Frank/All,
What is your ratio on how many signed lease agreements that you obtain vs. how many contact letters that you sent out to land owners? Also how many do you send out per week, average?
Thanks
I think a good ratio would be 20% to 50% of proposals getting signed up. But that is 100% cased on how much preparation you put in, and how good your offer is. If you go around offering people too little, you will serve as the catalyst to get landowners to allow a billboard, only with a different company that offers more. And if you send out proposals that are too high, you’ll sign up every deal you hit, but you have not accomplished anything. If you send out 10 well-written, reasonable offers at one time, you should get probably 2 landowners who will call you immediately and say “let’s do it” and if you then call the remaining 8 and give them your best sales pitch, you should probably be able to win 3 more over – for a total of 50%.
Are bank owned properties worth sending contact letters to? On one hand I would think they would like the extra income from their property but on the other hand banks are hard to deal with so it may not be worth it. Does anyone have any experience with this?
Absolutely – send the letter to any bank-owned property. Sometimes, they see the billboard as the only way to make the property income producing (particularly irregular tracts that aren’t really usable). It can’t hurt, regardless of the outcome.