Marketing Working, But Not Able To Close Deals
I posted this on the Foreclosure Forum, but thought I should probably put it in Marketing.
My marketing campaign is working, I get the calls, I get the contracts, but I have not closed one deal. The problem is the houses I am finding have little to no equity and I am afraid to go out on a limb.
Example: 93K Mortgage, 10K repairs, ARV 120
another: $115K Mortgage, 60k Short Sale, ARV 80, repairs $10K
Remember I have to add in closing, holding cost, etc.
I get these types of deals all day long. Am I doing something wrong or are good deal harder to come by,
Thanks
Good deals are harder to come by. I only turn maybe one out of 20 phone calls into deals. Out of those 20 phone calls I maybe go to three houses and leave written offers.
When I take phone calls, after I ask them several question, I then ask them what are they looking to get for the house and what do they think the house is worth. Based on the answers to these two questions I determine if there might be a deal.
Brenda
May I ask how you are marketing these kind of properties?
My marketing consist of Magnetic Car Sign, Bandit Signs, Postcards, letters to vacant homeowners
You need to learn how to do a short sale and turn some of this into gold
That said, you have to kiss a lot of frogs ....
[addsig]
no, none of them work.
Zin,
Does this also go for the newspaper adds as well?
What kind of advertising do you use?
[addsig]
davidwburns,
Yes. Signs can be an effective means of marketing. They have worked for me, although it takes some time and energy to always be hanging them. You could always get someone else to put them up for you. You also have to be aware of local regulations on such things and how much they enforce them. There have been several posts on this site that you can search for on signs.
I encourage you to study up on using direct mail to find deals.
To your success.
Jason Van Orden
ofcourse they work. Probably better than any other method
Ryan, you must be missinformed because they "do not work" not even one of them.
lol, i know. whats with these companies littering all over the streets with there advertisments. you would think there signs would say "we need customers" or "we sell signs" i dont whats with the buying of houses stuff.[ Edited by ZinOrganization on Date 02/11/2005 ]
David,
Good signs, the ones that are quick with the message, and contact info work great. We were just having some fun.
Good luck,
Jeff
i think your forgeting the Politticians who are notorious for there signs and get away scott free. if they can do so can you. try putting them up in outside towns and leaving them up, and only weekends in your town. it usually takes a while before they will actually go to fining you for them. yeah realtors and citizens will complain and that is usually why the city starts a callin.
yeah so do what Jeff Kaller says he does and bring a ladder with you everywhere you go and bring a hammer and 5 inch spikes and put them up like 15 feet on telephone poles and slam some spikes in them and watch the phone co. workers break their necks trying to rip them down[ Edited by ryand on Date 02/19/2005 ]
My signs have worked great for me. I have even been contacted by a person living in another state, but heard about my signs from someone here.
Nothing works better than bandit signs but don’t let that be your only form of marketing because they do come down…. It’s taken me 2 years to figure the power of direct mail marketing.
I like your line of reasoning, Jason...
We Clean Gutters (of Houses We Buy)
Its been about a month now and all I got was a women who wanted to sell me HORSES. It made me laugh.After I told her I bought houses not horses she wanted to sell me her farm. Wanted cash at FMV. LOL
put up hidden cameras in the trees and watch to is taking them and then follow them and break their arms. thats what i do. works great
I hate to be a wet blanket on this sign thing but in my area around Annapolis it has become a real problem and an eyesore. I counted 23 signs for everything from roofers to print shops in one intersection. They may work but I am to the point I would never patronize a business that litters the landscape so. What if everyone who had a business put up signs. I have 3 businesses and that would add 3 signs to every street corner.
I agree - quite the eye soar. Never like the politicians crappy signs either.
i guess i have to do what i have to do and then when i make it bigger i will move to a gated community. i agree it would be better without them but what are you gonna do?
My real estate signs work well with a rider on the bottom "we buy houses", not only is the house for rent, sale or open on Sunday but it professionally says
"we buy houses" and is incorporated in all marketing campaigns even including truck signs for my crew.
Not sure if they work, but we have someone going around town spray painting on them "scam" and "liars". Probably because some investor offered them 10k for there house that is worth 200k in an attempt to "help" them. Or the investor took the there house subject to and the day before foreclosure informed them they didnt have a buyer.
I lost a lof of signs, and a little bit upset, to have to repeat putting sign dow. And one day, I saw the county worker who picked one sign, he is very meticulous. I understood that he has a job to do. He stopped his truck, walked out, put on gloves, and pulled the sign off the grass in front of Home Depot, placed the sign in his truck. His job to keep the county clean. I just left, oh well, I just lost a few bucks.
[addsig]
Nothing beats direct mail. If you have a good message and target a neighborhood. You can have the mail man working for you. For $.37 per piece. Its like pounding on their door yourself, plus you get to decide where you want the leads to come from.
IVE READ ALOT OF THE COMMENTS AND IM GOING TO HAVE TO AGREE WITH HARDDTIME I CONSIDER MY SELF A JR investor since im not retired off of this but i brought 3 batches of signs costing me about $168 per batch. on my 3rd set after understanding some patterns ie best location, best times to post etc i found some success. small home 90k balance..he wanted 5k (95K) and the home was appraised for 125K...i took a loan out for 121 and kept the chance. my first deal..not great but good start.
anyway posting signs on thursday night works for me..and placing them on major streets on plots of unused land also works and if your ambitious up on a tree i had a sign stay for a month.
good luck
czjaba
So what does your sign say that captures attention
hardtime are you in south or north jersey..
Does it matter what type of paper is used? Does using a expensive high quality bond paper increase response rate?
[ Edited by hha8 on Date 06/08/2006 ]
Wow!
Great letter. Thanks for the help
Randi
Mountain Wiz.
I think that your wording is too "passive" in its wording IMO[ Edited by Stockpro99 on Date 06/17/2006 ]
stockpro any bright ideas?
BigCheese i concur.
By the way, i enjoyed your teleconference with Dustin.
Check out:
http://www.thecreativeinvestor.com/residential/ViewTopic50853-30-22.html
Jim