Update on emails I sent to agents

[raquelm 2]

In my last post I mentioned that three agents were interested in my lease option offer. The first one I rejected because they wanted to drastically change the terms (not gonna happen). The second one wanted to raise the rent slightly in order to provide a rent credit. I agreed and am waiting to hear back so I can send them docuents. The third likes the offer as I sent it and will give me a final answer soon as well. By the way, the last two are aware that I'll be assigning the deal (I'm just wholesaling for now, not interested in sandwich deals).

 

So now I'm busy emailing more agents.

[MichaelC 160]

Raquel, are you finding that other Agents you contact are open minded to the idea? Do they know much about lease options?

[raquelm 2]

The only agents that are somewhat open minded are those with listings that have been on the market for a very long time. I find that when I say "lease option" they have no idea what I'm talking about. When I say "lease with option to buy" then everyone understands.

 

For the last three contacts I mentioned above, all three offers died because the seller was unwilling to deal. The agents wanted to get it done, but the sellers are still "stuck on stupid" as I say with demans such as huge downpayments, 6 month leases, etc. Which explains why their property is still on the market :-)

[<Steve> 82]

raquelm-

 

What is your thinking regarding paying the agent's commission should a seller be willing to do L/O?

[MichaelC 160]

For the last three contacts I mentioned above, all three offers died because the seller was unwilling to deal. The agents wanted to get it done, but the sellers are still "stuck on stupid" as I say with demans such as huge downpayments, 6 month leases, etc. Which explains why their property is still on the market :-)

So you know the seller's motivation is zero. Time is a great motivator. Let 'em be for another two months or more. If they're serious about doing something with the property but are just ignorant of values they will come around. I've had homeowners contact me 10 months after my initial contact:

 

Homeowner: Are you still interested in my house?

Me: Who the hell are you? (Well, not really, but you get my drift.)

 

The other issue could be the way the listing Agent is presenting the idea of a lease purchase. If they don't know the ins and outs and possibilites like we do, I can't expect them to do a good job presenting the strategy.

[lhenley 8]

Rachel,

 

What are you saying in your emails to agents? What questions do they ask when they respond?

 

Thanks,

 

Lynn (FL)

[raquelm 2]

 

What are you saying in your emails to agents? What questions do they ask when they respond?

 

 

First, I only put the property address in the subject line since agents tend to open messages about their listing first. Then in the body I just put that I noticed the property has been on the market for a while, and would the seller be interested in a lease with option to buy? I used to write "lease option" and get a lot of questions. That stopped when I started using "lease with option to buy", every agent understands that. If they don't understand that, you don't want to deal with them anyway. Take it from an agent :-)

[raquelm 2]

Update: one of the agents called me back today and wants an offer :-)

[DeeLight 8]

Raquel,

 

Good strategy; thanks for sharing it

 

Hope you land that deal!!

[<Steve> 82]

Update: one of the agents called me back today and wants an offer :-)

What Nice.

 

How are you structuring commissions?

[lhenley 8]

Yes, how much and when to pay the agents is always my biggest question, when dealing with agents.

 

Lynn (FL)