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Hey, it's Joe. This next question is, "How do I find motivated seller leads?" I'm going to show you how to do that and not pay very much money for it. Because you can find motivated sellers for dollars, or you can find them for pennies. My goal is to try to not pay more than, you know, $1, $2, $3, or $4 per lead. And the better you get at converting your leads, the more you can spend on a lead. You know, if you have a lead that costs you $75, and you can convert one in five, you know, that's not a bad cost per deal if you can put all those together.
But if you don't really know what you're doing and you need to call 20 or 50 or 100 people first, if you're paying, if you need to call 100 people, you're paying $2 a lead for it, that's not a bad cost to get to that point. Now, it's going to be more legwork and more time for you to get there, but you can get there. And I find that the cheap leads are not necessarily worse than the expensive leads. You know, we've advertised on TV, and those leads typically would cost us $75. We've done a ton of snail mail and we'll pay anywhere from $10 to $20 per lead on average, depending on the lead source that we're going after, whether it's absentee owners or expireds or some other lead source that we're going after. And we're sending out postcards or we're sending out letters. And those are good leads, too. They bring in a lot of good deals.
And then we also use the Automarketer, and that's the cheapest lead, that you're going to get the most leads through that system for the least amount of money, where you're going to end up paying $1, $2, maybe up to $4 for leads like that. And that's going to make a big difference when you can talk to a lot of people and learn the process without spending $20 every time you get on the phone, or without spending $50 for a lead every time you get on the phone.
Also, it does it all for you, so all you have to do is hit a couple buttons, it turns it on, and it starts dripping leads in to you every day. So you're going to get, you know, a lead a day, or five leads a day, or twenty leads a day, depending on what area you're working. And then you can just keep up with those leads as they come in. And you don't really have to think about it. You just have to check your email and see if a new lead came in and if they did, then you call those people. And you've got all the details about them right there in that email. It's going to tell you, you know, what they're asking for that property, where it's at, all that information.
And then, it's also going to continue to drip on those leads over and over again. If you have do snail mail every time you want to drip on those people, you have to spend another, you know, $500. You can send out 500 postcards, it's going to cost you $500. Maybe you can get it less with postcards, but let's say it's $1 per letter that you're sending out. If you're sending that out, and you send out 500 of them and you get a 5% response rate, that's 25 leads that you paid $500 for and that's just for one contact. If you want to hit them again, that's another $500.
And a lot of times with marketing, they say you need to hit people 8 to 10 times before they're ready to work with you. Now, we don't find that to be the case and you can turn a lot of those leads on the very first letter that you send out into deals if you know what you're doing. The trick is knowing what you're doing and learning that process and that's why what I’m trying to do here on these videos is make sure you understand how that all works.
Full transcript & more articles: http://joecrumpblog.com/?p=16106
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I've seen the term 'wrap around' used for several different financing structures. It is when you take one or more mortgages and wrap them up in on sale - so it could be a Multi-mortgage or a Land Contract or Contract for Deed - or any other structure that does the same thing.
Hey Joe I just finished the automate real estate book and it was amazing, thank you for your knowledge and training. Im close to being able to purchase the automarketer and had a question regarding the voiceblasts...on an average (i understand every market is different) per 100 voiceblasts, how many of those turn into deals for the average student?
I can't give you hard numbers on conversions since that is determined almost entirely by the skill of the investor making the calls. BUT I can tell you that you will get between a 5% and 50% response rate on text blasts to FSBOs using our message and system - with an average of 25-30% overall.
80-ish% of these seller responses will be "No" - and the rest are "Yes or Maybe" - those are the ones we call. The others get put into an automatic follow up system that drips on them with different messages for the next 3 months - and the conversion rates are about the same every time they get a message.
A skilled investor will typically have a closing ration of 20-30% of the leads they talk to.
I hope that helps.
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