Re: The joys of finding a L/O tenant - UGH!! - Posted by REIMentor
Posted by REIMentor on July 16, 2003 at 01:20:39:
I will add one more thing that is VITAL when dealing with tenant buyers:
CREATING A SENSE OF URGENCY!!!
As several others have indicated, this is indeed sales we are talking about. As such you absolutely must have contracts there with you - period. But you must also convey a strong sense of urgency.
When I talk to tenant buyers about a specific house, the first thing out of my mouth is how I’ve already had 20 calls on it today alone. Immediately they’re going “Whoah, if I want this thing I’d better hustle.” I explain all the terms and am very straight with them over the phone about it. I ask them to tell me exactly how much they have to put down and go over the fact that maintenance will be their responsibility, etc. etc.
Then I do one of two things:
A “Buyer’s Convention” in which I schedule an appointment with at least 3-5 sets of buyers on a Saturday - at the exact same time for all of them, but they don’t know it until they all show up at the same time. Schedule it for a wierd time like 2:20P - not only do they presume it will be one-on-one, but they tend to show up on time when it’s more specific. During the buyer’s convention (as I call it) I have them all sign in including putting down how much DP money they have so all of the others can see that as well. Needless to say, as they walk around it’s a bit tense for them because they know one of the other’s might get it before they do. I ALWAYS get a certified check from one of them that day - it has never failed.
Or you can call a buyer off your buyer’s list (you do have one right?) who fits the house well and you know they have the money - create urgency for them to drive by this particular house, get them in there, etc.
ASK THEM TO BRING THE CERTIFIED CHECK WITH THEM - if they don’t like the house they’ll tear up the check.
It’s time to become a sales person. Don’t let these buyer’s jerk you around. Establish up-front expectations and you WILL see a difference.
All the best,