How to Market to Distressed Property Leads10.25.2018
Distressed property leads may feel like a dream come true for any real estate investor. The motivation is high and the timing is urgent; what could go wrong?
Unfortunately, marketing to a distressed property mailing list isn’t quite as simple as it may appear. Your leads are often facing high stress levels and they may not be open to receiving a letter reminding them of their situation. Instead, follow the tips below to make sure you can connect with your leads and get your phone ringing:
You want to come across as a resource, so you send a letter to your distressed property leads explaining how you can offer relief from their situation. Great idea, right? Maybe not. Highlighting their unpleasant situation may cause your leads to feel defensive and resentful. They might feel like their privacy has been violated and cease to be receptive to your marketing. Yikes!
Instead, consider sending a short message that does not mention their situation. This way, you can still mention the benefits of working with you, such as a quick closing or an all cash purchase, while avoiding any embarrassment or animosity from your leads. This will, in turn, increase your response.
Distressed property leads are often dealing with a strict timeline, so it is imperative that your mailing list is up to date. Using an old, outdated mailing list may cause you to miss connecting with your leads. They may have found a different solution, or they may no longer be making decisions for that property.
Make sure to ask your data provider how often their information is updated. Different processes, such as Foreclosure, have different rules depending on your state. Make sure to research your state’s timelines for these processes. You can also reach out to a real estate coach in your state for additional assistance.
Like the list, the timing is essential for a successful campaign. Again, these leads are often facing urgent timelines, so sending your direct mail as quickly as possible to your list will help keep your response rate high.
Sending multiple touches can also help increase your response. Unlike other lists, where sending a follow-up every four to six weeks is the norm, distressed property leads require a faster timeline. Consider sending a follow-up each week or every other week to keep your name and information in front of your leads.