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bbrunelleb

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Rich, it's only been a week so I may get more calls but the last one came on Saturday. The response is just under 7% and I have one possible CA from it.

 

 

That is great. 7% in only a week is terrific. Good luck with the one possible CA and hopefully more. The new message seems to be working well. If you get a chance let me know how it all turns out.

 

Thanks for the update.

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Hi Doug. Any more news on the results? Did you send cards to homes just listed or ones that are aged somewhat? Do you repeat the mailing to these same owners again in the future? I am adapting your wording for a different type of mailing. As you know the MLS has a small amount of rental properties as well. I am going to send letters to these something like:

 

Dear Friend:

 

I have families wanting to sign a 2 or 3 year lease at above market rent in your area in exchange for an option to purchase the home at some point in the future. Please let me know if this is something you would like to discuss.

 

Russ Reynolds

 

416-856-5410

 

What do you think? Also, this could be used to send FRBO's in the classifieds by using reverse search.

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Guest Guest

Nice, Russ,

 

You WILL get calls on that from landlords..........so don't limit yourself to MLS. Send it to everybody that owns rental property.

 

Good luck. Keep us posted on the results.

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Russ, I agree with Guest, that should get you some calls. Let us know your results.

 

I got another message on my voicemail. Turns out I mailed this seller last time (back in March) when his listing was fresh. 3 months later it's still on the market after a $10k price reduction. Now there's a private sale sign in the yard too. Anyway, now he's ready to talk.

 

Like MC says, time is a great motivator.

 

I simply mailed every listing in the area under $300k, I didn't take into account whether they were new or old. And yes I will be mailing these same people again next month. I'd like to see if I can get my overall response rate up to 15-20% by doing 3 mailings. Since most listings around here run for 3 months, I'm hoping to hit everybody who doesn't sell when they're close to the end of their listing.

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Guest Guest
Russ, I agree with Guest, that should get you some calls. Let us know your results.

 

I got another message on my voicemail. Turns out I mailed this seller last time (back in March) when his listing was fresh.  3 months later it's still on the market after a $10k price reduction. Now there's a private sale sign in the yard too. Anyway, now he's ready to talk.

 

Like MC says, time is a great motivator.

 

I simply mailed every listing in the area under $300k, I didn't take into account whether they were new or old. And yes I will be mailing these same people again next month. I'd like to see if I can get my overall response rate up to 15-20% by doing 3 mailings. Since most listings around here run for 3 months, I'm hoping to hit everybody who doesn't sell when they're close to the end of their listing.

 

 

Since you focus on CA's from people that are currently listed, do you make them an offer while they are under contract with the agent? Or do you tell them they have to cancel their listing before you can make an offer?

 

Thanks

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Since you focus on CA's from people that are currently listed, do you make them an offer while they are under contract with the agent? Or do you tell them they have to cancel their listing before you can make an offer?
If a property is listed, I always tell the homeowner that for us to be able to work together, they must first cancel their listing. Otherwise, you're inviting trouble.

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MC speaks the truth!

 

After losing one of the best deals I've ever come across, because of the agent. I will no longer attempt to do anything unless the seller first cancels their listing.

 

I will give them a verbal pre-offer, I may even look at the house if it's close, but I won't sign them up until the agent is out of the way.

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MC speaks the truth!

 

After losing one of the best deals I've ever come across, because of the agent. I will no longer attempt to do anything unless the seller first cancels their listing.

 

I will give them a verbal pre-offer, I may even look at the house if it's close, but I won't sign them up until the agent is out of the way.

 

Perhaps i've been mis-informed but I was under the impression that if you found the seller through the realtor, they were still due a commission? If you're source of sellers was the mls provided by the realtor, wouldn't they still be entitled to something?

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Poker, that's debatable and a matter to be settled between the seller and their agent. We didn't sign anything with the agent and so have no obligation to pay them anything.

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PokerNutter, what do you mean "found the seller through the realtor"? I imagine much depends on one's interpretation of found, and how involved the Realtor was in getting homeowner and you together. My belief is that if the Agent had just about anything to do with the transaction taking place, the homeowner is on the hook for the commission. And that only seems fair, I might add. Your best bet is to err on the side of caution in this matter. If an Agent alerted you to a listed property and a deal comes of it, don't try and sneak around the backside.

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PokerNutter, what do you mean "found the seller through the realtor"?  I imagine much depends on one's interpretation of found, and how involved the Realtor was in getting homeowner and you together.  My belief is that if the Agent had just about anything to do with the transaction taking place, the homeowner is on the hook for the commission.  And that only seems fair, I might add.  Your best bet is to err on the side of caution in this matter.  If an Agent alerted you to a listed property and a deal comes of it, don't try and sneak around the backside.

 

 

Michael, by "found the seller through the realtor" I mean using any form of marketing that the realty employed. This counts as house signs, flyers and even mls online if done through a listing agent. I guess i'll insist like Doug that they cancel their listing agreement. The agents commission would probably eat at the deal. Thanks for the all the help guys. Happy Canada Day fellow canucks!

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Happy Canada Day fellow canucks!
I knew there was a reason I had a hankering for MooseHead beer this morning!

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Poker, for me it's not a matter of the commission eating into the deal, the seller can pay them at closing if they want. The problem is that agents get in the way of anything other than a cash sale at full price through them. Ask any realtor and they'll tell you: "In this market no seller will do a rent to own." But ask the sellers themselves and many of them are interested.

 

The bottom line is if you think it's unethical then don't do it, there are other ways to get in touch with sellers.

 

But keep in mind that many investors do mailings to listed houses. I even know of agents who send mail to other agent's listings.

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Hi,

 

I posted further up that I was sending the following letter to properties for lease on MLS in my area:

 

Dear Friend:

 

I have families wanting to sign a 2 or 3 year lease at above market rent in your area in exchange for an option to purchase the home at some point in the future. Please let me know if this is something you would like to discuss.

 

Russ Reynolds

 

416-856-5410

 

I had one lady call me tonight and I was caught off guard a little because I am not used to getting calls yet. She asked if I was an agent and I let her no that I am not, that I have families wanting to rent to own houses in the area. She stated that 'Oh, I don't want to sell'. I said, 'oh, sorry I can't help you then' and she said goodbye and hung up. Should I have triued another approach, or chalk this up as a non-motivated landlord? Any thoughts? I felt like I was fumbling and should have at least got her name.

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