AnDvestors 0 Report post Posted June 3, 2010 Hey we have heard alot of people saying they have success with hand written yellow letters! We are thinking about sending them to MLS expired listings or listings that are about to expire. We were wondering if anybody here has tried using them and if so what do you hand write on your yellow letter that you send out to the homeowner? Thanks,David and Amanda Share this post Link to post Share on other sites
ScottZavoda 0 Report post Posted June 13, 2010 Hey we have heard alot of people saying they have success with hand written yellow letters! We are thinking about sending them to MLS expired listings or listings that are about to expire. We were wondering if anybody here has tried using them and if so what do you hand write on your yellow letter that you send out to the homeowner? Thanks,David and Amanda Haven't been doing this really long as I'm a newbie here but this is what I've found. I've done three rounds of about 20 letters each (small potatoes.. I know) to strictly expired listings. I would say I got about a 10% - 15% response rate to my 24 hour recorded voice mail. I use a live operator service with that as well. I haven't yet closed a deal through this method yet but had a few potential leads. What I've found in my small test is the expired listings that called me back were expired for a reason. They were playing fantasy games with themselves about the price and equity they wanted for the home. Just a simple matter of supply in demand but some sellers just don't get it or if they do aren't yet that motivated to sell and wanted to wait for their price. Had one that may have done a SUB2 deal but I didn't push that hard for them to go that route as I have yet to find a title company or know an attorney who will close one. Anyway... good results though. The message was simple. Good Luck! Share this post Link to post Share on other sites
lhenley 8 Report post Posted August 23, 2010 Did you come up with a good text to use for a Yellow Letter to MLS expireds? Lynn (FL) Share this post Link to post Share on other sites
Diego 0 Report post Posted August 25, 2010 I sent out 200 Yellow Letters on August 16th and received 14 calls the very next day. Over the past week, I recieved 23 calls in all. I had over 14 hangups. The letters were sent to Expired Listings and Listed Properties in my area. 19 calls came from listed homes, 2 agent calls, and 2 expired calls. 10 out of the 23 calls were possible deals. 1 was a potential short sale, but was to late, and the remaining 9 were potential cooperative assignments. So far, nothing has panned out. The callers were lukewarm to the idea. 2 of the callers were flat rude and obnoxious and if they would have said it to my face I would have knocked their teeth out. By the way, they turned out to be other investors. I expect calls like that. The rest were fairly polite, but not interested. As of August 25th, I'm currently still in conversation with 3 sellers. Not a bad return. I think my statistics will improve with experience. The letter was a simple my wife and I are interested in buying your home at ********. My advice would be to write your own letter. Your letter will not be the only one they have received. I'm new to cooperative assignments. I've been short selling and buying subject to for a while. I hope this helps. PS. I believe I can improve on the dialogue when they call. When they call they think you want to purchase their home. The transition between buying and offering a rent to own or lease option is important. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 25, 2010 Diego, that's an impressive response rate. And I think you're correct about the transistion from buying the homeowner's property to working a CA. Have you tried putting in your letter some reference to this? Something akin to, "We would be interested in buying or leasing your house at . . . ." Share this post Link to post Share on other sites
Diego 0 Report post Posted August 25, 2010 I like that. I'm going to be testing several things. I'm going to try an e-mail address since I received alot of hangups and maybe a 24 hr message. However, I don't won't the message to take away to many calls. On a side note, I received 2 calls today from my nine qualified calls for a meeting. Both sound like good prospects and are right down the street from all of my other properties. That should bring my total to 5 good leads. Thank you for the input. I hope this helps David and Amanda. Share this post Link to post Share on other sites
lhenley 8 Report post Posted August 25, 2010 I have sent a short Yellow Letter in the past, and gotten the same results. Seems, if you say you want to buy their house, they expect you to buy it...at their price...sight unseen. If you want to be a Transactional Engineer, this is an excellent way to get your phone to ringing. Without saying anything about Lease Purchase (LP), it's hard to go from "I want to buy..." to "I want to Lease Purchase...". I am presently working on the text to use for a LP Yellow Letter. It'll have wording similiar to what MC suggested. By mentioning LP in the letter, the goal will be to get ONLY sellers interested in a LP to call. The phone may not ring as often, but when it does, it will be a HOT lead. Lynn (FL) Share this post Link to post Share on other sites
