Efficiently running the LP business

[timmym22 0]

Need some help from all of the veterans out there.

 

1. I am getting flooded with calls about my homes that i am doing a CA on. How do i efficiently screen these tenant/buyers? i know i need systems in place I also need to qualify them over the phone. I only have 5 CA's going right now at one time, and I'm about ready to fall over because I am showing all of these homes to many different tenant buyers. How do you efficiently qualify them, show them the home, etc? Do you have someone else show the homes for you? I feel like I am showing all these homes and wasting the day, when i should be talking to sellers and getting more homes signed up. Maybe my thinking is wrong on that.

 

2. How do you obtain the credit reports of the tenant buyers? i know, they can pull it themselves, but most of the time they never get it done.

 

3. what systems do you have in place to keep the process smooth for screening and showing the homes?

 

4. BOTTOM LINE ------ HOW DO YOU RUN YOUR BUSINESS EFFICIENTLY SO YOUR NOT WASTING TIME WITH - tire kickers?

[MichaelC 160]

Timmy, for starters, you shouldn't be showing anyone homes until you have at least had a conversation on the phone to explain the details of the deal and to ask some qualifiying questions. Then, you can give them an address to drive by the property and check out the outside and the neighborhood. If they call you back at that point, then and only then should you consider taking the time to meet them at the property for a walk through the interior and to meet personally. And even with all that, before leaving for the appointment, be sure to give them a call to confirm they will be there. If you can't get hold of them, don't go. Too many no shows in this business, and this is my way of cutting down on them. Using this approach you shouldn't have a problem with time to show these properties yourself. Unless you really want to pay someone to do the showings for you, it's a job you can handle yourself.

[<Steve> 82]

I only have 5 CA's going right now at one time

That's a nice problem to have. I am a do it yourselfer and I do as MC mentions. I call tire kickers "Looky Loos"

 

On the phone, I explain how the rent to own works, letting any potential t/b know about the required option consideration paid up-front with the first month’s rent, and that you are wanting someone who wants to buy and has the potential to buy in a year or so is key. No renters. Application fees detour 'looky loos' too. Every potential tenant/buyer has a story. Find out their motivation for doing a rent to own and quickly qualify or disqualify them. Bankruptcy? Foreclosure? 420 credit score? Forget about it. Talk them out of wanting to see the house.

 

A couple other things I do is use a voicemail system. Each property I have available has a separate extension number on the sign. Drive-bys can call the number punch in the extension and get recorded information about the property and a brief explanation of the requirements for the rent-to-own. The recording gives a second phone number where they can contact me for more information and to set an appointment for a showing. This has been a life saver from the "Flood of calls" and does the best job of screening before my phone even rings. The voicemail system also markets other properties I have available by simply punching in another extension number.

 

How you schedule appointments can help to. For me I try and do all my showings in the afternoon. If I receive a call today, the showing will most likely be scheduled for the next day or a few days later (this also discourages looky loos who just want a quick showing). Doing the showing a day or more later allows you to schedule multiple showing of a single property in one trip. And as MC also mentioned, I call about an hour before the showing to confirm the appointment.

[skalember 1]

Need some help from all of the veterans out there.

 

1. I am getting flooded with calls about my homes that i am doing a CA on. How do i efficiently screen these tenant/buyers? i know i need systems in place I also need to qualify them over the phone. I only have 5 CA's going right now at one time, and I'm about ready to fall over because I am showing all of these homes to many different tenant buyers. How do you efficiently qualify them, show them the home, etc? Do you have someone else show the homes for you? I feel like I am showing all these homes and wasting the day, when i should be talking to sellers and getting more homes signed up. Maybe my thinking is wrong on that.

 

2. How do you obtain the credit reports of the tenant buyers? i know, they can pull it themselves, but most of the time they never get it done.

 

3. what systems do you have in place to keep the process smooth for screening and showing the homes?

 

4. BOTTOM LINE ------ HOW DO YOU RUN YOUR BUSINESS EFFICIENTLY SO YOUR NOT WASTING TIME WITH - tire kickers?

 

Go to WalMart and buy a flip cam. Do a video tour of your homes and upload it to youtube. Take the youtube url for your video and place it in your ads on CL. Anyone who inquires about the property ask them to first take the video tour if they haven't already and follow up if they're interested. This is a great way to separate the tirekickers from the serious and saves you the hassle. By the time they've scheduled a showing to see the property with you, they have already made up their mind. It's basically just a quick look see for peace of mind and you sign there. Of course you'll have already explained how the LP works