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MikeT/NC

Talking with Buyers

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What process do you guys use when talking with prospective buyers to cut down on useless trips to the house. In other words what hoops do you make them jump through to see if they are serious and are actually able to someday buy the house.

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On the phone I will get right to the point of how the RTO works and let them know the that the option consideration and first month's rent are due before move-in. This weeds out a bunch. If they mention they have credit issues, I will ask what they are? And I let them know I am looking for someone who can purchase in a year or so. After a while I get the "a typical" responses, and most of the time can tell if they are worth the time to go see the house.

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Mike, in addition to what Steve wrote, I make all prospective tenant/buyers drive by the property before I agree to meet them there. If they don't like the neighborhood or the outside, they won't call back and I'll be spared a worthless trip to the property. Helps weed out the curious from the serious.

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I like to send an email after speaking on the phone, with a recap of what we discussed (how RTO works, what the price and terms are) as well as a link to a 5 minute video walk-through of the house (nothing fancy, but just to give them an idea of how the house looks / feels / is laid out).

I also send them the contact info for my mortgage broker who starts working with them right away so that he can do the loan once they're able to qualify.

Most people won't call or email back to set an appointment, which is perfect (those are the saved trips). Of the people who do call back or email back, I make sure they actually watched the video and read the information (a few won't but will still want to see the place in person) then am happy to meet them at the property in person.

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Another technique for screening out tire kickers that I've heard of people doing, but myself have not made part of my business, is asking them to email or fax a bank statement or proof that they have the option money available (tell them to black-out their account number / personal info, or even just to write "I have $x thousand dollars" on a sheet of paper and scan & email or fax it to you)

Point being, who follows directions and takes action?

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I tell them the numbers..."this house is $1595 a month and $6800 down..this is a lease purchase, not a rental...are you looking for a lease purchase?"

That knocks out a ton of them...

Then you sometimes get this...

"well, we could be...if the house is right..can we see it this week?"

My response...."You could be? Well, I just want to make sure that you all are looking for a lease purchase, where we help you buy the house in the next year. If you all are looking to rent, then we can't help. Are you all looking to rent or to purchase?"

"Well, if the house is right then we could consider buying it." (they say that with a snotty attitude)

"Well, that house is a 45 minute drive one way for me so I would suggest you do a drive by, and also look at our website which has a number of pictures and a full description and if you all think you would want to buy it in a year call me and let's get you inside."

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Hi John

 

I have not used your sellers number sheet yet, that you email back to them after they call you.

 

How do you reply to them if there property is to far above comps in the area?

 

Do you call them back before you apply any numbers to the sellers sheet or do you just email your figures based on the comps in the area ?

 

Thanks

Tom

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If the house is listed above what I feel the value is, then I just let them know, and I send my figures, and explain that I want to get as much as I can, but I just can't see the price per sf that it's listed at.

That's pretty rare though.

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