We get asked all the time why we don't send out emails to our entire list of the latest and greatest deals that we have available. That is, after all, the traditional way wholesalers sell their properties. They spend a lot of time getting as many emails as possible, throw those email addresses into an email tracking system and start pounding that list with everything you get under contract. When I get asked why we don't send out houses by email I give two easy answers:
- Memphis Invest is not a traditional wholesaler - far from it!
- It is no wonder today's investors hate registering for email lists!
Bombarding my In-box
I get bombarded daily from companies both here in Memphis and around the country who send me their "Hot Deals". I would be more open to looking at the email if I had registered to receive so many sales pitches in the first place, but usually I have no idea how the person got my email address. To make the emails even worse, when actually looking at the property, they are not what I would consider a "Hot Deal" and they do not match my criteria for an investment property.
That is the main reason we tell investors that we are not a traditional wholesaler and would never want to be confused with one. When trying to build long-term relationships, it is very important to know our clients. To know our clients wants, needs, dreams, reasons for investing and criteria for their portfolio. If we didn't spend time getting to know our clients, then we would have no real shot at meeting their needs as investors. I'm not talking about how good our system is, but rather how poor a system is that relies on sales emails instead of targeted relationship building and portfolio development.
Real Estate Deal or Dud
Hot Deal emails do nothing to advance a relationship with a client. The biggest complaint I have about the ones I am receiving is that the person sending me the property has never taken the time to talk to me. They are sending me what they think is a hot deal with no consideration if it fits my criteria. Some weeks the language used to describe the deal is more dramatic than the previous week and sometimes, you can see where the wholesaler has been promoting the property for months. Often it looks like the property is more of a problem than a hot deal.
It makes me wonder why wholesalers continue to work so hard and send out these emails on a weekly basis. With a little time spent getting to know the client, it seems like targeting and communicating would be a much more effective use of time. For now, I will go on deleting today's "Hot Deal" emails and wait for tomorrow's even hotter deals and I am sure by the end of the week the deals will be on fire!
Until someone can show me the error in my thinking, I don't foresee Memphis Invest bombarding clients' email in-boxes with the latest and greatest "Hot Deals". We'll stick to a more personal approach. Talking to clients one on one when a property meets their personal criteria seems to be working just fine!