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- Absentee Owners
Marketing to Landlords, or as we call them, AOs, is a great way to find property to purchase for investment. The reasons owners have to sell are numerous, from finding out the tenant has trashed the property, to needing quick funds for medical or education expenses, to just being tired of the hassles of landlording. Your ultimate success will depend on a few things: (1) reach as many owners as you can, (2) reach them frequently, (3) mention or reference the street address of the property in the body of your card or letter, (4) follow up with those who do contact you, and (5) keep your list up to date.
You will want to mail to as many AOs as your budget allows - for sheer reasons of statistics. You could contact 100 people every day and you are still unlikely to get as many responses as you would from contacting 1000 people once a month
Frequency - Well, you need to decide how often to send out a given list. You'll need to find the "Goldilocks" point: not so often that it breaks your budget and makes you a pest, and not so infrequently that someone else has caught their attention at just the right moment.
Our experience has been that more people will respond when there is a mention of their specific property in your message. You may need to ask your mailing service if they can work with a program that will match the Owner's name and address to the correct property address.
Be sure to use some type of system for following up. Many of the calls you'll receive are from owners interested in selling, but maybe "not quite yet". Set up a tickler system and follow it religiously. Just a brief "Hello" a couple of weeks or months down the road will increase your odds of eventually doing a transaction with that person.
Finally, keep your lists up to date. Our data comes from the MRIS Tax records and we use ListWare for Excel by MelissaData to improve the accuracy. Although we will have cleaned most of the errors from the initial data, we can't guarantee perfection. When you first download and mail out a given list, you will receive many back in the mail. The key is to take those returns and either find the correct mailing address and change it on the list, or delete the person from the list so you are not wasting future postage. You are welcome to call us for help in finding the current address. Each time you do this, the list will become a bit smaller, but much more accurate.
Lists are in the form of an Excel spreadsheet and are broken down by list size. The price is determined by the estimated size of the list at the rate of $0.15 per property.