
Best Riches,
Jeff Adam
Thanks for all your responses. Jeff, I think I'll do some of that "Tired of being a landlord".
Foxboro:
One last thing. You should use a program like the one www.emmatek.com offers. It is an automated mailing system that will do an automatic mail merge and keep track of you prospects. I saw them at the TCI Convention in Florida and I ended up buying the product.
Best Riches,
Jeff Adam
[addsig]