My buyer is looking for a place in 2 particular buildings, and there have been virtually no listings there for 3 months now. I am thinking of doing a mail out to the residents telling them that there is an interest in their buildings. What would be the most effective approach? as I have never dealt before with a buyer who is so restricted to where they want to live. Thank you.

I did a mail out to a townhouse development where I had some buyers interested in. I got 3 calls from people wanting to or getting ready to sell. This was a little development of about 40 units. I made sure I put in the letter that I'm not just fishing for a listing, but I have a real qualified buyer ready to go. You might get a listing or two out of the mailing anyway. As you will have proved already you have a buyer.

To get a better open rate for your mailings try to make them look more personal and less like commercial bulk mail. Use a different colored envelope such as manila instead of the standard white, hand write the names and addresses, and use an actual stamp. They'll get noticed and opened more that way.

Agreed. That's what I did on my above experience. Well I did use white envelopes. That might be why I only got 3 calls!

I agree with handwritten envelopes. Check if there is an HOA that sends out a newsletter and ask if you could purchase a small ad space in their next newsletter. The worst they can say is no. Is there any type of room inside the building where you would be allowed to post a flyer?

I once worked with clients who only wanted to move onto a specific street with little turnover. I sent periodic mailings and occasionally door knocked. If nobody was home, I slid an envelope inside the screen door. About every three months I would discover a potential seller and make an offer for the buyers, but sellers would retain an agent or attorney and they would dig in their heels on pricing. The sellers probably thought that these buyers should pay a premium if they want to move here so badly. After the fourth time negotiations did not result in a contract, the buyers expanded the search radius and we finally closed on a home five miles away. Hope things go well for you.

Obviously supply and demand. If nobody moves very often to sell then there are many buyers but few sellers for that area.

Sellers in that circumstance are sitting in the driver's seat unless they are desperate to sell for financial or other life problems.

Hey ColoBroker. You say that you only got 3 calls but out of how many mailings was it?

about 40 as there were only 40 units.

find out if there is a "second choice" area your prospects may want to purchase "just in case" and monitor what is happening there as well

3 out 40 isn't bad at all for "cold prospects"

Well it helps to have something of value. I'm pretty sure if I had just written a letter asking for listings I wouldn't have gotten any calls, but I actually had a buyer for those types of townhouses. Plus I gave a carrot of lower commissions if they would list with me to sell to that particular buyer as I would get both sides and not have to do the marketing and all that. I did sell one of the 3 to my buyer.