Q: “Denise, I am taking your advice and doing some focused lead generation for the next 90 days. I have identified a shortage of small homes (less than 1000 square feet) in a very popular neighborhood just outside the city center. There have been eight listings that have come on the market in the last two months. Seven of those have sold in 4 days or less and all sold above list price. The last one is still under contract and hasn’t sold. What do you recommend I mail to them?”
A: Great question! When you are doing focused lead generation like this, you need to hit them hard with info. Every two weeks for three months is what I have found to be most effective. Here is how that looks:
Week 3, Week 7, Week 11: Send a Market Update that includes stats for the larger area or neighborhood.
Week 1: Letter explaining the shortage. Talk about the eight listings (in fact, include the photo, address, list price, sold price, and days on market if allowed by your MLS) and indicate that demand is very high for homes like theirs.
Week 5: Letter providing an update regarding days on market for inventory like theirs. Has anything new come on? Is anything new under contract?
Week 9: Letter that is customized for each property. Yes, this is going to take some research, but this is the letter that is going to get anyone to take action if they are remotely interested. In here, explain how their particular property is a great candidate for a quick sale (list square footage of the home, exterior condition, etc).