<Steve> 82 Report post Posted September 29, 2010 I wanted to check in to see how the Tenant/Buyer market is for others in their area. This has been a tougher year and unpredictable for my area. I can have a property sit for weeks and then one week I have tenant/buyers coming out of the wood work. Typically however getting that phone to ring off the hook is not happening and the majority are those wanting to do a straight rental. It is almost getting easier to get properties than it is to place tenant/buyers. The marketing is out there and the properties are getting noticed. Prices and rents are at or slightly below market. My main market medias are:-My tenant/buyer list-Craig's List, Kijij, Backpage-Signs in and around the neighborhood. I also use a phone service that tracks the number of calls pulled from signs at each property. I am averaging 3 to 5 calls per day for each property, give or take. For hot houses I used to receive 15 to 20 calls per day. Anyone doing anything creative to market for tenant/buyers?Increasing the rent credits has been somewhat helpful. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted September 29, 2010 Here is mine in order:SignsCraigslistExisting list I have one vacant right now. I get more junk email off Craigslist. I was browsing an ad and it STATED NO EMAILS because of junk email. He only took calls. I may adopt that. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted September 29, 2010 Hey Jonathan-Existing list???Yes, junk emails are huge on Craig's. I saw your video of the lease option you have that just came available. Saw it on Facebook. Do you find that utube type videos help? Also, I have been thinking about advertising the Advantages of Lease Options for the tenant/buyer. Similar to how we do it for sellers. Using bullet points in ads . . . Lease Purchase Advantage! (for the t/:)-Low option consideration to put down and is fully credited towards the purchase of the house!-Rent money is working for you! At least half or more of the monthly rent is credited towards the purchase price!-Purchase price is locked in at the start of the lease, and any appreciation is yours!-You have the option to buy anytime during, or at the end of the lease term!-Purchase early and receive the rent credits for the full year!-We offer a home warranty to cover most all repairs! (sorry John I stole this from you )-You establish a payment history & equity which can help when getting financing!-We can recommend mortgage brokers who work with many different lenders to begin a plan on how you can purchase and can find the best possible financing for your situation! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 29, 2010 Steve, it's been that way for a while with me, where calls and emails come in with folks wanting a straight rental rather than a Rent To Own. It's a reflection of the economy, I'm sure. Concerns about their job, light on cash or holding on to what cash they do have, and falling real estate prices are all a contributing factor.No magic formula that I'm aware of. I do like your bullet points for t/b's, and I also think Rex is right with an aggressive sign campaign. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted September 29, 2010 Yes, the economy bits MC, and I'm sick of it. I remember back in the 90s, I could put in a simple ceiling fan or microwave in a rental and it would be all the rage. I see some offering flat screens today. sheesh Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted September 30, 2010 Steve, The video does help. In two ways. Sometimes people will get a personal view of the home and view the size and so forth and they also get to see me and how I work and so forth. The other thing is that it does add some SEO to my website in my local area. Share this post Link to post Share on other sites
colehaynes 0 Report post Posted October 1, 2010 I am experiencing the same issues at the moment. People are interested in doing straight rentals even when the deal is great for this market. I have been doing the things mentioned already but I am just trying something new now. Please let me know if you guys have tried this and how it worked. First, I am really trying to get into list building now. Slowly building emailing list off of ads directing to squeeze page. I am working with the company voicenation now, it's one of those call capture services. I can continue using my local area code instead of an 800 number but they capture every call I receive. So when they call on the sign they listen to my recording about the property, location, price, etc. I end with my direct cell number and tell them if they are interested to call me directly. The company gives you a lot of info on the calls. I can track how long the call lasted against the length of my message. So I can tell if my message is horrible or if the t/b's don't want to listen to a recording. Best of all I will have a list of every person who calls on any of my signs. So if we decide to lower the price or get a new home in the area I can text/call to update them. I plan to just send a nice text bc calling would take forever. I am targeting a specific city in my area to do deals in. I am planning to run an ad in the next few days in my big newspaper with a generic ad like this: 3/2 home in _______Rent to own! Great area!123-456-XXXX Something that vague could generate a lot of calls and would build a nice list for the specific area. Any thoughts on this??? Would love to hear them Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 1, 2010 Hey Cole- I use VoiceNation too and it works great for all the reasons you mentioned. It also works great to market the other properties I have available. So, if someone calls on one property, the first recording listes other properties that are available and the extention number to enter to get more info. It is a great system. I use it to handle the volume of calls and screen them before they call me directly. Share this post Link to post Share on other sites
colehaynes 0 Report post Posted October 1, 2010 Steve, That's good to know. So your base message says all available homes and extension. That's smart. what way do you find best to follow up with the numbers? A call or text? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 1, 2010 I am targeting a specific city in my area to do deals in. I am planning to run an ad in the next few days in my big newspaper with a generic ad like this: 3/2 home in _______Rent to own! Great area!123-456-XXXXI haven't used the newspaper in a long time. They are so expensive down here, and with a dwindling readership thanks to 24 hour news programs and the internet, not at all cost effective, in my opinion. Are you getting better results up your way, Cole? What about running that same ad on various online sites? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 1, 2010 That's good to know. So your base message says all available homes and extension. That's smart. what way do you find best to follow up with the numbers? A call or text?I usually don't follow-up on the calls. I really use it to screen calls and to handle the volume of calls. Each property extension and description also has a brief explination on how the rent to own works. I explain the numbers on the recording and let them know the option consideration and first months rent are due before move-in. I figure if they don't end up calling my direct phone they are only renters and not interested. So I don't follow up. However, I do like your follow-up with a text message. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 13, 2010 Just a follow up as tenant/buyers are waking up this month and I am real close to getting 3 deals completed at the beginning of this month. One CA may even end up being a straight purchase! You know the seller is going to love that. Seems "Signs" are bringing in the tenant/buyers the most. Craig's is picking up some too. I need it after a tough September. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted October 13, 2010 Excellent Steve Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 13, 2010 Steve, you mean bandit signs, hand made, advertising Rent To Own? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 13, 2010 Thanks Jonathan. MC-Yes, I am using Rent-To-Own signs and directional signs placed in and around the neighborhood. I use the red pre-made RTO signs you can get from WitnessDesigns.com. I am sure that hand made signs would work just as well and can save some $$. I have another house that has been a slow mover and will be going out today to get signs out and I also made a bunch of flyers to try and will pin them up at neighboring apartment mail boxes. Share this post Link to post Share on other sites