jhanson8

Is there any rule that realtors have to wear overpowering perfume or cologne? That's my biggest complaint. Does Al Gore know how much these people are contributing to air pollution? But, staying on topic here, I've found the business casual look to be the best. Simple khakis or (clean) jeans with a polo and nice shoes. I started out doing the shirt & tie thing and besides being uncomfortable the whole time it didn't get any deals. Like Doug said, I got more questions and skepticism when I dressed nicer. I still don't have the courage to dress way down to meet someone, but maybe when I'm further along and have more deals under my belt.

Same here! I've got sellers like crazy but all my buyers suck and my business has almost come to a standstill. I haven't come close to a deal since October. I know things are supposed to slow down around this time, but c'mon... I guess the serious buyers, the ones who understand basic economics and finance, have all closed down for the winter. The last two buyers I spoke with could only afford rent payments at 70% of market and $1-2k upfront. They were both interested in foreclosed homes because they heard "you can get one for really cheap." These people really believe that they're qualified to own a home? Here's hoping things pick back up in January.

I do the same thing when I find yard signs. I send my letter in a handwritten envelope so they don't mistake it for junk mail, but the response rate from my letters has been disappointing. I agree with Rexford that calling on leads is the way to go because the people can't dismiss you as easy and you get immediate results.

Good answers from MC. Here's my $0.02... Before. If I'm showing it myself, I have the application with me and I encourage them to fill it out there. While they complete the application I can chat with them and get some background. Once they're done, I give it a quick skim and ask any questions. I expect people to lie to me, and it's easier to tell if they're lying when you're talking to them. If you have several interested buyers for one property, arrange to have them all view the house at the same time. Having other interested parties there creates a sense of urgency and makes the property seem more valuable. I have done this twice and it worked out great. In my experience, the local services are best. There are a lot of national companies you can find online that do this, but take the time to call some local banks and ask a loan officer. They may have a specific person or company they work with, or they may even have some services in-house. Either way, it will expend your contact list and may even bring more leads.

Hey efete. I've been giving the out-of-town thing a go since September with no luck. I'm running into the same problems as with my local contacts, except the out-of-towners buy into it even less because I'm not near them. Most seem to think I'm a scammer because I'm not there to meet them in person. But, when you think about it, 80-90% of the people we contact aren't going to be interested anyway. That number should be a little higher for people outside your area. The nice thing about this investing technique is that you don't need every contact to say yes.

Craigslist, Zillow, Trulia, local ads, talking to (some) Realtors, driving around town and seeing yard signs, word-of-mouth.

It depends. I send out the standard "Do you want to sell on a lease-purchase" type email. If they respond positively, or if they ask for information, I send a simple follow-up explanation email. If I don't know anything about the home then I have to ask some more questions. But, if it's something local that I can drive by and see and get some dependable comps on, or if it's a Zillow listing or something that has information, then I send a second email with a short offer right away. Doing it this way accomplishes several things: I get to be proactive and control the conversation, I get the offer out there and let the seller know I mean business, the seller isn't asked for a lot of information without anything in return, I don't waste my time waiting for responses that may never come, I find out quickly whether this seller is serious, and I provide a starting point for negotiations. My short offer is weighted heavily towards my interests, but without lowballing the seller and insulting them. If they accept the initial offer, then my offer was too high.

Just a little story from personal experience... I use to be too talky. I mean, I felt I had to sell myself to these sellers to convince them to work with me. What happened? Nothing. I would send several emails and eventually I would stop getting responses without ever getting anywhere. So, I decided to just start contacting people, and if they were interested initially I sent a short offer. Suddenly I was getting consistent responses. More than I could really handle at first. I was so focused on myself that I forgot about what the seller wants, which is a solution to their problem. They don't want to be sold, they want to know what you're prepared to do for them. That has changed my whole approach, as well as my success rate. Ok, that's it. Carry on.

I just love these sellers, don't you? They know just enough to think they know it all...

First of all, I have never had any success with FSBO sites. Most of the people are no longer FSBO because they've either signed with a Realtor or already sold and never took the ad down. Second, the $1000 fine is intended to keep Realtors from vulturing (is that a word?) listings and taking business away from the site. The only way I can see you getting in trouble with a FSBO site is if you marketed yourself as a business that competes with them.

I've been sending short offers first, but then the people mysteriously disappear... Most of the sellers around here are upside-down and don't want to accept that their home is worth $100k less than a few years ago. So, when I send out that initial offer they are hit with that cold dose of reality and move on to the next Realtor willing to list their home way over market. I just let them know that the offer is still on the table if they change their mind. Plus, I've started following up with the rental assistance thing that has been discussed on some other posts.

That's exactly what I want to start doing. My trouble has been finding people who only want the paperwork and screening done. Everyone I've talked to wants me to do the whole thing, repairs and all - not gonna happen. But, I figure that if I can get them higher quality tenants then they may be more open to landlording themselves. We'll see...

This is just for finding a tenant, right? You handle it like a CA, with the owner taking over as landlord and you out of the picture? I've been giving this method a run the last week or so and I think it may work out.

I would be interested in new construction, but the builders either use their own in-house agents or they outsource it to a local brokerage. I tried contacting a few sales offices with not even a nibble. I feel there's potential but I can't get in the door.

Brokers suck Rex! That's why I didn't get my broker's license. Well, that, and California raised the state license fee to $300...

Always be careful about contract language and legal issues when allowing a TB to do work on the home. If it's something small like painting or changing a door, that's usually fine. But with the big stuff you're talking about, things can get complicated. What happens if they don't buy? Can they file a lawsuit against you for the money they put into the home? Can they avoid being evicted because they can show equitable interest through their investment in the property? Like MC said, these things need to be completely squared away before anything else happens.

Unfortunately, I can't blame people for being cynical right now.

A recurring problem for me... For the most part, I agree with you. Buyers and sellers aren't looking at my ads the same way an investor would, but that doesn't mean they aren't skeptical. I suppose if you're offering something they want, they'll take a chance.

I'm jealous. The sellers I spoke with this past week were awful. Lots of skeptical, cynical people out there.

First, don't spend all your time chasing the "perfect" home for a single buyer. Just keep looking for homes and getting them under contract, then show them to the buyer. If they don't like that home, at least you have something to market to others. Regardless of what order you find the parties, the process stays the same: get the seller under contract, then get a buyer.

I gotta agree with D Lee. I can understand spending money on marketing if you've tried all the free and cheap methods of marketing, but only as a last resort. If you've found something that actually works, then by all means keep on keeping on, but don't just throw money around because you think you're supposed to be spending money. I look at marketing expenses like any other investment. What rate of return do you want? If I'm going to spend several thousand dollars for marketing, it had better be bringing in A LOT of profit.

I've been using "consultant" for a few months now. In my area, Realtors don't enjoy much prestige. I initially used "investor" but that seemed to scare people. They think investors are out to screw them over, I guess.

Isn't there a risk of overexposure with this method that could work against you? I know that when I'm perusing CL and I see the same ad over and over again, my first thought is spam. I guess it depends on the ad and the market, but doesn't posting the same thing several times a day look a little fishy to potential buyers and sellers?

I'll say! It's hard to believe for we post-Gen Xers, but in the 60's women and minorities were largely prohibited from owning property, and in some states it was outright illegal. It wasn't until the 70's that a woman could go into a bank and get a credit account, or a bank account, or a loan without her husband's signature. If she was a single woman, well, there must be something wrong with her if she can't find a man to take care of her. Minorities were routinely denied financing and steered towards certain neighborhoods, although that's not altogether different from today. Did it happen all the time? No. But it was common practice. I think some people have this delusion that our society and culture during the 50's and 60's were accurately represented through June Cleaver and Donna Reed, and that we need to get back to that fictional "real America". That period was a powderkeg of civil and social unrest for a reason. That would be the pre-Depression era, when 40% of the total population were farmers. That number has dropped continuously since the 1930's, and now less than 4% of Americans are farmers because they cannot compete with the large agribusiness corporations. Think about it, when was the last time you met a farmer? I live in one of the densest agricultural areas in the world and I can't remember. I doubt people are any less self-reliant than 100 years ago. If there had been McDonald's and Wal-Mart and all those other giant corporations back then, how many of those self-employed would have taken the easier job with an established company? If there's one thing the Fed hates more than regulation, it's raising interest rates. There is intense pressure from Wall Street to keep interest rates low. But, who knows? We're trusting our financial future to the same "experts" who failed to see the largest economic collapse in history.

You forgot the big one - "Keep It Simple"