Posted by Rob FL on June 06, 2001 at 11:21:22:
One thing I will say is that I don’t knock on doors in certain type neighborhoods. That includes war zones and on the fringes of war zones.
Almost all the neighborhoods I deal with are lower-middle class and above.
Marketing - Posted by MC
Posted by MC on June 05, 2001 at 15:04:31:
In search for a prospective property to invest in, I have mailed letters to people who are about to be foreclosed on, handed out flyers in neighborhoods to houses that looked like needed some attention, and made cold calls. To my surprise, the mailers to foreclosure “victims” are the LEAST effective. I would think that these folks would be wanting to have someone talk to them about buying their houses. What am I missing? Does anyone have any other means of getting the word on the street?
Re: Marketing - Posted by Rob FL
Posted by Rob FL on June 05, 2001 at 20:09:48:
In addition to what the other said, let me make a few comments.
I do lots of doorknocking on pre-foreclosures. Most of these homeowners tell me that in addition to getting lots of letters and postcards from investors, they get mail from B & C lenders wanting them to refinance, and from attorneys wanting to represent them in dealing with the foreclosing lenders.
I remember one time a fellow in foreclosure showed me a file he had containing about 50 letters from these various sources. What is one more letter or postcard to this person? Not much!
When you knock on their door and ask them about their situation, they remember you. You are an actual person, not just another postcard. After visiting a homeowner 2 or 3 times, who do you think they want to deal with? The nameless, faceless person on the postcard or the “real” person who visits them at their home?
Re: Marketing - Posted by Alex Gurevich, TX
Posted by Alex Gurevich, TX on June 05, 2001 at 17:51:16:
The reality of the pre-foreclosure market is that vast majority of the people facing it are:
in denial about their situation and are still hoping for a miracle,
want to stay in the house and will do anything possible to stay, including filing Ch. 13 BK
are bombarded with phone calls and mail solicitations from investors.
Therefore if you are mailing, your offer has to be EXTREMELY compelling to enticen them to call you, as opposed to just sit there and wait for what happens, or call someone else who has a better message.
However, often just one good deal in 6 months produced by your mailing will pay 1000 times for all the cost of it. You have to be consistant and polish your offering.
Re: Marketing - Posted by Matt B
Posted by Matt B on June 05, 2001 at 17:44:52:
The absolute number 1 best way that I get leads for just about any type of creative deal is with signs that say-
WE BUY HOUSES
We take over payments
No equity, no problem
We will buy or lease your house
No commissions/fees
555-555-5555
I also send out letters, run a classified ad, put up flyers, hand out business cards, and more.
About the people in foreclosure- they can be real funny critters. I had someone who was about to have the foreclosure filed against him keep telling me that he “had to make a decision by the first of next week”. He told me this every week until they foreclosed.
Re: Marketing - Posted by JPiper
Posted by JPiper on June 05, 2001 at 15:15:42:
The most effective way to contact these folks is in person. Everyone is already mailing them…to include you.
JPiper
Precautions? - Posted by Redline
Posted by Redline on June 05, 2001 at 21:53:25:
And you aren’t worried about getting shot by visiting some of these folks? I mean, you’re alone … they invite you in … some of these people can be real shady. It’s always been my least favorite thing to do even though I know it’s probably effective.
Seriously, what precautions do you take?
RL
Re: Marketing - Posted by MC
Posted by MC on June 05, 2001 at 15:42:53:
Do you think a postcard would work any more effectively than a letter that has to be opened? I think the mail comment is valid, but how many phone calls do you think these folks are getting trying to collect on past due bills? I personally dislike phone calls from sales pitches; plus I;m not much of a “smooth talker”
Re: Precautions? - Posted by Rob FL
Posted by Rob FL on June 06, 2001 at 07:28:29:
90% of the time the first door knock won’t get you into the property. Normally they tell you “everything is taken care of.”
If they do let me in, I usually make a quick cell phone call to my wife just to let the homeowner know I might be missed by someone. Also if someone calls me back (after I already visited them) and I make an appoitnment, I make sure to let somebody know where I am going to be (name, address, phone #). In some situations where I feel a little nervous going to the place, I will actually have my wife call my cell phone a minute or so after I enter the home. If my wife or a friend is out in the car, I make sure the homeowner knows this if they decide to let me in.
Most of my door knocking occurs on Saturday and Sunday afternoons when all the neighbors are home anyway. It’s safer and the odds are much better that someone will answer the door when you knock on it.
Re: Marketing - Posted by Carey_PA
Posted by Carey_PA on June 05, 2001 at 16:58:07:
I could be wrong, but I think Jim was referring to talking to these folks IN PERSON. Knock on their door and open your mouth, for the most part they generally aren’t going to throw YOU in the trash can. (but you never know, now do you)
CAREY
Re: Precautions? - Posted by Alex Gurevich, TX
Posted by Alex Gurevich, TX on June 06, 2001 at 11:02:42:
Man, life is too precious to hassle somebody who is under duress and may hate your guts when you show up.
If somebody is crazy enough to decide to shoot you, it won’t matter if your cell phone rang 5 minutes before.
I learned this while managing low income apartments in drug zones. These people didn’t care about anything. And they had guns while I was knocking on doors asking for rents.
LIFE IS TOO PRECIOUS!!
Re: Marketing - Posted by Lazaro
Posted by Lazaro on June 05, 2001 at 21:49:58:
You never know what they are going to do next. That is one thing in this business that in a way I enjoy and at the same time hate. But what ever it takes for you to get that home you must do. I have learned a lot from many different people in many different situations.
Cordially,
Lazaro