Finding hidden properties in the housing market can seem like hunting for a needle in a haystack. Yet, with a structured approach, you can unlock a treasure trove of opportunities. Today, I’ll share a four-step guide to help you identify these hidden gems within just two weeks. And believe me, skipping any part of this process can derail your success. So let’s dive in!
Defining Your Target Market
The first step is to have a clear and precise target in mind. Many real estate investors stumble at this stage. Knowing who you’re targeting is crucial for two reasons: it helps you communicate effectively, and it ensures your message resonates. Your potential sellers are inundated with marketing messages daily. If your message doesn’t hit the right notes, it will get lost.
You should focus on sellers who need to sell rather than those who merely want to sell. Issues like tax delinquency, pre-foreclosure, divorce, or probate often compel people to sell. My go-to tool for finding such sellers is Seller Sniper. This app lets you filter these issues and stack them to create a refined list of potential sellers. But remember, while stacking multiple issues increases your chances, it can also narrow down your list too much.
Crafting the Perfect Message
Once you’ve identified your target market, the next step is crafting a compelling message. This is where many investors falter. The key is to create curiosity and get straight to the point. People are bombarded with messages that don’t speak to their needs or concerns.
To stand out, personalize your mailings. Use tools like ChatGPT to create customized letters that touch on personal concerns and establish rapport. For instance, if you’re targeting a specific city, mention that city and address in your letter. Then, use services like Attract Mail or My Thanks.i to send out these personalized letters so they don’t look like generic prints from your inkjet printer.
Triggering Action
Getting someone’s attention is one thing; prompting them to take action is another. This step involves creating a strong call-to-action (CTA). Watch TV commercials for inspiration—notice how they always end with a clear CTA.
Your CTA should be simple yet urgent. For example, phrases like “Ready for a fresh start? Sell your property quickly and hassle-free” or “Secure your guaranteed cash offer now by calling” work well. The idea is to make it easy for them to act by providing just one option at a time.
Tracking your results is essential too. Whether through phone calls, texts, website opt-ins, or QR codes, you need to know what works so you can refine your strategy continuously.
The Power of Follow-Up
The final step is follow-up—perhaps the most critical part of this process. Statistics show that 81% of deals happen after the fifth connection with a seller. Yet, 92% of competitors quit after four attempts.
When you hear a ‘no’ from a seller over the phone, don’t discard that lead. Send them a three-option letter of intent instead. This letter provides different ways you can purchase their property, giving them time to think over their options.
Tools like Mail Mix can make this follow-up process easier by sending out these letters automatically. And if you need contact details like phone numbers or emails for follow-ups, Seller Sniper has you covered with free data included in their basic membership.
By following these steps diligently, you’ll improve your chances of finding great deals in the real estate market significantly. Remember, persistence is key, and knowing how to communicate effectively with your target audience will set you apart from the competition.
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