Good question. I meet most of my buyers through open houses. Mailings can get expensive but some strategic mailing might be good. In my market mailers work better to attract sellers. Online lead generation is a total waste of money though. Buyer information is missing. They are just looking or calling to see about a rental.

List property!

I too utilize my web site and blogs to reach out to both buyers and sellers, and get a good response. 

Jerel,

It depends on the market place.  In some areas we are doing better with postcards than SEM.  Some areas do well with newspaper ads.  All advice is pointless without an understanding of the marketplace both in terms of demographics and pschycographics.  A

Print ads give me the berst return.

Open houses still work great for me and all they require is your time.  If you do not have any listings you currently represent, check out your brokerages page, in areas you like or want to work.  Start holding open houses 2X a weekend, every week.  I bet in a couple of months, you will have some buyers.  Simply call the agent(s) that represent the listings and ask if they owuld allow you to hold it open = WIN - WIN. 
Good luck.

One of the purposes of a purpose driven open house is market research.

This is your opportunity to OBSERVE what they are using when they drive to the curb. What they have strapped to their belt. Their response when you ask,"How did you find out about this open house?"

You get better response if you begin with, "Did you find out about this open house from the TV ads, radio ads, newspaper?" They of course will say, "Yard signs,  but it starts the conversation going in the right direction.

"How are you going about your home search?"

"What tool or resources are you using?"

Now you have REAL data related to your area. The buyers have told you where you need to be.

Be aware, if the only promotion of the open house is yard signs this will give you limited insight regarding what buyers are doing.

My company pays for Just Listed/Just Sold cards, and that is my only print advertising. The other above-$1,000 a year advertising, I spend online. Primariily on Trulia now.

I have never gotten anything from postcards to renters.  With the mega thousand to homeowners we have gotten a small few.  Blogging is what we do now.