It helps to know what the seller’s plans are after moving out of their property. “Folks, I see that you are moving to Texas. When your tenants here in Utah have a problem how will you handle it?”
“If your tenants do not take care of the property what will you do?”
“Do you have plans to qualify your tenants so that they become buyers?”
Counterquestions such as “I thought that you were interested in ultimately selling, not being a landlord?”
Remind them that you are handling all of the maintenance problems. Add the negatives such as tenants calling them at 3 in the morning to unplug their toilet. Ask them questions that highlight your strengths such as “Do you have the knowledge to properly screen your tenants?” Come back with all of the fear triggers and let them sink in. Remind them that time is of the essense and that you need an answer within 24 hours or whatever you have noted on the form so that they aren’t shopping this around. If at the end they still say that they are going to try this on their own mention that you are available if they need assistance and change their mind.
The only thing they know about lease/optoning is what your contract hinted at. Make it clear that there is a lot of work to be done by you behind the scenes that they might not find so easy.
Basically come up with a list of arguments these sellers are giving you and turn them around.
You could even provide a FAQ sheet of questions and answers to give to these sellers along with your contract that will place doubt in their mind to go this alone without your expertise.
I have found that when I get sellers to call me to buy their properties and I drive to their property to see it. I usually can talk them into going the route of lease option with little to nothing down. (Desperate Sellers) The problem I am finding is that when I give them the lease option agreement they look it over and within a few hours they sort of change their minds. They say that they may do this themselves and make the money insted of me. When they see that I want to sub-lease it that triggers their mind to do the same! Is there a way around this delemma?
It’ s costing me deals (4 to date)
Re: Are We Educating Sellers? - Posted by IdahoRob
Posted by IdahoRob on January 31, 2000 at 24:15:48:
Ron:
May I give you this Idea to work with. Start each meeting with the thought that you will show them how to Lease option there house. You have the knowlage and experience ----- and You do this for a fee ---- How about $750 to $1,000. One of the selling points to the seller is that it works fast and is much less than a Real Estate Agent and Brokers fees.
Then if they say no we don’t want to fool with this then go with the thought you will take care of this problem for them, and go into the Lease option like you have been doing.
Hope this helps------ wonder if asking more questions listening to what the sellers are saying then. Giving your answers to them as questions might be a better way for the sellers to see going with you.
Here is an example seller tells you I need to get out of this house next week. You say ( Mr seller if I can find a way to take the house from you in 3 days and make sure all payments are paid on or before the do date, will that solve your problem of getting out of this house and all the problems it is causing you???
I think you get the picture. First tell them that you can help them with there problem of the house by being a Lease option consultant for a fee. and finding out if they are movitated. Your fee will come from the Option money from the T/B. Give them the info in a question form---- might keep you from telling so much that they think they can do it themself.
Let us know how the next few go for you. Succesfull investiong to you.