Updated: Apr 11, 2019
I've been driving for dollars for years and it is an excellent way to make good money, especially if you maximize its potential by combining it with Dialing for Dollars.
You see, way too many investors send mail out to the exact same properties, and many of the high-margin deals you find while you’re driving for dollars are non-owner-occupied.
Returned mail = Potential goldmine
If you’re mailing properties that aren’t occupied, no one is living there to receive your mail!
But did you know that the post office does you a BIG favor when they send you back returned mail pieces?
Each piece of returned mail is a potential goldmine, because many of your competitors have given up trying to find the homeowner as soon as they receive a returned piece of mail indicating that the homeowner isn’t living there for whatever reason.
Skip trace your returned mail
If you have a good REI skip tracing provider, we recommend Skip Genie and with full disclosure we are an affiliate, you should skip trace each one of your returned mail pieces so that you can get the homeowner on the phone and make an offer on the property.
Fortunately, dialing for dollars isn’t always easy. For example, if the homeowner is deceased you can’t call them with any more success than you could if you mailed them.
Run deeper reports on the deceased
With Skip Genie, they have built into its data set what they call, “The deceased indicator”.
The deceased indicator tells you if the person you’re trying to reach is deceased. If they are deceased, wthey have the perfect tool for you built into our software! They had a button created that enables you to run a relationship search on the deceased homeowner (or any homeowner).
This report will immediately give you the phone numbers of the homeowners relative.
Dialing for dollars literally means that you would call each phone number for each relative you need to call until you get ahold of someone who will get you in touch with the heirs or person controlling the property so that you can make an offer.
No one likes making cold calls
We know that a lot of people simply don’t like making phone calls. To be honest, we don’t like making phone calls either, but our mindset is that there is a LOT of money at the other end of that phone. So, we dial and we dial until we get that money. If you know the right distress indicators to look for, driving for dollars is a good way to find solid leads for your business, but it’s important to have a robust system in place to get in contact with the leads that you generated while driving for dollars.
Leverage the competition
Our business is more competitive than it used to be, as our market has become saturated with investors who are targeting the same properties with direct mail. This is why it’s important to put Driving for Dollars on steroids by combining it with Dialing for Dollars so that you can have an edge in today’s competitive market! Interested in learning the ins and outs of Dialing for Dollars?
Sign-up to Skip Genie and you’ll have access to a weekly coaching call that gives you all the training you’ll need to start closing deals by Dialing for Dollars.