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Make as many “yes-able” propositions as possible
If you’re buying a rental or flip near Indianapolis, you need to know that off-market deals are overblown. If not, you mail people who haven’t decided to sell. But if you do, you write offers to people who already want to.
Houses on the market belong to people who already want to sell. They may want too much money, but they’re motivated. The people you mail haven’t decided. If they had, they’d be listed.
1. The 10-offer rule. In my experience, it takes about 10 offers to get one accepted. Look at 100 properties on the MLS, Zillow, Realtor.com, and for sale by owners, and write offers. If you haven’t written 10, you haven’t written enough.
Direct mail makes sense when you need a specific product OR area, like assembling single-family lots to put in multifamily or you want to redevelop land into commercial.
2. Pick two of three. Price, speed, inspection. Buyers want all three. Off-market, the inspection is probably going to stink, and that’s why the price is good. On your first rental or flip, that’s a bad bet. Do you have the experience to guess at repairs?
A seller calls, and you ask for a great price, a 30-day close, and every repair under the sun? You won’t get anywhere. It’s not macho to bury someone under a landslide. Even if you win one house, word gets around.
3. The lemon. Two people split a lemon down the middle. But one wants the zest for a cake, and the other wants the juice. Split it 50/50, and neither gets what they need. Ask what matters to the other side.
It’s not zero-sum. One side winning doesn’t mean the other side loses.
4. What a mailer is for. The goal isn’t to convince someone to sell now. It’s to be the first person the seller thinks of when they DO decide. Send stats, info, and help. Not a hard sale script seven times in a row.
You don’t need a house picked out or a plan. If you’re wondering what may or may not be possible for you, email me at nlamkin@c21scheetz.com and let’s talk it through.
