What do you do when you can't find a T/B?

[ScottZavoda 0]

Ok Ive got two properties advertised as Rent to Own. One of them is for Rent and Rent to own (which i own as well)

 

Problem is I'm getting absolutely no interest from anyone to do a Rent To Own on either.

 

So far I've used...

Craigslist 2 posts per day

Backpage 2 posts per day.

 

Been using Postlets and VFlyer as well which posts to many other sites.

 

The first property is in a fair area and is a single family... completely rehabbed. Asking about 100 - 200 above the local market rents. Have gotten over 100 calls on renting it but not a single lease purchase.

 

The other one is a 1 bed condo on the top floor of a high rise. The area is fair to good. Purchase is around 42K and 650 / month rent to own with 100 rent credit.

Have not had a single phone call on that one and been out for 2 weeks now.

 

Any suggestions on marketing? Who has more luck with bandit signs vs Craigslist. Would you handwrite these or more of a professional look?

 

For me the easy part is getting the owners to agree to this but I find it very hard to sell to T/B's. My marketing must not be as good as I think.

 

Can I put links to my CL ads for advice on this forum? Don't want to look like I'm spamming.

[MichaelC 160]

I believe that a property doesn't sell or rent for one of two reasons. Either the marketing is insufficient, or the terms are out of touch with the local market.

You've got Craig's List and Backpage going on. So far, so good. Postlets is good, also. What about Kijiji.com. It's another free listing site. I haven't had great results using it but, as I said, it's free. You can also try SellPoint.com

Is there a sign on the single family property? A must, in my opinion, as well as directional signs around the neighborhood pointing to the house. What about flyers to any neighborhood apartment complexes?

What kind of feedback are you receiving from the folks who have seen the house? That's always a clue as to whether or not your terms are realistic. With 100 calls and no bites, something tells me the price ain't right. The market is always right. Listen to it. And don't be surprised that you are getting more inquiries for straight rentals than rent to own. I've been dealing with that for years now. I tell every homeowner I am doing a CA with to be open to this. Most just want to get their property filled and some income coming in and are fine with it.

As for the condo, they are popular and numerous in south FL. How do people view them in your neck of the woods? In some areas they can be quite challenging to move. Again, rethink your marketing and your terms. It's one or the other.

And, sure, if you want to put a link to your Craig's List ad here, feel free to do so and we'll give you some feedback.

[Jonathan RexfordFL 8]

signs with directionals will out pull ads all day long.

[Doug Pretorius (ON) 9]

My thoughts exactly, Jonathan.

 

My numbers break down something like this:

1. Signs = 50-100 leads, but they're poor quality since I don't have any of the terms on the sign to weed out tire-kickers.

2. Kijiji ad = ~10 maybe 15 leads, better quality, but for some reason they're hard to nail down to an appointment.

3. Pennysaver ad = ~5 leads, good quality.

4. My own site = 3-5 leads, the best quality, frequently end up being the actual T/Bs I choose.

 

With the 2 houses I'm supposed to be signing up this week I think I might try cold calling mortgage people looking for clients who can't get a mortgage. I've never done that for a specific house before so it should be interesting.

[<Steve> 82]

I used to get about 80% responce from signs and 20% internet marketing for t/bs; now it's about 50%-50%.

 

For my market condos and town houses are seasonal. They move better in spring and fall and are dead in winter and summer. I also find lower income properties make it more difficult to place t/bs that have a sizable amount for option consideration, resulting in more renter types.

[ScottZavoda 0]

Thanks for all the feedback! I will try the other sites as well. The directionals are set up with the single family. The rental is only 100 dollars less than the rent to own and thats where I've gotten all the calls. I just think the area is very transitional and people are not considering it a good place to buy right now. Problem is I own that house.....Oops!

 

Here are some various links to CL ads I've been posting for the two... check them out and I'd love some feedback.

 

First Two are Condo

Second Two are Single Family

 

http://cleveland.craigslist.org/reo/1850886205.html

 

http://cleveland.craigslist.org/reo/1845823326.html

 

http://cleveland.craigslist.org/reo/1850902420.html

 

http://cleveland.craigslist.org/reo/1849242492.html

[<Steve> 82]

Do you have room to offer a higher rent credit, say 50%, 75% or even 100%? And strongly advertise that rent credit in your adds.

[MichaelC 160]

Steve is correct, and it was an oversight on my part not to mention a fat rent credit.

[BEV! 0]

I don't know if you've already tried this, but....

You may also want to consider throwing in some incentives to spice it up a bit such as....

 

" MOVE IN BY 8/15/2010 AND GET YOUR CHOICE OF"....

 

- FREE Gasoline At The Pump Of Your Choice. Up to $300

(add or deduct this amount to your OC)

 

---------- OR -------------

 

- FREE Housekeeping For A Full Month (once per week)

Hire a family member or a cleaning service

 

---------- OR -------------

 

- FREE Groceries! Up To $300 At The Grocery Store Of Your Choice

(add or deduct this amount to your OC)

 

 

Get the idea?

 

There's a reason why most businesses (McDonald, Hotels, Airlines, etc) use similar techniques to succeed.

 

BEV!

PS your ads looks fine it just needs a little spice in it such as incentives, more rent credit and a touch of vivid color.

Great Job!

[Doug Pretorius (ON) 9]

Oooo! love the incentives ideas, BEV!

 

I just signed a new house yesterday (you can see it on my site) where the seller is offering a $300 rent credit (in addition to mine). So I'm going to tell T/Bs that if they can put an extra $3,600 down I'll match it.

[BEV! 0]

Oooo! love the incentives ideas, BEV!

I just signed a new house yesterday (you can see it on my site) where the seller is offering a $300 rent credit (in addition to mine). So I'm going to tell T/Bs that if they can put an extra $3,600 down I'll match it.

S W E E T, Mate!

[Doug Pretorius (ON) 9]

Maybe it's because it's a long weekend but my online ads have produced absolutely nothing in 4 days Oh I did have one person fill out the form, they have no money and no job according to what they entered LOL!

[MichaelC 160]

Oh I did have one person fill out the form, they have no money and no job according to what they entered LOL!

I know that guy! He just talked to me about a waterfront property I have and asked if he needed money to move in.

[Jonathan RexfordFL 8]

I have a house that I loaded up and offered a 100% rent credit. My email box exploded. Basically it is for 6 months then it reverts to $100 per month. Offering generous rent credits will make the phone ring and email box sing.

 

PS wanna buy a Nice Nissan Armada http://treasure.craigslist.org/cto/1875212986.html

[Doug Pretorius (ON) 9]

Well this is odd, never had this happen to me before. It looks like NO ONE is interested in the house I have under contract. I'm even trying the 100% rent credit offer, still nothing. I've slashed the rent to below market. The house is well-built and nicely renovated in a good area. So I don't know what it could be but I guess there's a first time for everything!

 

Normally by now I would have had 20-100 calls/emails. Very strange indeed.