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  • #400

    Luke Smith
    Moderator
    Post count: 1262

    The 100 offers I mailed out a week ago got 4 calls today. One wants more money, one is thinking about it and the other two I am playing phone tag with.

    That is a pretty quick response. Will see if any send a signed acceptance offer back.

    This is fun, thanks guys!

    Sent out a bunch more since then so if this response rate keeps up a deal should happen.

Viewing 10 replies - 1 through 10 (of 10 total)
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  • Jackie808
    Participant
    Post count: 6

    @lukesmith – that’s awesome! it does sound like fun 🙂

    mike dugan
    Participant
    Post count: 65

    @lukesmith
    great job!

    Kevin Rhatigan
    Participant
    Post count: 107
    Pro

    @lukesmith
    @mikedugan
    @Jackie808

    Congratulations Luke!

    You’re off and running ! How awesome is that!

    Did you print the address direct on the envelope? Or use a window envelope?

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    The first 100 I couldn’t get my printer to work with the mail merge so I just printed a return reply and hand wrote the address in my really bad handwriting. The next couple hundred I got the mail merge working and just printed it right on the envelopes.

    All the calls so far are from the area of the first 100 mailers with the hand written address.

    Got three more callers today. One lady told me how insulted she was to get my offer so I must be doing some thing right. Should sell her the others who want to sell if she values that land so much!

    Love that latest blog update from Steve about what your first deal should be it seems so timely.

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    No deals done yet. Learning a lot. Got a couple more callers asking if I missed some 0’s or something. Others saying my offers are hilarious, rude or insulting.

    Thinking I need to say something in my next offer letters to address negative callers for next time.

    People are actually reading these kinds of offers so if I can get accurate enough to deliver the right offer to the right sellers there is a business here.

    Thank you everybody on here for all your questions and updates to learn from!

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    Now I lost track of how many calls I have taken. It is amazing how much people still read their mail. Kind of feel like a punching bag as the negative responses have been brutal. Lots of questions about the price being some kind of a joke and that even asking that little is being rude.

    Got a handful of reply letters today. Was excited to see if any of them were acceptances but they were all replies like take me off of your mailing list.

    Guess I need to address why I am sending them the offer before they get to the price.

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    I got a yes reply!
    But, it is only 1.8 acres and they owe 125K to a private party on the property as well as back taxes.
    It has a well and a big water tank on it.
    Not what I was going for but better then the you must be kidding calls I have been receiving.

    Chris
    Participant
    Post count: 252
    Pro

    Hi Luke,

    How’s it been going the last week or so? Any more calls?

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    @chris,
    I was testing this system in the first mailers and had not bought the system yet. I sent out a bunch of offers and got a lot of pissed off callers. Got one guy calling today trying to sell me his 176 acres, I had offered $423. He wanted more.

    I got callers calling while I was on the phone with others and lost track of the response rate. That was from sending 100 a day for a couple days testing different markets. One county I tried replied like 3 times more than the others.

    Now I know more after watching the dvd’s.

    Go for 0 improvement %

    One caller had a big well and monster water holding tank for the area. He also had 125K in debt on it. Wanted me to take over the payments.

    Other callers asked what I wanted to do with the property. Said it is for my kids, they get all my money anyway. What do you guys say?

    Know I am making offers to the low end of the appraised value with 0% improvements.

    The first mailers I sent I was thinking if I do 3K-10K appraised value properties and offered sub 1K I would be in business. I basically made the offers for .05 on the appraised dollar and skipped the improvement %. The people who replied were thinking their property was worth 100K or way more than the appraised values.

    I’m totally sold. A ton of people called and mailed back with questions all basically wanting to sell but for way more than my crappy offers.

    If I make better offers to lower end properties like Steve describes then I can totally see this working.

    Got my new website almost done.

    I’m going for it.

    It is fun. Every pissed off caller just tells me they really want to sell and are really reading their mail.

    My mailbox was full of replies today from the crappy first offers I sent. One was written in big red marker and said “Is this a joke”. I got a lot of calls like that too. Learn from my mistake. Follow Steve.

    Chris
    Participant
    Post count: 252
    Pro

    Thanks for the feedback – very insightful!

    And regarding all the hate mail, it seems like part of the formula is that you should only get a certain amount of hate mail along with some genuine interest. Too much hate mail and you’re probably too close to the major cities where people still have a believe that the land is very valuable.

    Regarding what to say, I would just say that you buy land wholesale and sell to people on terms/payments and make it affordable to people to buy and develop the land because most banks wouldn’t finance it.

    And regarding the offers, I believe Steven mentioned a common mailing campaign would be to mail people who owned 5 acres free and clear for over 10 years in the rural counties and offer $500-$800 and go from there.

Viewing 10 replies - 1 through 10 (of 10 total)

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