What kind of response rate will I get with a probate mail campaign?
Generally, studies show that mail campaigns should yield anywhere from a 1.5% – 2% response rate. However, your response rate will be dependent on a lot of different factors, ranging from the content of your letters to how you position yourself in the market.
What kind of envelopes work best?
Small, invitation style envelopes are what we’re finding is working best at the moment for our customers.
Should I print or use handwriting on my envelopes?
We’ve used both of these methods successfully. We print out business style envelopes and hand-write invitation style envelopes. We generally mix up our mail methods throughout the course of our four-letter campaigns.
Are you doing anything more than simply mailing the lead?
We personally haven’t ever done this, but we have clients who go through additional steps to find contact information on their sellers and will Facebook, text, and call. We’ve had clients report response rates as high as 8% when they’ve employed additional contact methods. Often times, it’s a matter of luck. The best way for you to come out on the winning side of the averages is to be as consistent as you can. If you go through a low response slump, keep going…your high response campaign is just around the corner!
What is the advantage of mailing to probate leads vs. others like tax delinquents, vacants, absentee owners etc?
In our experience (and many other experienced investors we personally know) probate leads frequently yield more profitable deals simply due to the fact that they tend to have more equity than others. Plus, most of the time, probate deals don’t involve situations or sellers in financial distress. More often than not, you’ll be buying the home from someone who inherited the property upon a family member’s death, and they’re selling because they don’t need/want the home or just need to move on with as little hassle as possible – versus other types of sellers who who’ve been backed into a corner by a bad financial circumstance.
What exactly does Postal Impact do for the price of the leads?
Postal Impact is a lead provider. We meticulously gather, organize and serve-up the information you need to market directly to people who have opened probate in your county, thereby cuing the world that someone has passed and there’s a significant asset that needs to be distributed. What sets us apart from anyone else is that, not only do we provide you with the leads themselves, but we also merge that information into your marketing letter and manage your multi-letter campaigns for you. We make probate marketing a piece of cake by taking care of all the unwieldy parts most investors struggle with, so you can focus on doing what you do best: making great deals and cashing checks.
Does Postal Impact actually mail the letters for me?
Our standard service involves us e-mailing your merged-letter campaigns to you like clockwork. If you prefer not to print and mail yourself; however, we do have a direct relationship with a specialized mail company who can hand-address, stamp, stuff, and mail your campaign for you. The only thing left is for you to answer the phone!
Can I wholesale probate deals?
Absolutely! When we do probate deals, we do it all – rehab, wholesale and rent. But we have a number of clients who are exclusively wholesalers. You will simply sign a contract with the seller just as you would any other, making sure that your contract is assignable, or your LLC is buyable.
Why do you suggest mailing each lead multiple times?
Because, the probate process tends to be unique for each family and the amount of time a property can be in probate will vary. Also, you never know at what point the heir(s) will decide they’d rather just sell the property quickly and move on with their lives rather than holding onto it. So we always advise to mail each lead multiple times. Not only does this set you apart from almost every other investor out there, but it also ensures that you’re reaching out to each potential seller throughout the entire process and hopefully hitting them right at the moment they’re ready to act. As a ‘best practice’ we suggest mailing each lead a total of 4 times, with each letter spaced 6 weeks apart. Historically, the 3rd letter has always been the most profitable for us. However, you can choose to mail as many, or few, letters as you like. Postal Impact will manage up to four campaigns per lead for you.
How many leads should I mail each month?
Just like any other marketing method, this is still a numbers game. The more you mail, the more likely you will be operating optimally in the game of averages. We often suggest mailing a minimum of 100 leads and committing to a minimum of a 6-month campaign. Mailing this many leads and sticking it out for a reasonable period of time will give you a definite idea of how successful this method of marketing will be for you.
I’m nervous to talk to someone who just had a loved one pass away. How do I handle that?
It’s an understandable concern if probate marketing is new for you. But, remember that you’re not randomly contacting people who have had a family member pass away. You’re only contacting people who have gotten to the point in the process that they have publicly filed documents indicating a loved one has passed away and that there is a an asset that needs to be settled. Although some people do file this paperwork right away, more often than not, a little time has passed before the family/heir opens probate. And, by doing so, they’re indicating that this is part of the process that they’re now ready to go through. You’re never going to try to convince someone to sell their home. Your sellers are people who want to sell, and they genuinely need a distressed property investor (like you) who’s willing to step in and make it possible.
What’s your #1 tip that would give me an edge over other investors?
Aside from trying probate marketing (of course!), the #1 way you can differentiate yourself from other investors is to answer your phone! If your lifestyle doesn’t allow for this, then we would suggest either using an answering service and/or making sure that you return your calls as soon as you possibly can. Second to that, would be to make sure you automate your mail process as much as your budget allows. Being super consistent and methodical about your mail campaign will have a HUGE impact on your response rate.