Wholesaling Works
This is a continuation of “3 Small Tweaks” Part 2…
Then what happens is, once you scale that, and you know it’s working, then you start moving into different channels. You might move into pay-per-click advertising online for Google AdWords. You might move into hitting other channels like probate, or more inheritance or hitting into fire damage properties. So what you do is you start increasing other different channels, until you can max out each one of the channels. Imagine having all your channels maxed out. You’re hitting inheritance every month, you’re hitting all the available absentee owners you can mail on a 30, 60, 90 day basis. You’re hitting all the probates in the area.
Now the next thing we’re going to talk about is to determine if that channel is working or not. There’s lead management and then there’s analytics. Lets talk about analytics and then I’ll talk about lead management. I use FreedomVoice. FreedomVoice is an online voicemail system; you can add mailboxes or numbers (make sure you use a local number) to your FreedomVoice account. Each number will have a different campaign associated with it. Now what you can do is you can track the amount of calls that have coming in from the letters you mailed out. You can track your response rate for the mail campaign piece that you’re using. We’re going to test, and we are going to see which is going to give us the better response. We are going to track the number of calls coming in from that particular list, and then we are going to track the amount of leads that we got. People are going to call in and hang up. People are going to call in and say, “Take me off your list.” People are going to call in and say, “Hey I just got your letter, I’m interested in selling,” and they’re not going to be motivated. Then there’s people who are going to call in and say, “Hey I’m interested in selling,” and they’re going to be motivated. Those are leads. So if you send out 2,000 letters and get a 10% response rate, you get 200 calls, now with those 200 calls that come in, you’re going to figure out how many of those are motivated, how many of those are hangups, how many of those are, “get off my list.” Now, out of those, let’s say you divide that by 25, you get eight leads. Eight good quality leads that come in, and the number of appointments you went on. So let’s say out of the 8 leads, you went on eight appointments to go see properties or make offers on the properties, if they’re absentees. Out of the eight potential leads, maybe you got five deals out of them. And the five deals can be $2,000 deals, $3,000 deals, whatever the case may be.
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