We’re real estate agents, so we’re known for letterboxing, right?
We’re always being told to letterbox the “5, 5, 10” houses around each new listing, each recently sold listing, each recently leased listing…
We’re told it’s “good for branding”
We’re told it helps create “activity and awareness of your office”
But have you ever actually got a new landlord client from your letterboxing?
I have. Actually I got my first 2 landlords ever from letterboxing!
And today I’m going to share the formula for that particular letterbox drop…
Now, before we get started, I have to make a BIG disclaimer…
Letterboxing is one of the SLOWEST ways to grow a Rent Roll!
I realized this quite early in my business, after picking up my first 2 landlords using letterboxing. After that, I stopped letterboxing and started using more efficient methods for growing my rent roll.
But since people ask me about this letterboxing formula, I’ve decided to share it.
It’s a Three Step Process
Step 1 – Identify Expired Sales Listings
Find properties that have been on the market for sale for months, that you feel you could rent fairly quickly. Don’t use this formula for properties that are going to be hard to rent, as you need to be confident you can get a quick result for the property owner.
Step 2 – Hand write a note
If you want your note to be read by the property owner, you’ve got the best chance if you hand write it. I used to write something like this:
I noticed that your property has been on the market for sale for a while. I know what it’s like to have a property on the market for longer than expected… it’s really frustrating…
Recently, a few people have decided to withdraw their property from the sales market, get us to rent it out for a while, then put it back on the market for sale a bit later on when the market is stronger. In fact, you don’t have to stop advertising the property for sale until you’ve found your perfect tenant!
If this is something you’d be open to talking about, I’d love to step you through how the process works so you can figure out whether it would work for you.
Give me a call if you’re interested on NUMBER
The Renting Experts
This note is best written on a simple With Compliments card, or something small and simple. If you have large handwriting, you might use a full sheet of letterhead. I didn’t include any other marketing paraphernalia or a business card… just a very simple note.
Step 3 – Blank envelope, hand delivered
Now, if you want the property owner to open and read your note, put the note in a blank envelope (no branding) and seal it. Don’t put a name or address on the front of the envelope and leave the back blank as well. This gives your envelope the BEST chance of being opened… and your note read.
Now, you could follow up with a phone call if you have contact details for the property owner, if you wanted to… but otherwise, you wait for the phone to ring. I’m not suggesting your phone will ring off the hook, but I can say, based on my own experience, that I received more phone calls from this style of letterboxing over ANY OTHER style!
Remember, letterboxing is still one of the SLOWEST ways to grow a rent roll, but if you’re going to put ANYTHING in people’s letterboxes, please make it something they’ll actually open, read and be tempted to act on!
If you want a more effective system for growing a rent roll, I suggest you check out my online training class: 5 Ways to Grow Your Rent Roll.
If you haven’t seen my last blog titled How To Get More Referrals be sure to check that out next!