If you’ve been around a long time in the real estate business, by now, you probably already know the power of real estate direct mail marketing in scaling up your prospecting for listings, buyers and prospects.
Direct mail is a fast and effective way to capture your target audience’s attention and costs way less than TV, print, or radio advertising. The best part is that it’s measurable. You know exactly how many were sent and can track how many leads and listing prospects were brought in.
Direct mail marketing is used by millions of marketers – from insurance and mortgages to service providers and retailers. It is a proven strategy for any business in any industry.
At OverflowWorks.com, we’ll provide you with a quick guide on how real estate marketers can find their target audience.
Who should be your target audience?
Before you start designing and printing your direct mail, you need to decide to whom you should send these letters. Sending every home in your target area sounds like a good idea to widen your reach but the question is: does it convert well?
You want to be strategic. Send mail to people who fit a certain profile and are most likely to pick up the phone and inquire about your offers. Be selective about your recipients and narrow down your target to those who are most likely interested in what you offer.
In our experience, here are a few sample segments you can look into:
- Absentee owners: These are property owners whose mailing address is different from the property address. If that’s the case, the property may be either a rental or the owners have moved to a different location and failed to sell their previous home. Managing a rental property is hard work. This is why most landlords find themselves motivated to sell, which makes them a great target audience for your direct mail.
- Inherited property: Those who have inherited property are a great target for direct mail as most likely these owners are not motivated enough to care for it. They may see the property as a liability rather than an asset.
- Probate: Deceased property owners are likely to have their home go into probate. Family members are often left to deal with several necessary actions before even considering selling the property like emptying out the house, cleaning the property, and getting repairs done. This can be a bit overwhelming and will be more likely to feel attracted to your offer.
- Pre-foreclosures: Those who have failed to pay their mortgages are likely at the brink of foreclosure. This is the best time to reach out to homeowners and offer help to stop the foreclosure and save their credit.
- Owners with Eviction Records: During the stress of an eviction, many landlords are most likely to let go of the property.
- Expired listings: The property becomes an expired listing when owners try to sell their home through a real estate agent but are unable to do so. This is a great time for an investor to come in and purchase the home.
- Tax delinquent: These property owners are highly motivated to sell. Missing tax payment is a good indicator of a financial hurdle they would need to take care of right away.
- Divorce: When a couple files for divorce, they are very interested to sell their property to avoid conflict.
Now that you have an idea of who your target audience is, designing your mail and crafting the right message becomes easier. Since your mailing list is more targeted and segmented, you have a better understanding of how you can personalize your direct mail and improve conversions.
If you’re considering direct mail marketing for your real estate business or want to take your strategy up a notch, talk to us at OverflowWorks.com and we’ll help you!