Posted by Chris on January 30, 2000 at 16:21:24:
This is where your sales pitch comes in handy.
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.
-Good Luck, Chris